How Your Financial Statements Can Supercharge Business Decisions Running a business without understanding your financial statements is a bit like driving at night without headlights – you might stay on the road, but you’re taking unnecessary risks (and probably missing some important turns). Financial statements aren’t just documents your accountant gently nudges you to review, or paperwork to sign on the dotted line without really understanding what you’re agreeing to. Thi

Big news is on the horizon: from 1 July 2026 , Australia is switching to payday super – a change that means your employees will receive their super contributions every payday instead of once a quarter. So, why the change? This update aims to improve employees’ retirement outcomes by ensuring super is received sooner and more consistently, while also reducing the buildup of unpaid or late super. While 1 July may feel like a long way away, businesses that start preparing now w

GST doesn’t need to be complicated. Once you understand how it works, it becomes just another part of running a business in Australia. What is GST? Goods and Services Tax (GST) is a 10% tax added to most goods, services, and other items sold or consumed in Australia. Introduced to simplify the tax system, GST replaced several indirect taxes and is administered by the Australian Taxation Office (ATO). Not everything attracts GST. Some items are GST-free, including: fresh food

Have you ever wondered how Australia’s tax system works – or, if you have two jobs, why you still owe tax at the end of the financial year (EOFY), even though both your jobs have been withholding it all along? Australia’s tax system can seem complicated, but at its core it follows a simple and fair principle: the more you earn, the higher the rate applied to the upper portion of your income. Let’s break down how this works and what it means, especially if you have more than o

Managing finances is the backbone of any successful business, but for small business owners, it can feel like navigating a maze. While it might seem easier to mix personal and business funds, doing so can create chaos and unnecessary headaches down the road. Keeping your business and personal finances separate isn’t just a smart move—it’s essential for your business’s growth, clarity, and long-term success. Here's why maintaining distinct bank accounts is one of the best fina

A backflip bringing relief to millions of Australians saving for retirement. In a major policy reversal announced today, the government...

Accounting fees are a necessary part of running a business or managing personal finances, but there are several ways to reduce these...

Accounting is a critical part of any business, but it’s often misunderstood. In Australia, many people hold misconceptions about the role...

Who doesn’t love giving, right? Whether it's to your favourite charity or a cause that speaks to your heart, donations are the way to go....

Investing in your education can be a smart move for your career and your tax return. But before you start stashing away receipts for...

Running a business requires wearing many hats, but when it comes to finances, having an accountant and bookkeeper is crucial for your...

Automating Super Payments with Xero and MYOB For small business owners in Australia, managing super contributions for employees can be one of the more complex and time-consuming tasks. However, thanks to advancements in accounting software such as Xero and MYOB, paying super can be streamlined and automated, ensuring compliance and reducing the risk of errors. The upcoming Payday Super proposal, which requires employers to pay superannuation at the same time as wages (rather

Many people believe that having private patient hospital cover means they don’t have to pay the Medicare Levy Surcharge. While that’s...

In the world of numbers, accounting and bookkeeping are like those two sisters who always get mistaken for each other at family reunions....

As a business owner, does it ever feel like you’re constantly paying taxes? Whether it’s for Goods and Services Tax (GST), Income Tax, or...

In many cases, your gifts and donations could be tax deductible. While the purpose of giving isn’t to receive something in return, being...

DISCLAIMER: As of 1 July 2026, the government have introduced Payday Super Reforms. As such, some of the information in this article is out of date. To find out more about what Payday Super is, and how you can prepare, see our article here: https://www.richwood.com.au/the-countdown-to-payday-super-how-to-get-your-business-ready-before-it-hits While the rules regarding superannuation payments have not changed, in recent months and weeks the ATO has significantly intensified i

The 2024 Federal Budget was announced on Tuesday 9 May. Here are our highlights: Increase to Medicare Levy low-income thresholds The...

What can I claim? Over the past few years, working from home has become a reality for many people. While there are many benefits to...

As an employer, you may like to reward and thank your employees for their hard work with a social function, gifts, a Christmas bonus, or...