Author name: Content4AccsSafePW

If you’re a small business owner and your business is in debt, you can phone the Small Business Debt helpline at 1800 413 828. You can speak to an independent financial counsellor confidentially about: Assessing your financial situation Leases and rent Loan repayments Managing your debts and finances Paying your bills Tax and super payments […]

Important news if your business has intangible assets like patents, copyrights, licences, computer software rights and others. Last year’s federal budget allowed businesses to decide the effective life of their intangible depreciating assets for themselves. But some were concerned this gave business owners too much discretion. So the latest budget for 2022-23 reversed that decision,

Australians with self-managed superannuation funds (SMSFs) have been warned to avoid “illegal early access” of their retirement savings. Australian Taxation Office (ATO) assistant commissioner Justin Micale said the ATO was seeing an increasing number of SMSF trustees taking advantage of their direct access to their superannuation bank account. They are then using these savings to

Have you ever wondered whether you need to keep business records – and, if so, for how long? Well, the Australian Taxation Office (ATO) requires businesses to keep their records relating to any tax, super or employer obligations. A record is any business transaction, and it should include the: Date, amount and type of transaction

The Australian Competition & Consumer Commission (ACCC) has launched two website sweeps to identify greenwashing and fake reviews. First, the ACCC is focusing on 200 company websites across most industries to find misleading environmental claims. It considers a claim misleading if an ordinary consumer could misinterpret it. Second, the ACCC will look at reviews on

Contract law is being amended to protect small businesses and consumers who often don’t have the financial resources or clout to negotiate fair contract terms. The federal government has introduced a bill to parliament to outlaw unfair contract terms. Unfair contracts can be reported to the Australian Competition & Consumer Commission. The new law will

Here are three common reasons you might owe tax, despite paying monthly PAYG. You work for more than one company         Every employer deducts tax from your salary based on your salary for that job alone. Having multiple salaries may push you into a              higher tax

Assistant Minister for Competition Andrew Leigh feels small businesses are unfairly disadvantaged because they pay their taxes while some multinationals don’t. And because corporate tax accounts for 19% of the nation’s income, the federal government wants to introduce international tax reforms to ensure multinationals pay their fair share. Countries have continued to drop their corporate

Unfortunately, ordinary clothes that you wear to work can’t be claimed as a tax deduction. You can only claim a tax deduction when clothing is: Protective, such as gloves, aprons, overalls or steel-capped boots.  A uniform that is compulsory and branded or one that is registered with AusIndustry. But the rules on uniforms are complex.

When you open your own business, you may have to register three different names with different authorities. 1. Your business name. This must be registered with ASIC, unless you’re using your own name. This is the name under which your business will trade. It can’t be identical or very similar to an existing Australian business