Business
Banking your business income to a private account?
The ATO have no concerns with business owners banking their business takings or other sales in private accounts, however, this can become a major problem for your bookkeeper!
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Stapled super funds for new employees
When you employ new staff and offer them a choice of super fund, it’s possible that they won’t choose one. If this happens, you will need to request the employee’s stapled super fund from the ATO in order to meet your choice of fund obligations.
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Business income and expenses
If you’re running a business, most income you receive is assessable for income tax purposes. The total amount is referred to as ‘assessable income’.
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How’s your record keeping?
Good record keeping makes things easier at tax time – consider if a digital business solution (such as digital record keeping) will help you.
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U R the Bank | Episode #1 – Developing Family Wealth
Welcome to Paris Financials’ series ‘ U R the bank’. In this episode, Pat Mannix will chat about Developing Family Wealth. Follow each episode to find out how you can be your own bank, develop your own property portfolio, and protect everything.
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Made a business or non-commercial loss?
Any business can make a loss. You generally make a tax loss when the total deductions you can claim for an income year exceed the total of your income for the year. Your income includes both assessable and net exempt income.
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U R the Bank Series
Pat Mannix is launching a new series called U R the bank! Follow each episode to find out how you can be your own bank, develop your own property portfolio, and protect your assets.
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Will Your Business Survive, Thrive and be Ever Alive?
If there’s one thing that Pat Mannix of Paris Financial has realised in his 30 years of dealing with small business, in particular growing small businesses is that it takes a long time to survive and thrive in business.
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