tax What Is Personal Services Income? When Business Owners Should Seek Advice Personal services income mainly rewards an individual’s efforts or skills. Identifying it is different from deciding whether the PSI rules apply to the business’s arrangements.
business Before a Major Business Change: When It Is Worth Speaking With Your Accountant You do not need a finished plan to raise a significant business proposal. Early accounting input can help identify what needs assessment while relevant options remain open.
business Bringing in a Business Partner: Accounting, Tax and Structure Questions to Consider Bringing in another owner is more than agreeing on a percentage. Clarify what they will contribute, what they will own and how the arrangement will work before making commitments.
business Partnership vs Company: Key Differences for Australian Business Owners A partnership and a company create different relationships between owners, assets, profits and responsibilities. The appropriate arrangement depends on how the business will operate.
business When Is It Time to Review Your Business Structure? A structure review should start with what has changed in your business, not a preferred entity type. Ownership, new activities and future plans are useful starting points.
business Taking On Your First Employee: Financial Responsibilities to Plan For Employing someone involves more than funding their wage. Understand the ongoing commitment, confirm the employment terms and establish who will handle payroll and related responsibilities.
tax Understanding GST: Questions Business Owners Should Raise With Their Accountant GST deserves attention beyond the next BAS. Changes in activities, customers or significant transactions can affect registration, pricing, purchase credits and cash flow.
business Buying Commercial Property for Your Business: Accounting and Tax Questions to Consider Buying premises and choosing who should own them are separate decisions. Consider the commercial purpose, funding, GST and ongoing responsibilities while key terms remain open.
business Moving from a Trust to a Company: What Business Owners Need to Consider Moving a business from a trust to a company is not a routine upgrade. Start with the reason for the change, who will own the company and what the transition would involve.
