The Fixed Rate Method offers small business owners a streamlined approach to claiming home office expenses, allowing you to claim 70 cents per hour for each hour you work from home rather than tracking individual costs. This simplified system eliminates the complexity of calculating specific utility bills, internet expenses, and other running expenses while ensuring…
Tag: bookkeeping errors
Setting Up an ATO Payment Plan: Bookkeeping Tips for Managing Tax Debts
Setting up an Australian Taxation Office (ATO) payment plan is a practical way for small businesses and individuals to manage tax debts they cannot pay in a lump sum. If you find yourself with a tax debt, you’re not alone—many businesses experience this at some point. The good news is, the Australian Taxation Office (ATO)…
The Benefits of Consolidating Your Super: Save on Fees and Grow Your Balance
Consolidating super accounts can feel overwhelming when you’re already managing the day-to-day operations of your small business. Understanding how multiple super accounts affect your retirement savings is crucial, as paying fees across several accounts can significantly reduce your super balance over time.This comprehensive guide explains everything you need to know about super consolidation, from finding…
Stage 3 Tax Cuts: What Australian Small Businesses Should Know for Payroll and Bookkeeping Adjustments
Stage 3 tax cuts are now law, and they come into effect on 1 July 2024, reshaping pay packets and paperwork for small businesses across Australia. This comprehensive guide explains what the new rates mean for your business, why they matter for your payroll and bookkeeping systems, and how to make the transition smooth for…
