Every now and then we get asked the question – “I want to hire someone to help with our business so I can have more time growing my business.” But before you put an ad up, or spread the word around, have you considered the following 10 things about finding the right staff, your business financial situation and understand the extra compliance work required?
In this article we explore how businesses that have turnover less than $10 million can maximise their deductions to save on tax for 2018 year and other issues they need to be aware of – deadlines, things to do etc in the coming few weeks. We will touch on employee superannuation payments, $20,000 asset write off etc
This article will apply to businesses running as sole traders, companies, trusts and partnerships.
The Treasurer handed down the Budget 2018/2019 on 8 May 2018. While there are a lot of proposed changes that will potentially affect individuals such as a 7 year Personal income Tax Plan to lower the income tax liabilities for individuals, there is no certainty as to whether they will become law in future. Meanwhile, let’s recap on the ones that are now law, and will affect taxpayers, especially small businesses immediately. The most important of these is the extension of the less than $20,000 immediate asset write off concession to 30 June 2019 for eligible small businesses.
Do you have a trading name attached to your ABN, or your company/trust’s ABN?
From November 2018, trading names will be removed from ABN Lookup. ABN Lookup is a tool run by Australian Business Register (ABR) to collect or update trading names. They were collecting trading names up till 28 May 2012 when Australian Securities & Investments Commission (ASIC) started a new service to manage the registration of business names. To keep your trading name, you will need to register it as a business name with ASIC. This applies to cases where you trade under a name that is different from your, or your entity’s name.
What should I do now?
You can register for a business name through the ASIC website online here.
To check if your business name details are up to date or not, you can conduct a search from the Business Names Index, or log onto your ASIC Connect account. The link here provides instructions on how to conduct the search.