Blog
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01Dec2020
What is the difference between a contractor and an employee?
It can be sometimes hard to work out what the difference is between your business taking on an employee and taking on a contractor. But it is important for you to get it right because both roles are protected and regulated by different legislation. Your obligations in terms of holidays, tax/PAYG, super and other things […]
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31Oct2020
Pay As You Go Instalments
So you just did your income tax and the next thing you know – you get a letter from the tax man telling you that you have to pay some of this years tax ahead of time in instalments! What happened? Pay As You Go Instalments (PAYGI) is where the Australian Taxation Office believes that […]
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29Sep2020
Dealing with tax debt during Covid 19
Covid 19 has left many businesses, large and small, facing tax debts. Taxes that are due to be paid to the Australian Tax Office that they simply can not pay in full – in time. The first thing is – DON’T PANIC. The ATO is not interested in punishment. The ATO is surprisingly helpful and […]
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31Aug2020
Bookkeeping Tips for Small Business
….and why you need a bookkeeper. Keep records for all transactions and keep them organised and comprehensible and up to date. Never think “I will do it later”. Because you won’t. Allocate a set time every single week for bookkeeping. If you don’t, you will get more and more behind and more and more disorganised. […]
- Tags: Bookkeeping, Small business
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- Posted by: user
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30Jul2020
Jobkeeper 2
This is how Jobkeeper works at the moment. Eligible employers, sole traders and eligible business participants can enrol for Jobkeeper. You are assessing your own eligibility. At the moment the government will take your word for it. BUT!!!! Single Touch Payroll and all the other ways the Australian Tax Office have of keeping tabs means [...]- Comments: 0
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28Jun2020
COVID 19 home office deductions for tax time
To start off with, there are some rules about deductions. You must have spent the money on something that is related to you earning money. So if you got reimbursed by your work or you were given a work item or equipment by your employer – THEN YOU CAN’T CLAIM IT! I put that in […]
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08Jun2020
MyGovID and RAM
You need to able to prove your identity before you can use any Australian Taxation Office web portal. For businesses, that ID is called MyGovID. You then need to be grant yourself access to your business in Relationship Access Manager (or RAM). Only then can you start using ATO portals such as the Business Portal. […]
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02May2020
Help for businesses during the COVID 19 emergency
What help is the Commonwealth of Australia providing for businesses to ensure they survive for now and prosper later? Quite a lot actually. So much that it can be daunting to try and find out exactly what is on offer. You can see an overview of what is available for businesses HERE. https://www.ato.gov.au/General/COVID-19/Support-for-businesses-and-employers/ Jobkeeper […]
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28Mar2020
We Can Help You Survive COVID 19
Wealthpath Accountants have put in place methods and procedures to ensure the timely and effective delivery of services to all of our clients while safeguarding the health and well being of staff and customers. We are committed to supporting our people, our clients and our community in these challenging times. We are absolutely committed to […]
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05Nov2019
Profitability and improving your cash flow
Be careful of discounting Know how much it costs you to provide something before you discount it. A lot of businesses have no real idea how much something costs them. Remember, the cost is the sum total of ALL the costs to you (it doesn’t mater if its a “thing” or a service). How much […]
- Tags: cash flow, improving your cash flow, Profitability, Small business
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- Posted by: user