Asset protection is vital, because you have no idea what troubles your small business could run into down the line.
Saving as much tax as possible is one way to give your business a greater chance of success.
Christmas parties are considered to be “entertainment benefits”. Therefore, the expenses may be subject to fringe benefits tax (FBT).
Over the busy holiday period, many businesses will begin to use more cleaning and courier contractors to cope with heavy demand.
New data has enlightened the ATO of certain businesses that may not be meeting their superannuation obligations.
Supposedly, up to 800 businesses will be targeted by the ATO and Fair Work Ombudsman.
Depending on your specific circumstances, these may or may not be relevant for you.
As a general rule, smaller businesses tend to use cash accounting because it is not as complex as non-cash accounting.