Hired a “contractor” who is really an employee? There are consequences

Dianne KennedyUncategorized

If your business is looking to put on more staff, first of all: congratulations. But secondly, a warning. The engagement status of workers is an important distinction – whether they are employees or independent contractors – and has consequences that can get many employers into unforeseen hot water. Sometimes contracting is necessary, for example when you require specialist skills that are … Read More

Rental Property Claims That Are Often Misunderstood

Dianne KennedyBlog, Expenses and Claims

  The Tax Office has found that there are some landlords who may not be entirely sure about whether they are correctly claiming their rental property deductions. In particular, it has found that many property investors are making simple mistakes that could be avoided with a little guidance. The Tax Office has identified some of the common errors that have … Read More

How Taxes Work for the Sharing Economy in Australia

Dianne KennedyAccounting and Tax, Blog

Australia Sharing Economy Tax for Uber and Airbnb

Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you participate in what’s now called the “sharing economy”, you may have some tax to pay. The Tax Office says the sharing economy is a new way of “connecting buyers (‘users’) with sellers (‘providers’) for economic activity”. That … Read More

October News

Dianne KennedyUncategorized

  Another month in business. Congratulations on your success. We at Small Business Know How want to keep you informed and knowledgeable on matters affecting your business and you as an individual. This month’s edition is again full of information that will help you understand more about Australian tax legislation. Also in this issue: Taxing the sharing economy Rental property … Read More

Starting a Small Business

Dianne KennedyBlog

I just left a meeting with a guy who wants to start a business. He’s starting out small, selling coconut water at local markets. A great idea – if he sorts out the myriad details that need to be sorted before he launches his idea and invests loads of money. A common belief I find with people new to business, … Read More

FRAUD – Why Small Businesses are Sitting Ducks

Dianne KennedyBlog

Scams are unsolicited invitations to participate in something. It is a ruse to give away information or other data, e.g. bank account details, that can be used by the scammer to steal your money or…

Running Your Business From Home

Dianne KennedyBlog

Recently I was talking with a group of small business owners and the topic of tax deductions for home-based business owners came up. Not surprising really, as I’m a tax accountant J. You might be missing out on tax deductions for