Contractor vs Employee: Which is Better?
Understanding the differences between an employee and a contractor can initially seem daunting, especially with all of Australia’s complex legislation governing employment relationships. But don’t worry. We’re here to guide you through the specifics and break down precisely what sets them apart. The Definition of Contractor vs Employee in Australia The Australian law outlines specific […]
The 4 Different Types of Businesses in Australia
The 4 Different Types of Businesses in Australia Understanding Australia’s four types of businesses is imperative for anyone looking to tap into its diverse and dynamic business landscape. The country offers a wide range of opportunities for entrepreneurs and investors alike. But before embarking on any business venture in this promising land, it’s crucial to […]
What Should You Include in an Employment Contract (Australia)?
In every successful business, there is a fundamental piece of the puzzle: the employees. These individuals, with their unique skills and contributions, form the beating heart of your operation. They drive your business forward, infusing their talent and passion into your products and services. One of the pivotal tools that serve to guide this dynamic […]
Benefits of Tax Planning for Small Businesses
Understanding tax regulations can be challenging, especially when you’re a small business owner juggling many responsibilities. From overseeing daily operations to ensuring customer satisfaction, you have much on your plate. On top of that, the reality of taxes inevitably comes into play. You might often hear people emphasise the importance of tax planning and advise […]
Single Touch Payroll (STP): Revolutionising Payroll Management
In the not-so-distant past, Australian business owners like you faced the laborious task of manually reporting payroll information to the Australian Taxation Office (ATO). The annual reporting burden was time-consuming and often took up valuable resources, hindering efficiency and productivity. Recognising these challenges, the ATO introduced Single Touch Payroll (STP), a system devised to simplify […]
The Company Registration Process in Australia
Venturing into the realm of entrepreneurship is nothing short of thrilling, but it can be nerve-wracking, too. As you transform your vision into a tangible reality, you’re bound to face challenges while kick-starting your company. But fear not! Simply tackle the process step by step. In this blog post, we’ll navigate the Australian company registration […]
Answering Your 7 Questions About a PAYG Instalment
PAYG Instalments (Pay As You Go Instalments) is a system requiring certain Australian taxpayers to make regular payments towards their expected income tax liability for the current financial year. This system helps individuals and businesses manage their cash flow by spreading their tax payments throughout the year rather than paying a lump sum at the […]
A Guide to the Small Business Restructure Rollover
Starting a small business involves a multitude of decisions, but none is as crucial as selecting the right structure for your business. Your chosen structure can impact your tax obligations, reporting requirements, legal liabilities, and how you operate your business. For example, sole traders and companies have entirely different tax requirements and reporting obligations. However, […]
Outsourcing vs Offshoring: The Pros and Cons
Businesses often look to save money by outsourcing vs offshoring certain operations. You’ll often find the two terms used synonymously when, in fact, they’re actually quite different. So it is essential to understand the difference between the two strategies before deciding whether they’ll work for your business model. Business process outsourcing refers to contracting with […]
Are Director Fees the Same as a Salary?
Unlike employees, there is generally flexibility in how directors receive their compensation – they can either receive director fees, dividends, or a salary. In most cases, a salary would seem like the most straightforward approach. But how does it differ from receiving a dividend? Or director fees? Is one option better than the other? Can […]
