Employee or contractor? What's the difference?

With the rise of the share economy, correctly working out whether you are hiring an employee or simply engaging an independent contractor has never been more important. Getting it wrong can be costly, as a recent court ruling shows.

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5 signs of a well run business

Every small business owner wants their business to thrive, but it can be tough to keep the money coming in the door while staying on top of all the necessary paperwork.

One way to ensure success is to understand the behaviours that separate a well-managed business from one that's just muddling through.

Surprising as it may sound, the ATO is keen to help small business owners prosper and to share its insights on running a successful business.

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Managing your side hustle

Whether it's to pursue a passion or to make a little extra money, more Australians than ever now have a side hustle. But while freelancing, moonlighting and pursuing passion projects can be a great way to add value to your life, they can sometimes complicate how you go about managing both your time and finances.

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Positives & Negatives of Gearing

Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead.

According to Treasury, more than 1.9 million people earned rental income in 2012-13 and of those about 1.3 million reported a new rental loss.i

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Tax Alert: September 2019

The landscape of Australia's personal income tax system has changed significantly following the passage of the Morrison Government's tax legislation through the Parliament.

Here's a roundup of some of the other recent developments in the world of tax.

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Investing in time pays dividends

Time is our most valuable and finite resource. But often in this age of buzzing devices and communication overload we can feel like we just don't have enough of it. Like a hamster running around a wheel, we end up feeling simultaneously burnt out while going no-where.

But it doesn't have to be this way. Time, like money, performs best when we invest it wisely. So it makes sense that understanding the principals of time investment could leave you with more hours in the day to pursue the things you love.

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Carving up your GST

Apportioning your GST obligations

For many small businesses, reporting the GST you collect after issuing tax invoices to customers can be a headache. But there is a way to save time and make the bookkeeping process a bit easier - if you meet the ATO's eligibility criteria.

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The STP reporting clock is ticking: Are you ready?

If you're a small employer with 19 or fewer staff, the countdown to your first single touch payroll (STP) report has already begun.

The STP regime is a key part of the ATO's plan to digitise and streamline tax and super reporting, and it intends to make the reports a normal part of doing business in Australia.

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Getting on top of tax debt

Although most Aussies pay their tax bill on time, some can't - or just won't pay what they owe.

In the 2017-18 financial year, the ATO collected over $500 billion in liabilities from Australian taxpayers, with 89.5 per cent of us paying on time and 95.9 per cent paying within 90 days of the due date on their tax return.

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Symes Accountants hosted local high school student, Alison for a week of work experience in July 2019. Below is her personal overview of her experience with our team.

From the 15th to 19th of July, I completed work experience at Symes Accountants for my Cert III in Business, to help get a better understanding of what it is like owning a business and how it operates behind the scenes. I believe this experience was valuable and an eye-opener for me, as I was able learn from this experience.

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