When company director Michael casually withdrew $80,000 for a personal investment, he didn’t realise it would trigger a $31,200 tax bill under Division 7A. With rising interest rates and the ATO tightening its grip, this cautionary tale reveals how a simple oversight can become a costly lesson for thousands of Australian business owners.
Are you using business money or assets for personal reasons? Mismanaging these transactions can lead to tax headaches if not handled correctly. Learn how to avoid costly mistakes and ensure you’re keeping accurate records in this guide…
In these unpredictable economic times, keeping your business’s cash flow steady is more crucial than ever. Discover essential strategies to tighten credit control, cut unnecessary costs, and stay agile with pricing to help your business thrive – read on to safeguard your financial health…
The ATO has advised that, while most small businesses ‘do the right thing’, it seems that there are common errors that sole traders are making
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