As a business owner, you’ve worked hard to grow your business and wealth—understandably this is something you want to not only hold on to, but continue to grow in the future. However, there is one essential area that is easy to overlook and becomes many business owners final downfall: asset protection.
The ATO is encouraging small businesses to take advantage of certain measures when lodging their tax returns for the 22-23 year.
You may have received emails or reminders about registering the “.au” version of your business domain. Your current website domain probably ends in “.com.au” or “.net.au”.
Businesses in Australia are currently experiencing higher levels of debt than they were pre-pandemic. According to the ATO, many SME are carrying six-figure debts, and have been surprised to be issued with a director penalty notice—even though they were already making payments.