Bookkeeping isn’t just data entry—it underpins every decision you make in your business. Poor bookkeeping leads to missed deductions, cash flow problems and ATO penalties. Below are five common mistakes we see in small businesses and how to avoid them. Staying on top of your books will save you time, money and stress. 1. Mixing
Cash flow is the lifeblood of any business. Even profitable companies can run into trouble if money isn’t available when bills fall due. For small and medium enterprises (SMEs) in Penrith, the Blue Mountains and Western Sydney, managing cash flow is vital for stability and growth. Here are practical strategies, backed by guidance from the
Choosing the right business structure is one of the most important decisions an entrepreneur makes. It affects how much tax you pay, your legal liability, access to capital and the way profits are shared. In this guide we explain the four common structures used in Australia—sole trader, partnership, company and trust—along with their tax implications,
Running a small business in New South Wales brings great rewards — and plenty of tax responsibilities. To help you stay compliant and minimise stress at tax time, we’ve prepared this step‑by‑step checklist for the 2024‑25 and 2025‑26 financial years. Follow these steps, and you’ll have confidence that your business is meeting its obligations while
The word “audit” can cause stress for any small business owner, but with the right preparation, a tax audit doesn’t have to be a nightmare. As the ATO ramps up its focus on accurate reporting and compliance in 2025, businesses across Penrith and Western Sydney are being urged to keep their records in top shape.
As the end of the financial year (EOFY) approaches, small businesses across Penrith and Western Sydney are preparing to get their finances in order. Tax planning isn’t just about meeting deadlines—it’s about maximising deductions, improving cash flow, and setting your business up for success in the year ahead. This article outlines the most effective tax
Tax time can be overwhelming for small business owners—but the Australian Taxation Office (ATO) wants to make it easier. Each year, the ATO releases a Tax Time Toolkit, and the 2025 edition is packed with practical advice to help business owners maximise deductions and lodge accurately. In this article, we break down the key elements
As tax time rolls around in Australia, the Australian Taxation Office (ATO) has released its 2025 compliance focus areas, targeting common mistakes made by small business owners. If you’re running a business in Penrith or the wider Western Sydney area, understanding these priorities can help you avoid penalties and stay on top of your obligations.
From 1 July 2025, the Superannuation Guarantee (SG) rate will officially increase from 11.5% to 12%. This change marks the final step in a long-term plan to boost retirement savings for Australian workers—but for small business owners, it also means preparing for increased wage costs and updated payroll systems. In this article, we’ll explain what
The instant asset write-off has returned as a key tax-saving tool for Australian small businesses. With the Federal Government extending the $20,000 threshold until 30 June 2025, this initiative allows eligible businesses to instantly deduct the full cost of assets rather than depreciating them over time. Whether you run a café in Penrith or manage