Day: February 8, 2021

apprentices and JobMaker

JobMaker hiring credit: What you need to know

The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on the labour market. …

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planning

Elements of a Business Plan

A business plan establishes the goals and objectives of a business and outlines how they will be achieved. It is vital, especially for small businesses, to review progress and update processes to achieve targets. Business plans should include: Executive summary: Identify what your business mission statement is, outline your company operations, your management style, and …

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businessowner sorting out taxes

Calculating income tax deductions

The calculation of income tax for businesses becomes more complex as business activities and income streams grow. There are two primary considerations that arise when calculating income tax: assessable income and deductions. Assessable income This includes all aspects of income from all your business activities and any other business income: Cash income Cryptocurrencies Commissions, investment …

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