Helping small businesses on the Sunshine Coast to fulfill their true potential
By BMN
If you’re a sole trader and don’t earn personal services income or have any income from primary production, you can use the ATO app’s myDeductions tool to simplify your record keeping.
https://www.ato.gov.au/Newsroom/smallbusiness/General/Sole-traders—keep-your-records-digitally/
This article was suggested by our mentor Julie Piper
By BMN
According to research by Officeworks and H&R Block published in May, 78 per cent of small business owners don’t understand how the $20,000 tax break works.
The following article shows a couple of examples of what it can be used for: http://www.smh.com.au/small-business/trends/the-big-idea/you-can-claim-your-website-under-the-20000-instant-asset-writeoff-scheme-20170523-gwayi5.html
This article was suggested by our mentor Trevor Payne
By BMN
Continuing with the subject of employees versus contractors, here is a brief article from the ATO to help you work out if your worker is an employee or contractor: https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Employee-or-contractor-myths—workers-with-ABNs/
This article was suggested by our mentor Bob Joubert
By BMN
There are many businesses that use contractors to obtain a cost advantage over competitors that do the right thing by hiring employees and paying the required rates. Unfortunately some business owners innocently use contractors not aware of the consequences if the ATO or another of the regulatory authorities discovers what is going on. Read the following article for an example: http://www.smh.com.au/small-business/finance/small-business-owners-and-workers-disadvantaged-by-paying-employees-as-contractors-20160501-gojpp6
This article was suggested by our mentor Trevor Payne
By BMN
The following article explains how you could possibly take advantage of the 2015-16 federal budget announcement that small businesses (i.e. businesses with aggregate annual turnover less than $2 million) would be able to immediately write off assets they start to use or install ready for use, provided the asset costs less than $20,000: http://www.smartcompany.com.au/finance/tax/47014-sme-20-000-instant-asset-tax-write-off-explained-and-it-applies-to-second-hand-assets-too/
This article was suggested by our mentor Bob Joubert