Are you selling products online through sites such as eBay and Amazon? If yes, you've probably faced the difficulties of handling your taxes. As a self-employed, tracking your income, expenses, and taxes, may be extremely challenging and time-consuming. As an online sole trader, there are many things you should know about taxes, and we will cover all of those topics in this blog. Let’s start! Understanding Online Sole Traders Someone who sells products or services online using one or more e-commerce platforms is known as an online seller. The term "online seller" can refer to individuals or companies. It can [...]

If you’re a freelancer or work in the gig economy in Australia, we understand that tax preparation seems daunting. Preparing your taxes as self-employed can seem overwhelming, but this is not necessarily the case. This blog will give you important tax tips and strategies that will help make the tax season less stressful. If you're just getting started as a freelancer or gig worker or have been doing it for a while, the following tax preparation tips will help maximize your deductions and minimize your tax burden. Grab a cup of espresso, and we'll get started immediately, shall we? Understanding [...]

Are you considering getting into Australia's food delivery industry as a rider? With the rise of food delivery services, there has never been a better moment to enter the industry. You get to be your boss and choose your driving hours for a food delivery service. But you need to know what your tax responsibilities are. One of the most crucial things you can do to increase your chances of success as a food delivery rider in Australia is to implement the strategies discussed here. Let's dive in right now! How to Become a Food Delivery Rider in Australia There [...]

Taxes. A lot of folks get the chills just hearing that word. The tax preparation process can be stressful for anyone, an individual or a business owner. However, taxes must be paid. Understanding the value and necessity of tax services is also crucial. In this blog, we will explain why tax services are so crucial and how using TaxLeopard can make tax preparation a breeze. Importance of Taxes Before we get into how vital tax preparation services are, let's first discuss why taxes themselves are such a big deal in the first place. Taxes are the primary revenue source for [...]

As a self-employed sole trader in Australia, it's important to stay updated with the latest changes in tax regulations. One of the recent changes announced by the Australian Taxation Office (ATO) that has the potential to impact self-employed sole traders is the requirement for banks to hand over data on investment property owners. This new requirement is part of the ATO's Residential investment property loan 2021-22 to 2025-26 data matching program protocol aimed at cracking down on tax evasion and ensuring compliance. The ATO's new data matching program protocol is aimed at improving compliance with tax laws in the property [...]

Sole traders manage their trading and business activities alone. It means they deal with everything, including sales and inventory. At the same time, they need to focus on accounting activities. It seems to be easy to establish a solo enterprise because there are minimal compliance costs. If you are a sole trader in Australia, the tax authority will consider you an individual. You can use your TFN to file a tax return. However, it may be challenging to work on the accounting process manually. That is why you can use accounting software online to simplify solo trading activities. How does [...]

Managing your business finance is the most challenging task. Using an accounting app is the right option to track the money flowing in and out of your account. Even if you have accountants, the app is important for simplifying their tasks. It lets you enter data within the shortest time. You can do everything from invoicing to tracking payments with a few clicks. However, depending on the vendor you have chosen, there is a variation in features. Why do you need an accounting app? The biggest benefit of running an accounting app for small businesses is efficiency. There is no [...]

Small businesses have a lot on their plate. They have to worry about finding and keeping customers, managing their finances, and dealing with the day-to-day grind. This can make it easy to overlook the importance of invoice management, despite it being a critical part of cash flow management, so it’s something that all small businesses need to take seriously.  You know that time is money, and when it comes to invoicing, every minute counts. In this article, we’ll discuss the importance of invoice management for small businesses and offer some tips on how to improve your own invoicing process. After [...]