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Employees and record keeping

Employees and record keeping

Good business records help you manage your business and make sound business decisions. They can also improve the value of your business if you decide to sell it. Employment records If you employ people under a modern award or agreement, you're legally required to keep accurate and complete time and wages records and issue pay slips to each employee. You need to keep each employees' time and wages records for at least seven years and make sure they are always accessible for in

7 top tips for starting a home-based business

7 top tips for starting a home-based business

Operating a small business is about more than just being your own boss - it's also about having the management skills, industry knowledge and long-term vision to grow and succeed. If you're thinking of joining the one million people in Australia who run a business from home, check out these 7 tips to help you get started. 1. Download our Starting a business checklist Our handy checklist contains a series of questions to guide you through the various stages of your business, i

The $20 000 write off – what you need to know

The $20 000 write off – what you need to know

As a small business owner, you’ve probably heard about the 2015 Budget changes to instant asset write-offs. To help you understand what the changes can mean for your small business, we’ve put together some key facts. What has changed as a result of the 2015 Budget? Under the changes to simplified depreciation rules for small business, you can: immediately write off eligible depreciating assets costing less than $20,000 each, as long as you buy them and install them ready for

Claiming your travel expenses

Claiming your travel expenses

You can generally claim a tax deduction for your business travel expenses. Records you need to keep If you’re away for one night or more, you’ll need to keep a record of everything you buy when you travel. If you’re away for six nights or more, you’ll also need to keep a diary to record all your business activities while you’re away. Include specific details of each business activity, including: 1. the date and time of the activity 2. how long the activity lasted 3. a descrip

Improve your search ranking

Improve your search ranking

Building and improving on your website ranking in search engines is an essential part of running an online business. It should also be considered an objective in your overall marketing strategy. Search Engine Optimisation (SEO) can help you design a website that meets the needs of your customers and improve the chances of them finding you online. What is SEO? Put simply, SEO is a set of web best practice techniques that allows the information you publish on your website (web

Summary of the key changes for business starting on 1 July

Summary of the key changes for business starting on 1 July

The beginning of a new financial year can be a busy time for business owners. To help you, we've put together a list of changes that are coming on 1 July 2015 that you should be aware of, as they may affect your business compliance. 2.5% increase to minimum wage From 1 July 2015, there will be a 2.5% wage increase for employees who are paid rates from: the national minimum wage a modern award certain registered agreements. The national minimum wage will be increased to $656.9

Claiming your website expenses

Claiming your website expenses

If you have a business website, or are planning to set one up, you can claim a number of your website costs back as a tax deduction. What costs can I claim? Some of the costs you may be eligible to claim for include: 1. buying server hardware 2. buying or developing software 3. website hosting fees. You can even claim running costs, such as website hosting fees, straight away. When can I claim? When you can claim your set-up costs can change depending on when you start (or st

Prepare financial reports

Prepare financial reports

Financial reports or statements are crucial for tracking the financial health of your business. They're also important for setting goals, making sound business decisions and obtaining finance. While you may rely on an accountant to prepare your financial statements, always check them carefully for accuracy and ask questions. With your knowledge of your business and some financial training, you can ensure that your statements are up to date and accurate. Free financial templat

Balance sheet

Balance sheet

A balance sheet is a snapshot of your business on a particular date. It lists all of your business's assets and liabilities and works out your net assets. A balance sheet can also help you work out your working capital (money needed to fund day-to-day operations) and business liquidity (how quickly you are able to pay your current debts), which can give you a good indication of the financial health of your business. On your balance sheet, list all your balance sheet items wit

Profit and loss statement

Profit and loss statement

A profit and loss or income statement lists your sales and expenses and is generally recorded on a monthly, quarterly or yearly basis. It tells you how much real profit you're making or losing. A profit and loss statement can help you develop sales targets and an appropriate sales price for goods/services using tools like the break-even, profit margin and mark up calculators. On your profit and loss statement, list all your sales and expense items with the dollar amount for t

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