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James Solomons

Accounting, Business & Technology; Advocate, Entrepreneur & Educator

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Tax

Use the new financial year to get your tax habits in order !

A recent Xero survey found that three-quarters of Australian small businesses still store their receipts in shoeboxes and that can add up to 5,200 invoices a year – signaling the need for business owners to consider automation to pave way for better tax habits.

There’s no reason why the “New Year, New Me” mantra shouldn’t apply to the new financial year. There are many reasons why the now is the best time to develop better tax habits to make tax time next year a breeze.

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EOFY: Understanding your accounting needs and planning for the year ahead

The end of the financial year can often be a busy time for small business owners. All your business accounting needs to be finalised, tax returns need to be completed and submitted, and planning for the year ahead needs to be done. It’s not all bad news however, as tax time is the perfect opportunity to reassess where your business is at and where you want it to be.

Here are a few tips to help you get through the period as easily as possible, and hopefully save your business some money and plan for an even better year ahead.

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EOFY Making the most of the government’s small business tax custs

The 2016 federal budget gave small businesses a reason to be excited about the end of the financial year – a company tax cut to 27.5% with the threshold lifted to include businesses with less than $10 million turnover (up from $2 million). For profitable small businesses, that’s potentially thousands of extra dollars each year to reinvest back in the business.

The budget measures, which come into effect on 1 July this year, mean business owners need to start planning what needs to change about their tax strategies. Here are a few tips on how to optimise your small business tax planning by timing your income and expenses, and ensuring you make the most of the new tax measures.

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EOFY Tips for Small Businesses

Sharing some more tips for small businesses for the readers of bit.com.au

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Time to get tax wise

Great to be able to share some end of year tax tips for readers of the Herald Sun & Daily Telegraph

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Get Connected with James launches !

Hi everyone, I am very pleased to launch my video channel, Get Connected with James !!! The place to go to keep you in touch with everything thats happening in small business, accounting & tech! View The YouTube Channel


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The Importance of Credit Control in your Business

Businesses don’t fail because of a lack of profit…they fail because of a lack of cashflow ! Here are 5 simple tips to develop a credit control policy when extending credit to your customers via BRW

http://www.brw.com.au/p/leadership/how_to_develop_credit_control_policy_gxoFVWLHxezQe33G51Rj5L

Avoiding Payroll Mistakes…

My latest article via Kochies Business Builders..

https://au.smallbusiness.yahoo.com/a/-/25534188/preventing-common-payroll-mistakes/

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