Choosing the right business structure is one of the most critical decisions for any business owner. Whether you’re starting a new venture or reevaluating your existing business, the structure you select can have significant implications on your taxes, liability, and overall success. In this article, we explore why having the correct business structure matters and how to determine if your current setup is right for your business needs.
The Australian Taxation Office (ATO) has been tightening its focus on rental property owners, targeting common errors that lead to incorrect deductions and underreporting of rental income. With data-matching tools and extensive audits, the ATO aims to ensure compliance and prevent taxpayers from making costly mistakes.
Here’s what you need to know to stay compliant and avoid penalties
Navigating the complexities of business tax can be challenging, especially for small and medium-sized enterprises. Many businesses make common tax mistakes that can lead to significant financial penalties or missed opportunities for savings. At SKD Accountants, we're committed to helping you optimize your tax strategy and avoid costly errors. In this article, we’ll explore the top tax mistakes businesses make and how you can steer clear of them.
Top Tips When Starting A Business From An Accountant
Starting a small business in Australia is an exciting yet challenging journey, and getting your finances right from the start is crucial. At SKD Accountants, we specialise in helping new businesses establish a strong financial foundation. Below, we share our top accounting tips to ensure your business starts off on the right foot.
As the we approach the end of the second month of the current financial year. We would like to shed some insight into how businesses can evaluate their current financial standing and chart a course for the future. It is ideal for setting new goals, reflecting on past performance, and making strategic decisions that will contribute to sustainable growth.
Capital Gains Tax (CGT) in Australia can significantly impact your financial outcomes when selling assets. However, with the right strategies, you can effectively manage and reduce your CGT liability. Whether you’re an investor, property owner, or business owner, understanding CGT and planning ahead can lead to substantial savings.
The Importance of Budgeting for Small Businesses: A Path to Financial Success
Budgeting is essential for small businesses, offering a
roadmap to financial stability and growth. At SKD Accountants, we understand
that many small business owners struggle with financial management, cash flow
forecasting, and profit maximisation. A well-structured budget is the
foundation for success, helping businesses control expenses, plan for the
future, and make informed decisions. Here’s why budgeting is crucial for your
small business and how it can position you for long-term success.
Creating a business budget is essential for managing your finances, driving growth, and ensuring long-term success. Whether you’re just starting out or have been in business for years, a well-structured budget provides insight into your company’s financial health and allows you to make informed decisions. At SKD Accountants, we specialize in helping businesses develop financial strategies that fuel growth and sustainability.
Running a successful small business is no small feat. Between managing daily operations and planning for the future, it’s easy to feel overwhelmed. One of the best ways to keep your business on the path to success is by creating a solid financial roadmap. With clear goals and proactive financial planning, you can navigate challenges, optimise growth, and build a resilient business. At SKD Accountants, we specialise in helping Melbourne small businesses develop the financial roadmaps they need to thrive. Let’s dive into the key steps to building yours.
As cryptocurrency continues to grow in popularity, understanding how it is taxed in Australia is essential. The Australian Taxation Office (ATO) actively monitors cryptocurrency transactions to ensure compliance, and failing to meet your obligations can result in penalties. This guide explains the key tax rules for cryptocurrency investors and traders.
As we usher in 2025, small business owners have a prime opportunity to reflect on past achievements and challenges, and to strategically plan for the year ahead. Effective preparation is crucial for sustainable growth and success. Here are five essential tips to guide your business planning for 2025
The structure of your business is a cornerstone of its success. A well-chosen structure supports growth, efficiency, and financial health. On the other hand, an unsuitable structure could lead to unnecessary costs, limited asset protection, and tax inefficiencies over time. As your business evolves, it’s important to reassess whether your current structure still meets your needs.
Property investment is one of the most effective strategies for building wealth in Australia, not only due to its potential for capital growth but also because of the associated tax benefits. To maximise the advantages of your investment, it’s essential to understand what expenses can be claimed and how to minimise your tax liability. Here’s an overview of the tax benefits available to property investors and how to make the most of them.
Effectively managing your business debt is critical to ensuring financial stability and paving the way for sustainable growth. Whether it’s short-term obligations or long-term commitments, the right approach can transform debt from a challenge into an opportunity.
Why Start Early? When should you begin planning your business exit strategy? Ideally, before you even launch your business. While that may sound premature, having a clear vision for your endgame ensures that every decision you make—from business structure to financial planning—aligns with your long-term goals. If you’ve been running your business for years without considering an exit strategy, don’t worry. The second-best time to start is today.
Choosing the right accountant can have a profound impact on your business’s success. But how do you know if your current accountant is the right fit for your growing needs? Here are some of the most common reasons businesses in Australia decide it’s time to make a change, and how upgrading to the right accounting partner can unlock your business’s full potential.
As cryptocurrency continues to revolutionize the financial world, businesses are increasingly exploring the option of accepting digital payments. While embracing crypto offers exciting opportunities, understanding the accounting and tax implications is crucial for smooth integration. In this blog, we’ll cover how businesses can manage crypto payments, navigate Goods and Services Tax (GST) obligations, and unlock the advantages of accepting digital currency.
Running a successful business involves more than just tracking profits and expenses. To ensure long-term stability and growth, businesses need to regularly assess their overall financial wellbeing. This is where a financial health check comes in. A financial health check provides a comprehensive review of your business’s financial position. It helps identify strengths, weaknesses, risks, and opportunities, giving you the clarity needed to make informed decisions. Here’s everything you need to know about financial health checks and why your business should schedule one.
Investing in property through a Self-Managed Super Fund (SMSF) has become an increasingly popular strategy among Australians looking to diversify their retirement savings. While it offers several advantages, there are also important risks to consider. In this article, we explore the key benefits and potential pitfalls of SMSF property investments to help you make an informed decision.
