What You Need To Know About The 2015 Federal Budget

The  Abbott government’s federal budget plans for 2015 are quickly making the rounds for good and bad reasons. The goal is to boost the economy, and like any other government plans, there will be winners and losers.

The whole plan is banking on a flourishing economy, which the government aims to strengthen by stimulating the small business sector and increasing the strength of Australia’s workforce. But these efforts require certain sacrifices that might earn the ire of citizens. A delicate balancing act the federal government will have to embark on. Continue reading

6 Key Advantages of Using Accounting Software For Your Business

The rise of technology has disrupted business in the best way possible: a specific task that should take days or months back then can now be done in minutes, or depending on the computer and software you’re using, in mere seconds.

The same can be said towards the improvement of sales analysis, customer retention programs, and process quality maintenance. Which prompts this question: what advantages would be gained from using an accounting software package for your business?

The advantages of acquiring and using an accounting software package for your business are definitely vast and quantifiable, but as a business owner, why should you use an accounting software package for your business? Continue reading

3 Ways You Can Make the Most Out of the Federal Budget $20,000 Asset Tax Write Off

It seems like the Australian government is out to make a big impact on the economy as it unrolls its Federal Budget plans for 2015: What was once a $1,000 tax write-off limit became $20,000 overnight.

That’s right. You’re now looking at small business lifesaver.

Designed to stimulate the economy, the unprecedented value of the tax write-off caught a lot of attention and praises from people particularly from the small business sector who were asking for a much-needed jolt.

However, there are two caveats: this tax write-off will only last until the end of June 2017 and you have to make the most out of the $20,000 tax write-offs before June 30, 2015 so you can apply deductions on your 2014-2015 tax returns.

So what should you do to make the most out of the $20,000 write-off before June 30 comes? Continue reading

7 Things You Need To Do To Prepare for End Of Financial Year Tax

Doing the taxes for your small business or speaking to your accountant may not give a rush of pleasure at all, but it surely can save you for a lot of pressure in the future.
However, by being tax-smart, you can get through the end of financial year stress-free. With the right preparation, you can minimize your tax bill, maximize the benefits from the tax office, and put yourself in a better position for the next financial year.
Be the best small business owner you can be! Now, let’s make every day count by using the following strategies: Continue reading

Double Dipping: 4 Ways How the Changes in Paid Parental Leave Could Affect Your Business

One of the controversial proposals in the Federal Budget 2015 of the Australian government is the revision of the paid parental leave. Previously, employees could get their paid parental leave from their employers and the government, which led to the moniker, “Double Dipping”.
This proposed Federal Budget 2015 revision focuses on limiting the paid parental leave employees receive from the government, and increase the government funds, by forcing them to select only the one with the better paid parental leave scheme.
The Double Dipping provision requires employees to select only the larger paid parental leave incentive from the two, significantly cutting the expected paid parental leave incentives of the working parents in Australia. Continue reading