Common Question: Why do I pay for private health insurance and pay the Medicare Levy with my tax?

Common Question: “Why do I pay for private health insurance and pay the Medicare Levy with my tax?” I first wrote about this in 2014 and is by far one of the most common questions I get. As an Australian tax resident, when you go and see the doctor, the cost of the appointment can…

Are you still using pen and paper or Excel to record your business transactions?! Well, it’s time to step into the now and start thinking about an automated approach to your financial record keeping.

It seems like a great idea to stash more cash in your Superannuation account so you have a larger nest egg to retire on, right? 🙄 But, if you’re like most people you might not know that you could be hit by an extra tax on those contributions, if you exceed a certain limit. It…

What does cashflow mean to you? If you’re like most people you probably think you’ve got a pretty good grasp on all things money. What if I told you you’ve probably only got part of the story? According to The Australian Oxford Dictionary cashflow is – movement of money payments to or from a firm….

Cash flow is a massive problem for Australian small business and with around 80% of small business owners
going bust in 5 years, so it’s time to look at your business ready for the NEXT financial year!

It’s tough out there. But sometimes when a small business is growing, the business gets really hungry (like a baby) and then the time comes to expand. That expansion could mean moving into a premises, buying more equipment or even employing help while you focus on your growth areas.

Every year the government introduces new initiatives in the annual budget for small business.  The second Tuesday of May each year kick starts planning for future spending and tax minimisation.  But sometimes the confusion in the finer details may cause others to act too quickly. I love the new budget initiatives and they are a step…