business cashflow

Taxation of Independent Contractors

Financial Adviser's picture

Small business and the independent contractors are always a problem when it comes to tax compliance. ATO is ramping up their Personal Services Income (PSI) compliance programme. The ATO has already begun selecting individuals and other entities to be audited based on their 2009/10 and 2010/11 income tax returns.

The starting point is what type of business structure they are using. Is it a sole trader, partnership, company or family trust?

Why Business Cashflow Is Important

Financial Adviser's picture

You may have started your own business for lifestyle reasons, better work-life balance or to be your own boss. But if you are honest a big reason you started working for yourself was probably to make money – to pay the bills and fund your lifestyle. If you are not comfortable with handling the cash flow issues of your business you need to accept this and get help. You will need a bookkeeper and an accountant.

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