On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood
The Tax Laws Amendment (Small Business Restructure Rollover) Act 2016 was officially sanctioned and came into effect on 1 July 2016. The new Small Business Restructure Rollover forms part of the Growing Jobs and Small Business package.
The ATO is increasing data matching activities to identify discrepancies amongst individual taxpayers such as undeclared income and incorrect claims. These activities include online selling (eBay) transactions as well as information regarding visa holders in Australia. In addition, Lifestyle assets and historic property transactions will be reviewed. Lifestyle Assets The ATO published their Lifestyle assets
Many small business owners assume that cyber attacks only happen to big companies, banks or governments. But the truth is, limited knowledge of digital security and lack of defences make small businesses particularly vulnerable to attack. Research shows that 71% of all cyber attacks happen to businesses with less than 100 employees – and yet
