DJ Grigg - Blog Post Profit and Cash Flow

Cash Flow and Profit: Which is King?

The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales at a big enough margin to generate profit from your enterprise. But how does profit differ from cash flow? And why is cash king? How do profit and […]

DJ Grigg - Blog Post Unique Selling Point

Unique Selling Point: What’s Yours?

Making your business stand out in a crowded market can be a challenge. However, differentiating your business will be key to attracting the right customers. Give them a reason to choose you over a competitor. That’s why it’s important to identify your unique selling point (USP). Your USP give you a differentiator to communicate in […]

DJ Grigg - Blog Post PAYG

PAYGI and PAYGW: What’s the Difference?

Many people new to running a business and employing people are unsure about the difference between PAYGI and PAYGW. They are not the same thing! PAYG stands for ‘pay as you go’. This is the means the ATO uses to obtain tax payments from both employees and business owners. Paying tax ‘as you go’ throughout […]

DJ Grigg - Blog Post Personal Services Income

What is Personal Services Income?

Personal services income (PSI) is income received as payment for individual personal efforts and skills. It applies to many contractors who provide services to earn an income. PSI rules can apply to individual sole traders and other types of business entities, but not employees. If PSI rules apply, the entity is called a personal services […]

DJ Grigg - Blog Post Contractor or Employee

Contractor or Employee – What You Need to Know

What is the difference between a contractor and an employee, and whose responsibility is it to get right? An employee works in the business and is integral to that business, has rights and entitlements under the Fair Work Act 2009, has a reasonable expectation of ongoing work, agreed hours, and duties, is covered by the […]

Financial vs Management Accounting

Financial Accounting vs Management Accounting

What’s the difference between Financial Accounting and Management Accounting? You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can add to your company? As […]

DJ Grigg - Blog Post Depreciation

Business Asset Depreciation 101

Business asset depreciation is what happens when business assets lose value over time. It’s an often-forgotten cost of doing business – but it shouldn’t be. Here’s why depreciation is so important: Costs you money – Depreciation accounting involves calculating how much value your assets lose each year. It can be listed as a loss and subtracted […]

Director Identification Number – Action Required

The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are a company director, you will need a director identification number by November 2022. You can apply for a director ID from November 2021. What is a Director Identification Number? A director […]

Capital Gains Tax 101 – Understanding the Basics

A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset. Capital gains tax events occur when an asset is sold, or other triggers arise, […]

Engaging a BAS Agent – What are the Benefits?

Working with a BAS agent can benefit your business more than you may realise! Many new business owners try to save on costs by doing their own bookkeeping. However, this is one of the first tasks you can outsource to give yourself time and save money. Why spend that valuable time on administration and accounts […]