One of the most important decisions you’ll have to make when first starting out your business is choosing the right business structure. Why? Because it significantly affects your business legal and operational risk, asset protection, tax obligations and legal costs. Whilst it is possible to change structures down the line when your business is more established, this can be a complex and costly process. Therefore, it’s best to choose the right structure from the ‘get go’ that reflects your business’ future goals.

Running a personal training business can be hard work! Apart from the usual small business compliance requirements such as GST, income tax, and PAYG, you also have to contend with early starts, late finishes, maintenance of gym equipment, client intake and management, marketing, payment, and occupational health and safety issues... it’s a lot to take on! If you’re a personal trainer or someone who is looking to get into this field, we recommend you take on board these accounting tips, so you can run the financial side of your business in the best way possible!

Good news starting off 2021: the JobMaker Hiring Credit legislation has now been passed into law! This credit is part of the 2020-21 Budget, which is in place until 6th October 2022. We’re breaking down what this means for you below:

WELCOME TO 2021! A new year is here and with that new opportunities for growth… Have you started planning what you want the next year and beyond to look like? Setting business goals can seem daunting, especially given the year we’ve just had! But taking the time to define your goals can actually help you achieve them faster. Here’s how you can transform your dreams into reality with effective business goal-setting (and a little hard work & dedication!).

We are nearing the end of 2020, a year that can only be described as difficult. The pandemic aside, it seems every person you talk to has faced at least one major struggle or personal hardship. From a business standpoint, it’s safe to say every business owner has experienced a major shift in their company and the way that it operates. But as with any difficult time, there are always lessons to be learnt. Here are 3 lessons to take from 2020:

As a small business owner on a limited budget, you may think that the cost of an accountant is not the best use of your money. If you have a background in accounting and a solid understanding of finances, it may be a good place to cut costs. However, if you are lacking experience in accounting and bookkeeping and hope to just learn as you go, you may be hurting your business in the long run and making a costly mistake.