Now that we are past the Christmas and New Year period, we are heading straight towards every business’ favourite time of the year -the end of the financial year! This is often a stressful time for small businesses, particularly sole traders, who aren’t always aware of exactly what they need to do to prepare for tax time. There’s one sure way to avoid that last-minute rush: making sure you’re prepared for tax time.

According to Women in Super, women will retire with an average of 47% less super than men, despite living an average of five years longer than men. So what can you do about it? We look at five ways to help you get super ahead (pun intended).

The end of the tax year will soon be upon us, with 30th June just around the corner. For many business owners, it’s a stressful time, as you frantically rifle through your files trying to find that missing invoice or receipt! There’s one sure way to avoid that last-minute rush: making sure you’re prepared for tax time. In this blog post, we’re sharing with you our top tips to ensure you’re as prepared as you can be before it’s time to lodge your tax.

Nobody wants to attract unwanted scrutiny from the ATO! Tax audits can be a very stressful and costly time. The best way to avoid an audit is to know how to stay out of trouble in the first place. So, as tax time 2021 kicks off next week, we’re outlining below the most common ATO red flags to avoid when submitting your tax.

Tax planning is about dedicating time and expertise to planning the best tax strategy for you. There’s no one-size-fits-all approach to tax planning. The goal is to reduce your taxable income so you pay less tax. And by doing so, you’ll maximise the money you keep hold of to spend on whatever you choose.

Not paying your own superannuation is cheating yourself out of future earnings and lowering your own value in your business. Plus it can have a serious impact on your retirement down the track; you may have to work beyond the standard retiring age, or you might find it difficult to make ends meet once you do retire. You can avoid this scenario by planning ahead. And the sooner you start planning, the more time you’ll have to grow your retirement fund. Here are a few tips on paying superannuation as a sole trader.