6 Common Tax Mistakes Small Business Owners Make (And How to Avoid Them)
As an accountant, I’ve noticed some common mistakes that people make when it comes to small business tax. These are the top 6 you should aim to avoid.
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📖 Chapters
0:00 Mistake #1
1:48 Mistake #2
3:24 Mistake #3
5:19 Mistake #4
6:27 Mistake #5
7:32 Mistake #6
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his late 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling, spending time with his family and watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even Ethan analysing some popular TV show businesses from an accountant’s perspective.
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#smallbusinesstax #taxtips #taxstrategies
Пікірлер: 6
This is also why you need a good bookkeeper. A good tax accountant is dependent on a good bookkeeper .
@EthanRooshock
Жыл бұрын
Yeah you need good record keeping to make good decisions. It is why I do enjoy offering bookkeeping to clients as I know how important that side of business is.
A good question I have for you is when we think Small Business traditionally or by definition per ASIC it is: a small company is one that has an annual turnover of less than $25 million, no more than 50 employees and under $12.5 million in assets. Which is still quite a fair do when we consider all Small Business. Question is: When we compare small business's in range of 0-$100k turn over, 250k, 500k, 1m+, 5m+, $10m and beyond. Do you think there are some more / less relevant mistakes or even tips which apply differently? Great video man.
@EthanRooshock
Жыл бұрын
Really great question! There definitely is a very broad definition of what a small business actually is! The mistakes do change as a business gets bigger. A lot of micro businesses are making the mistakes around a lack of basic understanding of tax (hobby vs. business, what is business vs. personal, etc.). The larger businesses typically will be more on top of their taxes but start to have issues of understanding how business is actually going. Things like increased revenue but no increases in profit can be real issues that larger businesses make!
If starting as a sole trader while still earning as a payg employee can business losses be claimed against payg tax?
@EthanRooshock
Жыл бұрын
Have a look on the ATO website for Non-Commercial Losses.