Tag: bookkeeping errors

For small business owners who own property, knowing how the 6-year rule works with Capital Gains Tax (CGT) and your annual income tax return can make a real difference—both to your tax bill and your peace of mind. Many business owners don’t realise that moving out of their main residence doesn’t always mean they have…

Why every small business needs an ABN becomes crystal clear once the first invoice stalls or a supplier withholds nearly half your pay.We explain what is ABN, how the Australian Business Number builds trust with customers and other businesses, and why keeping your ABN details current shields cash flow. You will learn the bookkeeping gains,…

When a small business faces financial difficulty and cannot keep up with the money it owes, voluntary administration provides a formal way to seek help and protect the company’s future. Voluntary administration bookkeeping steps and compliance are essential for Australian small businesses to understand, especially when the company enters voluntary administration. By focusing on clear…

Small businesses often struggle with managing cash flow when the General Interest Charge (GIC) applies to unpaid tax debts. Understanding how GIC works under the Taxation Administration Act and Income Tax Assessment Act, and examining ways to meet tax obligations, can help business owners protect their working capital and plan for sustainable growth.Cash flow is…