The pros and cons of managing your own rental property

Investing in rental properties can be a great way to grow your wealth over the long term. But it’s not a passive investment – you need to maintain your properties and take care of your tenants. You can do that work yourself, or you can employ a property manager who...

How much should you pay yourself?

Being the boss means you get to make all the big decisions about your business – including how much to pay yourself in wages, salary or drawings. As the owner, you might need to underpay yourself in the early stages of building your business, so you can reinvest the...

Provisional Tax vs. Terminal Tax

Understanding tax payments can feel tricky so we’ve broken down the basics of Provisional Tax and Terminal Tax. These two tax types are essential to managing your business finances and understanding them can help you avoid the infamous ‘second year tax...

The importance of regular bank reconciliations

Regular bank reconciliations are an important part of managing your finances. They are the process of matching the transactions in your financial records with those recorded on your bank statement. This is a critical process that helps identify and rectify any...

Review your expenses – and save yourself money

Running a business will always mean incurring certain expenses, or ‘spend’. Whether you’re a large family business or a small fledgling startup, there will be costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash...

Minimum wage increases to $23.15 per hour

The Workplace Relations and Safety Minister has announced that the adult minimum wage will be rising to $23.15 per hour from 1 April 2024. – a 2% increase from the current hourly rate of $22.70. Brooke van Velden had initially proposed a 1.3% increase, while the...