Is Your Side Hustle a Hobby or Business?
Nearly everyone knows someone with a side hustle. Just to name a few examples, this may include backyard sale of plants, sale of home-made crafts via Facebook Marketplace, online sale
Category: Tips & Tricks
Budgeting for Your Business
First things first, what is a budget? A budget is your planned income and spending for a period of time (eg. a month, a quarter, or a financial year) which
I am a Sole Trader. Do I pay myself a wage?
A sole trader is an individual running a business. It is the simplest and cheapest business structure. If you operate your business as a sole trader, you are the only
How to Recession-Proof Your Business
Let’s face it. We all started out the year with high hopes for another good year in business. Hopes were quickly dashed at the end of January 2020 when initial
How May I Pay Myself From My Business?
New to running a business and unsure how to pay yourself? Have you been regularly charging personal expenses to your business whenever you need to? Or do you simply take
Private Ruling Applications
What is a Private Ruling? A private ruling is the Tax Commissioner’s opinion on how tax laws apply to a specific situation, scheme or transaction. Private rulings are different from
Tax Deductions on Loan Interest
The ATO states simply on their website that if you take out a loan to purchase a rental property, you can claim the interest charged on that loan, or a
Flow-On Effect of Cutting Business Expenses
One question virtual CFO’s are often asked is: How may I improve the profit? What’s obvious to most clients is to increase revenue. That is one side of the equation
Are you are Resident or Non-Resident for Australian Tax Purposes?
In order to have clarity on your tax responsibilities in Australia, the first step is to determine whether you are considered a resident or non-resident for Australian tax purposes. This