If you operate your startup from home, you may be able to claim some (or all) of your home office expenses as a tax deduction in your tax return. These expenses can include rent, electricity, furniture, equipment, and more.
The acronym ‘GST’ gets thrown around a lot, and is generally tied up with another acronym – the ‘BAS’. From a tax and compliance angle, GST is one of the big things you’ve got to get right – if you stuff it up, the ATO can turn around and ask you to pay more tax – in the form of additional GST payments. So what exactly is GST? and when do you need to start charging customers GST?
It takes Aussie small businesses almost 2 months to get paid from when they first send out an invoice. Ouch! Cash is king in any business, and without money coming through the door, you’ll find it very difficult to continue operating your startup.
So you’ve decided to go out on your own. You may be a marketing / IT / Events / PR / Human Resources consultant. You’ve just landed your first client – check! It’s a big client too – even better. This means that most of your company income will come from the one customer. Makes no difference for tax, right? Wrong.
The 2014 financial year is now over. This means (amongst many other things) that startups can submit their applications for the R&D Tax incentives. In this article, we chat with PwC partner, Scott Warnock about how startups can maximise their R&D tax incentive refund.
As a business owner, you must ensure you are managing employer superannuation requirements for your team. This means ensuring that superannuation is paid to the relevant employees, that the right amount of superannuation is paid to them and that it is paid on time.
The step up from running your startup in your own name to that of a company is not a small step. You take on extra responsibilities and all of a sudden, things are taken out of your name and are in the name of your company. So what happens when you put money into your company and want to take it out? Do you have any responsibilities there?
With Bitcoin use increasing in Australia, there has been little guidance to date from the ATO and other regulatory authorities about the accounting and tax treatment of this payment method. So we have put together a list of some of the key accounting and tax questions you may have when using Bitcoin.
Your startup is now at a stage where there’s money in the bank and / or a regular income stream to start paying yourself. Brilliant! So just how do you go about paying yourself?
When it comes to hiring, a common area of confusion for startup founders is whether their new hire is in fact a contractor or an employee.