Thinking of selling your investment property? Capital Gains Tax (CGT) can take a significant portion of your profit if you’re not prepared.    Many property owners overlook the impact of a depreciation schedule when selling. While it's commonly used for claiming deductions while you own the property, it also affects how much tax you pay at the time of sale. Understanding how these two work together can help you avoid surprises and make smarter decisions.    Understanding Capi

Getting a deposit or part-payment feels great, especially when you’re juggling multiple jobs. But if you don’t set aside the tax portion right away, it can catch up with you fast.  Many small business owners, especially tradies, make the mistake of treating deposits as extra spending money. The problem? That money still counts as income, which means it’s taxable. Ignoring that fact can lead to:  Unexpected tax bills  Penalties from the ATO  Cash flow headaches when it’s time

As a tradie running your own business, staying on top of your taxes means understanding that getting it wrong can lead to fines or lost income, but getting it right, means you stay compliant, avoid unnecessary costs and are setting yourself up for growth.   There can be a lot of confusion around GST. Some people think it’s optional if you’re just starting out and others worry about registering too early. Let’s clear things up.  1. What Is GST and When Does It Apply   GST (Goo

Many dental practice owners focus solely on patient numbers or revenue without looking deeper into what is driving success. The right KPIs give you a clearer picture of your business health. They help you identify what is working, where you can improve and how to plan for growth. Without tracking these numbers, you might miss warning signs that could affect your profitability or patient satisfaction.    1. Patient Retention Rate   Your current patients are your most asset. Tr

In the construction industry, cash flow can be unpredictable. One month you’re flat out, the next, you can have a rainy month and things slow right down.  If you’re not prepared, those quiet periods can put serious pressure on your business and eat into your personal finances.  Managing cash flow well means you’ll have the funds to cover wages, bills and suppliers even when work slows down for a while. It also gives you peace of mind and keeps your business moving forward. 

Running a medical clinic is not just about patient care. To grow and stay financially strong, you need to understand how the business is performing. That’s where KPIs (key performance indicators) come in.  Many practice owners rely on gut feel, the bank balance or basic reports. But without tracking the right numbers, it’s easy to miss red flags or miss out on opportunities to improve. With the right KPIs, you can manage your team better, make smarter decisions, and build a c

Choosing the right software is a game-changer for General Practitioners. It improves workflow, reduces admin time, supports Medicare compliance, and enhances patient care. On the other hand, using the wrong system can lead to delays, billing issues, and unhappy patients.  Many General Practitioners feel unsure about which system fits best, especially when starting out or upgrading. This blog gives you a clear starting point.  Top 3 Common Practice Management Softwares for Gen

Hiring an apprentice is not just about giving someone a go on site. It involves employment contracts, payroll, super, workers compensation and more. The wrong structure could expose you to unnecessary risk and can be more difficult to change later down the track.    When you hire staff there comes many risks. Risk of the staff member getting hurt, risk that the staff member could cause mistakes, risks that staff member could become disgruntled for legitimate and non-legitimat

As a medical professional, you're often juggling clinical duties, continuing education, and the day-to-day demands of running or working...

Understanding your financial reports helps you run your business with confidence. It’s not just about compliance. These reports show you how your business is performing, help you manage cash flow , and support smarter decisions.  Many business owners either ignore their reports or feel overwhelmed by the numbers. The truth is you don’t need to be an accountant to read your reports. You just need to know which ones to focus on and what to look for.  Profit and Loss Report   A

Running a business means keeping track of a lot of moving parts, and tax compliance is one of the big ones. One of the most important forms for Australian businesses is the BAS or Business Activity Statement.  If you’re registered for GST or pay Wages, you’ll need to lodge a BAS regularly. But many business owners find it confusing or stressful, especially when juggling everything else.  This guide will help break it down clearly. Whether you're new to business or just need a

Your Business Activity Statement (BAS) is how you report your GST, PAYG and other taxes to the ATO. Reporting incorrectly can lead to...

If you’re a doctor working as a contractor, sole trader, or through a company or trust, you may be earning what the ATO calls Personal...

If you’re registered for GST, lodging a Business Activity Statement (BAS) is part of running your business. But let’s be honest, BAS can feel confusing if you’re not exactly sure what needs to go in it.  Your BAS tells the ATO how much tax you’ve collected and what you need to pay. It helps you stay on top of GST, employee tax, and other reporting requirements that may apply to your business.  Submitting the wrong information or missing key details can lead to penalties and u

As your business grows, it may be time to think about changing your structure. Moving from a sole trader to a company can offer better legal protection, open new tax planning opportunities and help you work with larger clients.    But many business owners are caught off guard by the actual cost of making the switch.  This post will help you understand the fees involved so you can plan properly and avoid any unwanted surprises. Whether you are growing fast or simply looking f

Switching from a sole trader to a company is a big step. It gives you more structure, protection and opportunities to grow. But it also means updating the people and organisations you deal with.  Many business owners think once they register the company, that is the end of it. Not informing the right stakeholders can cause confusion, delays and even legal issues. Clear communication helps you stay compliant, keep your relationships strong and avoid unnecessary stress.    Who

When your books are in order, you gain more than just peace of mind. You’re able to:  Make smarter financial decisions  Stay compliant with the ATO  Lodge BAS and tax returns accurately and on time  Be ready for audits or funding applications  On the flip side, disorganised records can lead to missed deductions, cash flow issues, and penalties from late lodgements. Many business owners don’t realise how much disorganisation is costing them until it’s too late.  Use a Cloud-Ba

Starting a business is exciting, but making the right choices early on can save you a lot of time, money, and stress down the track. Two of the most important decisions you'll face are choosing the right business structure and picking a business name that reflects your brand.  Many business owners rush through this part or follow what others are doing without understanding the long-term impact. Getting these steps right helps you stay compliant, build trust with customers and

Every year, employers must complete their Single Touch Payroll (STP) finalisation. But when exactly is the deadline, and why does it...

When the minimum wage goes up, many business owners ask themselves the same question: “Do I really need to adjust wages right away?”  The...