• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Business Report
    • 20 Top Research Organisations
    • Tobacco Laws
  • Takeovers & Mergers
  • Doing Business
    • Start-up
    • Tax Review
  • Video
  • Biz Directory
    • Free Directory Listing
    • Links
  • Guest Post
  • Contact
    • About

Australian Business News and Times

Business News ,Reports and Times of Australia

  • 2011
    • 2010
  • Business
    • Small Business
  • Mining
  • Real Estate
  • Australia
    • Australian
    • ASX
  • Finance
    • Report
  • Offers
  • Times

Budgetting

Tax Talk: How to Handle Taxation as an Australian Business Owne

February 24, 2020 by Reporter Leave a Comment

tax time australia

Taxation is one of those things that most of us dread. Let’s face it – it’s not the most fun of activities and requires a great deal of accuracy. If you are a new business owner, sorting your taxes out for the first time can be an incredibly daunting experience. Thankfully, today we’re here to guide you through all the steps you need to take as a small business owner when it comes to handling your taxes. Read on to find out more!

  1.    Do Your Research

The best thing you could do for your business taxes is to do your research. Do you know other business owners? Why not ask them for tips or guidance on how you can go about sorting your business taxes in the easiest and most efficient and compliant way possible. We also highly recommend looking up various Australian tax invoice templates to get a rough idea on how you should go about organising and preparing your small business taxes.

  1.    Ensure You Are STP Compliant

As of 2019, all businesses in Australia are required to be STP compliant. STP, or Single Touch Payroll, is a system that was introduced by the ATO in 2018. STP requires business owners to send employee payroll information including wages, salary, superannuation and PAYG withholding to the ATO on a payment-to-payment basis. Previously, employers only needed to do this on an annual basis. Ensuring that you are STP compliant is incredibly important in order to not land your business in hot water or accrue fines from the ATO.

  1.    Keep Strong Records

Keeping strong records is always recommended to any business owner as this allows for ease of filing taxes at the end of the financial year. It is never too early to start keeping records, and we highly recommend utilising various software such as payroll software, invoicing software and so on to ensure that your data is as accurate as possible. Most software can now integrate with one another (including automated STP software), ensuring that your processes are automated and kept complaint at all times.

  1.    Get On Those Deductions

It is always recommended that small business owners claim as many appropriate deductions as they can. This can include costs for utilities, rent, legal services and repairs for your business. It is also recommended by experts that business owners pre-pay for these expenses if possible, in order to bring forward as many expense deductions prior to the July 1st deadline. Always remember that anything deducted has to be directly related to earning your business income and that you have full and in-depth data on how you have calculated these costs.

  1.    Get Superannuation In On Time

The golden rule is to always get your superannuation in on time and before the 30th of June. Failing to do so will result in the loss of your opportunity for a deduction. Always remember that superannuation needs to be paid to your staff 28 days after the end of each yearly quarter. Failing to meet these guidelines will result in you losing your eligibility for tax deduction.

  1.    Utilise Income Tax Offset

The income tax offset can see you shaving up to $1000 off your taxes if you earn a revenue of under 5 million dollars annually. At this moment in time, the offset is set at 8% of tax payable, but it is estimated that this figure will grow up to as much as 16% over the next decade or so. This offset applies to sole traders and micro-business owners and is an incredibly helpful resource and tool for new business owners.

_____________

Handling your taxation as an Australian business owner needn’t be a stressful or miserable task. We hope that the tips we have brought to you today have assisted you in further understanding the process of sorting out your business taxes.

Filed Under: Australia, Finance, Small Business, Superannuation, TAX Tagged With: Budgetting, Financial plan, Tax laws

Free Budgeting software for home business and sole trader

April 16, 2017 by Reporter Leave a Comment

This free “Expense Calculator  software” is a practical and reliable Java based application that helps you to quickly add, analyze and manage various payments or expenses for you if your just running a home business or then even as a sole trader .

The tool is pretty basic and not an full accounting software package

free accounting software
Expense Calculator features a very simple and  intuitive interface and the options are well-organized. With this Software , you have the possibility to quickly add as many candidates as you want so you can easily organize the payments.
Also, you are able to view all the transactions so you know if you will receive or transfer funds.

Expense Calculator screenshot 2 - The application enables you to quickly add new payments by selecting the candidates

Pics from softpedia

Expense Calculator screenshot 3 - You have the possibility to view and analyze the last five transactions within minutes

This tool has been released by an Indian software group called saksham group and  the software can be downloaded free here at SOFTPEDIA

Some more Accounting softwares list :

Some commonly used accounting systems used by small businesses are

  • MYOB.
  • QuickBooks.
  • Reckon One.
  • Sage.
  • Xero – online.
  • Cashflow Manager.
  • Nominal.
  • Saasu.

