2020 was a big year for online businesses. After a year of unprecedented sales growth, online businesses are now trying to capitalise on current ecommerce trends and make pandemic online shopping habits stick. While ABS data reveals a third of us prefer to do more of our shopping online than...
Category: Knowledgehub
Business succession planning: How to map out a smooth exit
Business Succession planning raises some questions – can your business survive without you? Who will take over if you’re unable to run it? A business succession plan sets out the steps you’ll take to transfer your business to the next owner and chief.While handing over the reins sounds straightforward, it can...
How to Calculate Asset Depreciation 101
Most business owners know they need to calculate asset depreciation as a cost of doing business but are unsure of where to start In this article, we’ll take you through the process of working out your depreciation expense, and show you how to account for the sale of a depreciable...
EOFY Tax Planning – What to do before 30 June 2021
How to get ready for EOFY (2021)Key DeadlinesJune 5 – The final lodgements for 2019-2020 Company Tax Returns are due. This is the deadline for accountancy agencies to submit their clients’ returns.1 May - 30 June – Annual Taxation Planning.30 June - Activities from tax planning to be finalised, including...
What is Asset Depreciation? Everything you need to know
Are you looking to buy an asset for your business? If so, figuring out the potential impact on your financial statements before making the purchase would be a wise move. While small items like calculators and stationery are expensed in the year they’re purchased, the cost of fixed assets are...