Understanding the Basics: Business Asset Depreciation
Understanding the Basics: Business Asset Depreciation 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: The ins and outs of business asset depreciation Usually, only long-term or fixed assets can be depreciated, while […]
Understanding the Basics: Business Taxes
Understanding the Basics: Business Taxes Different business structures pay taxes in different ways. There are many taxes that may affect a business. The main ones are; goods and services tax, income tax, pay as you go withholding tax for employees, payroll tax and excise tax. Other taxes that a business could encounter are; fringe benefits, […]
Understanding the Basics: Tax on Superannuation
Understanding the Basics: Tax on Superannuation Do you know how much tax you pay on superannuation contributions and withdrawals? The amount of tax depends on several factors. It is possible to minimise the amount you pay by understanding how the tax on super works. Tax on super is generally a lower rate than the tax […]
Understanding the Basics: Personal Income Tax
Understanding the Basics: Personal Income Tax Australian residents pay personal income tax on all forms of income after a tax-free threshold of $18,200. The tax office calculate tax at four different rates according to how much income you earn each year, and the tax rate increases the more you make. The highest tax bracket applies […]
Understanding the Basics: Capital Gains Tax
Understanding the Basics: Capital Gains Tax 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 […]
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 […]
6 Reasons to Look at Your Financial Reports
6 Reasons Why Every Business Owner Should Review Financial Reports Monthly Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, here are 6 reasons we recommend that you should start to. But before we get our […]
Adapting to Economic Challenges: A Guide for Small Businesses
Adapting to Economic Challenges: A Guide for Small Businesses In light of recent economic developments, we at DJ Grigg Financial want to provide you with the necessary insights and support to navigate these challenging times. Many small businesses are currently facing significant risks due to economic challenges, and it’s crucial to address these issues proactively. […]