Filed Under: 2013, Australia, India Tagged With: Accounting software, Budgetting, Small Biz, Software

What Your Employees Are Begging You To Do

May 10, 2015 by Reporter Leave a Comment

business needs direct

Good employees are too often hard to find, and even harder to keep. With competitors lurking around every corner, keeping your employees happy where they are is essential. Few people feel comfortable approaching their superior with requests, so how are you to know what practices you can adopt to best suit their needs? These are a few simple ways to improve your relationship with your employees, while simultaneously boosting your business. From going green with recyclables which could be considered a small change (click here) but make employees happy, to considering changing working hours, read on to make your workplace a little happier.

Reward them

One thing we all want is to feel appreciated, and what better way to do that than with rewards? Consider giving a bonus vacation day in exchange for meeting a sales goal. Most people will work harder if they know they can make more money. Giving bonuses at holiday is always a great way to stay in your employee’s good graces. When times are hard, a little extra money can go a long way.

Consider Flexitime

In the fast paced modern world, it’s often difficult to check off all those items on your To Do list. Fun things like soccer practices and ballet lessons often become more of a chore due to conflicting schedules and long work weeks. This is one of the main reasons your employees are pushing for your implementation of flextime into your business. Studies show that happy employees are productive employees. Whether they have children waiting at home for dinner, or split their time between work and animal shelters, your employees do have a life outside of the workplace. Acknowledging that life is a great way to show your employees that you care. By allowing for flextime, you have given them a good deal more power over their own lives. Now, taking an elderly relative to an hour long appointment won’t necessitate using an entire sick day. That hour is easily made up for with flextime. The more hours your employees work, the more work is done. This couldn’t be much more simple. Allowing for flextime can reduce sick days taken, hence increasing productivity.

A flexible schedule doesn’t necessarily mean midnight meetings and complete chaos. For typical type A business owners, the idea of flextime is scary to say the least. Should you choose to incorporate flextime into your business practices, you can simply set whatever guidelines best fit your business practices. For example, if you are in the plumbing industry, you probably won’t be able to get much work done in the middle of the night as your customers and co-workers are sleeping. Maybe your flextime would run from 6am to 8pm. There is more likely work to be done during these times. In some industries, flextime helps to save on overtime costs. Because some employees come in later than others, they also leave later than others. Say you have an emergency call at 6 pm, which would normally push employee hours. An employee exercising his rights to flextime may still be working. In this way, flextime definitely benefits the employer as well as employee.

Go Green

 

Another way to boost employee morale is by going green (or at least green-er ). Energy efficient options can save on monthly costs while saving the environment too. Mother Earth gives us life, and is likely near and dear to the hearts of many of your employees. Talk to them about ideas they may have for going green in the office. Chances are, they already have ideas in mind. Many supply companies give discounts on future purchases for recycling their used products. For example, ink toner cartridges are usually reusable. Check with your suppliers to find out what materials they can reuse, and what programs they offer in relation to recycling. When your employees feel good about the things they are doing, they do better work.

Although they may seem fairly insignificant, these three simple changes can make all the difference in your business and business relationships. Employees are more likely to remain loyal to companies where they feel appreciated and listened to. By implementing one or all of these small changes, you can ensure a lower turnover rate, and higher production quality. Simply put, a happy employee is a good employee … and who couldn’t use a little more joy around the office?

Filed Under: Business Tagged With: Budgetting, Employer employee

How to Budget & Develop a Plan for Your Conference

January 29, 2014 by Reporter Leave a Comment

Anytime you are planning a big event, it is a good idea to set a budget and stick to it as closely as possible. When you begin to plan your next conference, there are several simple organizational tips that can help you budget properly and develop a perfect action plan to bring everything together nicely. You will also find that developing a good, solid budget will help you to decide on a proper registration fee for your conference.

clip_image002

Develop Your Budget

· Be sure to start off by doing plenty of research. If you have access to the budgets from previous conferences use those as a starting point. Know the maximum amounts you are able to spend in total on the conference and for each individual expense category.

· Create a list of different expense categories including: rental fees, entertainment, guest speaker/host fees, catering, marketing, printing costs, security and insurance. Be sure to mark which categories are "fixed" expenses and which categories are "variable" expenses that are determined by the number of attendees.

· Determine your possible attendance numbers. Many people use a general rule when planning to always budget lower and be sure not to budget for more than the previous year’s attendance numbers.

· Be aware of possible hidden costs like taxes or gratuities and plan accordingly. Be cautious and always leave room for error by rounding your cost estimates up.

· Establish the proper registration fee for the conference and be sure that this fee will cover paper/printing costs, badges, welcome packages, refreshments and meals.

