Long Service Leave (LSL) first came about in the 19th century so colonial workers could take extended leave to return home to the UK. Now, thanks to Government legislation, LSL is an entitlement of most employees within Australia. It was governed to encourage an extended break from work after usually 10 years of continual service…Details
Over the past few years, there has been a clear shift in the way people are employed in the workforce. Whilst most are still traditionally employed by an employer, there is a trend for contractor work and self employed contracting, or freelancing, taking place. A lot of people think of self employed as running your…Details
For many of us, the words Private Health Insurance leave tingles up and down our spines, becoming a point of stress for many. The rising premiums and confusion between the insurers and rebates has us all feeling a little overwhelmed. Let’s break it down. What is Private Health Insurance? Private health insurance is taken out…Details
Starting your own business or being a sole trader usually involves you managing your own business accounts. Whether it be for financial reasons or because it was just easier at the time, you have managed up until now. Off the shelf programs like Xero, Quickbooks and even free accounting apps like Wave are more than…Details
Running a small business, especially as a sole proprietor, comes with its challenges. None more so though than cash flow. Without a predictable or forecast cash flow your business will struggle not to mention your stress levels. Whether your business is sales, online service provider or even a trade it can be hard to predict…Details
An ultimate holding company, as the name suggests, is a company that has ultimate control over another company. In short, it is a company that controls another company. An ultimate holding company can have many subsidiary companies, but it can not be a subsidiary itself.
An example of this scenario might be this. Company B has shares which are all held by Company A. Company A’s shares are all held by several individuals (or shareholders even). Therefore, Company A is the ultimate holding company of company B. The ultimate holding company while it is the primary owner of its subsidiary company/ies, it does not have a say in the day to day running of the business. It can however, dismiss managers and company CEO’s if the need should arise.Details
This is the $64m question that doesn’t really have a right or wrong answer. Basically, if you are expecting to generate under $75,000 in your business for a financial year period, then you do not have to register for GST. Once your business exceeds this threshold, or even if you anticipate it might, then you…Details
Tax time is one of the most dreaded times of year for any business owner. Whether you’re a small hobby business or a mega million dollar corporation, we all have to meet the tax man at some point. But what if the tax man paid you for your time and effort? Did you know that…Details
Buying an Investment Property and not sure what structure to purchase it in or how to structure your loan????
This can be one of the biggest investments that you make in your life and you want to have peace of mind that you are purchasing it in the most effective way to your personal circumstances… Structures you can purchase an investment property in: Personal Names – Most Common Structure Can be purchased as Tenants…Details
Deciding whether to use an accountant or do your tax return online yourself can be a difficult decision to make. Your first thought would be to do it yourself. Advantages Your income and expenses are straight forward You can save time by doing it at home one night Save money by not paying Accounting Fees…Details