Accounting tips, industry developments or simply news from our offices.
“Neither a borrower, or a lender be”…or so the old saying goes. But when you are in business, it’s not quite so simple. Starting a business often requires huge sums of money, and sometimes even a mature business can find itself in need of a loan. But where do you start?
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We're fortunate to have a close working relationship with the award-winning bookkeeping software, Receipt Bank. Recently they asked if we would be interested in giving some insight as to how we use Receipt Bank to help our clients. Our awesome clients, Sofrito Paella gamely agreed to take part, featuring CEO Andy and his delicious paella.
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Have you got a side-hustle; a little startup or hobby business you’re doing on the side? Hey, good for you. Maybe you’re selling handmade candles in a market, or baking wedding cakes at home, it’s for fun as much as it is for profit, and you don’t want it to be a chore. Here’s one simple thing you can do to make your life easier.
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So, you have a nice little hobby business, it’s grown from nothing and you’re allowing yourself the thought that you’re doing well. And then someone tells you that maybe you have to register for GST. And that sounds like it’s horribly complicated. It’s not.
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A question that we get asked from time to time, is whether it’s better to lease or buy. Say if your business is growing and you need a van. Sure, you can go out and get a loan and buy a van. In that case, you can claim a deduction on the interest cost of the loan, plus the depreciation on the van each year. And if it’s a second-hand van that costs less than $20,000, then until 30 June 2017, you can write off the entire cost in one hit; this will reduce your income tax bill.
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Running a small business in Australia is a challenging affair. In addition to the daily challenges of running a business and trying to make it profitable, there are a myriad of other things to keep on top of. From superannuation for your staff, to arranging insurance and organising suppliers…especially if you’ve just started a new business, it can all seem overwhelming.
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