· Calculate registration fees to determine if you will be able to make a profit. Simply divide your total expenses by the cost of registration to discover the number of attendees you will need to break even and to make a profit.

· Take the time to thoroughly review your budget and make the proper adjustments. Be as realistic as possible with your attendance estimates to avoid a negative impact towards your budget.

Choosing the Right Venue for Your Budget

Another important aspect to consider while developing the plan for your conference is finding the right venue. There are many venues that are able to work easily within your budget and help guide you along the way. An effective venue will be flexible and make it easy to accommodate last minute changes in attendance numbers, catering changes and also offer multiple conference room options. The Bell City Conference Event Complex offers several different conference room styles to accommodate smaller and larger groups. From the theatre style seating that can house up to 500 in the "Ball Room" to the tiered seating for 100 in the "United Nations" conference room, Bell City has the perfect options for any size and style of conference imaginable.

One other great advantage that many venues now offer is the ability to have your venue combine services for you, which will often help you to cut down on specific costs. Many venues will offer packages that include refreshments, catering for meals and other important perks. When you are able to save in these vital areas you can then invest the money you save into other important "fixed" expenses like your keynote speaker and entertainment costs. This will also allow many event planners to go from just breaking even after all is said and done with the conference to actually making a profit.

Filed Under: Business Tagged With: Budgetting, Planning

Tips : Budgeting and controlling your Expenses

December 2, 2012 by Reporter Leave a Comment

Simple ways to control expenses – This is a Guest Post Written by Raj finance blogger and writer and blogs at http://www.bestinsurancenow.info/

budget and controlling expenses

Here are given a few suggestions if you just want to keep track on your expenses and just do not know that exactly how to do it. Well it can easily be done by you in very simple ways. The important steps for this are given below. It is highly recommended to use your own systems in order to get in order to be able to reduce the expenses of you without making any budget. The very important steps to control your expenses are given below.

Keeping an expenses diary

Keeping a diary in which you write the expenses incurred is probably the best way with which you can get an insight in your family financials. It is also supposed to help you keeping an eye on the expenses you are making. Most of the people who do so are amazed from the results they get from this simple work. Some of them are not amazed from the daily high expenses like insurance, gas and rent instead from comparatively smaller expenses like shopping dining out and entertainment. On observing this list you could be able to know that on cutting the unnecessary expenses you could easily be able to save a lot and hence could be able to control your expenses.

Tracking and controlling

Today there are many a number of expenses tracking tool available in the market, still most of the people find it as out of their control thing. In some cases the electronic payment options can also help you in this regard. You can easily view all the record of transaction made on any date. It will also consist of the expenses you made in a month. In spite of these tracking tools availability there are many a number of people who are unable to do this. They lack the confidence and regularity in this work.

This is why it is really very important for you to controlling the tracked records.There are many credit card holders who have debt on their card. If proper tracking and controlling measures are taken then the debt in your debt can be avoided and at the same time the expenses of yours are also managed completely.

Making your fabulous plans and habits more expense conscious

The main goal for the complete plan is not to avoid the necessary expenses while it may be this for most of them. For this all you need to do is to make your plans and your habits more money conscious. By making your wonderful / fine habits to more compact you can easily control the budget and expenses of your family. The reason for this fact can be understood from the fact that some of the people might expense more than required in such unnecessary expenses.Now if the expenses are more money conscious then it is sure that you could be able to save a lot of cost of yours.

Facing, sticking and prioritizing the expenses

Facing the expenses are simply means that you are needed to take a piece of paper and then write down all the required expenses on it. It might be scary for most of us. However you are not needed to afraid of the list of all necessary expenses instead you have to face it. You will need to expense your hard earned money on the required expenses. After listing all the expenses you are needed to be agreeing from the fact that you will have to expend the amount on it. What best you can do is to prioritize and minimize the less priority ones.

Filed Under: Finance, Gpost Tagged With: Budgetting, Debt, Expenses

Primary Sidebar

Search

Like us on Facebook

Our Twitter Feed

Tweets by @AusBizChannel
Protected by Copyscape Website Copyright Protection

Counter

Footer

Featured Page

research in australia

20 Top Research Organisations

We are compiling a list of top 20 and more research organisations  which are in the government as … Read more about 20 Top Research Organisations

acquistion

Takeovers & Mergers

List and updates Of the latest  Company Takeovers … Read More about Takeovers & Mergers

funding from govt 2017

Australian Business Grants

Establishing a business anywhere in Australia … Read More about Australian Business Grants

listing directory australia

Australian Business Directory

If you are looking for a Free or paid listing on a … Read More about Australian Business Directory

About

About - Australian Business Report and … Read More about About

Guest Post for us

Join Australian Business … Read More about Guest Post for us

Copyright © 2025 · News Pro on Genesis Framework · WordPress · Log in