by Garry Wolnarek | 29 Jan 2016 | General, Small Business, Tax Planning
BACKGROUND Our client operated a long standing family business supplying and manufacturing fiberglass swimming pools. The business ran into cash flow difficulties due to complications on a large project at low margin. Over an 8 month period trade creditors blew out...
by Garry Wolnarek | 11 Dec 2015 | Accounting / Bookkeeping, Small Business
How to decide if your workers are employees or independent contractor guidance. Having an Australian Business Number (ABN) – Myth: If a worker has an ABN they are a contractor Common industry practice – Myth:”Everybody in my industry takes on workers...
by Garry Wolnarek | 6 Nov 2015 | Small Business, Tax Planning
Salary sacrificing a “company car” is a common packaging option offered to employees. However with more employees looking to pedal power to get to work, an electrically assisted bicycle (e-bike) can provide tax benefits also. How does it work? A car benefit as...
by Garry Wolnarek | 2 Nov 2015 | Small Business, Tax Planning
As far as the Tax Office is concerned, Uber drivers are taxi drivers. They’ve just enforced rules that lump the disruptive ridesharers in with a special class of independent contractors who have to pay GST and withhold tax from all their takings.That’s only the...
by Garry Wolnarek | 17 Oct 2015 | Small Business, Tax Planning
Taxing the “sharing economy” Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you earn income by participating in what’s now called the “shared economy”, you may have some taxes to pay. ...
by Garry Wolnarek | 19 Sep 2015 | Accounting / Bookkeeping, General, Small Business
Business is profitable on paper, however there’s No cash flow? No money? Need to make more money? Virtually every business owner asks how can I get more cash for my small business. There are a few reasons that small businesses struggle with cash flow. Bad Loan...