Are you thinking of starting a small business? Maybe you have a hobby that’s becoming a business? This course will help you understand the difference between a hobby and a business, the most common business structures and the registrations you may need to run a small business.

There are several common factors shared by successful small businesses. Set your business up for success using digital options that are appropriate to your business needs, gain an awareness of action in your business that trigger tax obligations, keep accurate business records, and know where to seek professional help.

Cash flow management is critical to the success of any business. In this course you will learn critical cash flow management skills to work out your cash flow position, analyse your cash flow, test potential cash flow improvement strategies and to track and monitor your business cash flow.

Did you know that successful businesses keep good records and use technology to run their business? Good record keeping helps you know the state of your business at any time which helps you manage your business successfully. You’re also legally required to keep records of all transactions relating to your tax and super affairs while you’re running a business.

There are several options on how to pay yourself if your business is a company or trust. It’s important to understand the options and their different rules and record requirements so you can be sure you’re paying yourself correctly.

What is the goods and services tax (GST)? Do you need to register? This course outlines who must register for GST, how to calculate GST on sales and purchases, as well as other requirements such as invoicing, record-keeping, and reporting GST to the ATO.

Small business can claim tax deductions for most business expenses. This course covers expenses you can deduct immediately, expenses you can deduct over time and expenses you can never deduct. Motor vehicle deductions are also covered in this course.

Running your small business from your home may cost you more in expenses such as electricity, gas, phone, furniture, and cars. Find out what expenses you can claim for tax deductions and how to calculate the amounts you can claim.

Personal services income (PSI) is income produced mainly from your skills or efforts as an individual. When the PSI rules apply to your income, they affect how you report that PSI and the deductions you can claim. Find out if you are receiving PSI and if the PSI rules apply to you

Keeping accurate business income and expense records and recording these correctly in your tax return saves you time and money. Learn how to set up a system that accurately records income and expenses and allows you to easily transfer these to your tax return at tax time.