by Financially Sorted | Mar 17, 2025 | ATO, Small Business, Tax & Accounting
The ATO has announced that from 1 April 2025, it will be moving around 3,500 small businesses with a history of non-payment, late or non-lodgement, or incorrect reporting from quarterly to monthly GST reporting to improve their compliance. The ATO believe that moving...
by Financially Sorted | Mar 17, 2025 | Business, Small Business
Individuals looking to establish a business must understand the sacrifices and challenges that can accompany it. Establishing a small business can come with multiple hurdles and considerations that often go ignored by new owners, eventually leading the business to...
by Financially Sorted | Mar 3, 2025 | Small Business
The new year brought with it a new Australian Small Business Wage Compliance Code, which means intentionally underpaying an employee’s wages or entitlements can now be treated as a criminal offence. Understanding this code is essential to ensure all employees are...
by Financially Sorted | Jan 31, 2025 | Business, Tax & Accounting
Common beliefs like “I can use company money any way I like” or “I don’t need to keep records” are causing Division 7A mistakes, the ATO has told taxpayers. What is Division 7A? Division 7A applies to certain payments, loans and debt forgiveness made by trustees to a...
by Financially Sorted | Dec 16, 2024 | Economy, Interest Rates, Small Business
The last few years have certainly been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty.Let’s explore some of the key changes and challenges that may lie ahead. An election Welcome to political...
by Financially Sorted | Oct 28, 2024 | Economy, Small Business, Tax & Accounting
This tax season has seen many of our clients expressing concern about cashflow. Many small business owners are finding the cost of doing business more expensive and cashflow is a key concern. There are some key areas to focus on if you are finding cashflow...
