A lifetime of super – and it’s not just about retirement!
Life is for living, not retiring, but there may come a time in your life when you either want to change what you’ve been doing and stop working completely, or take a long break and work out what’s next.
10 important tips for business owners
As a business owner, there is always something to do, however many owners often spend more time working in the business than they do on the business.
Putting funds away for BAS, Tax and Super
As a sole trader or small business, if possible, it is best to put money aside throughout the year to help pay for your tax. Make sure you regularly set money aside, or are aware of future tax payments, so you are able to meet your tax responsibilities. A set routine for putting aside tax as you go is essential to avoid any tax-time panic.
Recording your deductions
When lodging your tax return its important to have a record of all your work-related expenses and their associated receipts. Keeping good records is essential to allow you to complete your income tax return and to back up all your claims.
No More Letting Go of The Past
In superannuation, letting go of the past can be a bad thing. The Government has rightly moved to stop it, with another fantastic super change coming into effect from the 1st July 2019.
At Last Your Past Can Catch Up With You
Another fantastic super change came into effect from the 1st July 2019.
How To Make Goal Setting Work
Business goals! You know they’re a good idea, but there’s filing to be done, bills to chase and clients that won’t stop calling. I get that the everyday tasks of running a business can distract you from those big goals that make running a business worthwhile in the first place. So let’s do away with big, long term goals. Let’s just focus on this quarter and pare it back to manageable goals that you can achieve.
Save on Tax by Thinking About Your Super in a New Way
Now that it’s time to put in your tax return for 2018-19, you’re probably looking at all the usual deductions to claim: bodycorp, rates, water, training, uniforms. However, one of the most overlooked deductions you can make is on after-tax super contributions. Not only does it reduce your tax burden in the present, it sets you up for a more comfortable life in the future.
TAX REPORTING GETS SIMPLER
Tax reporting is set to become simpler for business owners and employees with a new innovation from the ATO called Single Touch Payroll (STP).
2019 Small Business Tax Tips
1. Business Travel
- You can claim airfares, train or taxi fares.
- Accommodation costs and meal expenses for overnight business travel.