Research and Development Tax Incentive (R&DTI)
Serenah’s Blog
by aguawebs
1y ago
What is the R&D Tax Incentive? The Research and Development Tax Incentive, or R&DTI, is a way for the Australian Government to encourage companies to do R&D by providing a tax offset to conduct R&D that they might not otherwise conduct due to risk or uncertain returns. Two Australian agencies are involved with R&D in Australia, the Australian Tax Office (ATO) and AusIndustry. Who can apply for an R&D Tax incentive? Only Australian companies and foreign entities who are Australian Tax Resident, and of a country which Australia has a double tax agreement (DTA) with and ca ..read more
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Interim CEO
Serenah’s Blog
by aguawebs
1y ago
What does the Role of the Interim CEO do? Interim CEOs fill a leadership gap in times of transition, this may be due to retirement, or the previous CEO did not work out for the organisation. An experienced Interim CEO who comes into your company has already completed many successful engagements affording them the exceptional focus needed to cross industries, tackle multiple challenges, and positively impact your business quickly. The Interim CEO’s priority is to keep the organisation as normal as possible during the transition period while not fulfilling the visionary and facilitator roles of ..read more
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ABN and ACN: What are the Differences?
Serenah’s Blog
by aguawebs
1y ago
What is an ABN An ABN ie Australian Business Number is issued by Australian Business Register (ABR). The Australian Business Register (ABR) stores business and organisation details. Their purpose is to verify business information to the community and government. The ABN is a unique 11 digit number that identifies your business to the government and other businesses. Do I need an ABN? If you are a business (whether that’s a sole trader, partnership, company or trust) you must have an ABN to invoice clients. In cases where a business is required to quote their Australian Business Number, but h ..read more
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Director Identification number and why you need one
Serenah’s Blog
by stefanie
1y ago
The Director Identification Number (DIN) will require all directors to confirm their identity. It will be a unique identifier for everyone who consents to be appointed a director under the corporations’ Act 2001 (Cth) All directors will be required to establish their identity with the new Commonwealth Registrar before receiving their unique director number. They will retain their DIN throughout their lifetime, even if they cease to be a company director. Directors will also need to prove their identity using key identifying documents, such as a driver’s licence, passport, birth certificate or ..read more
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Everything You Need to Know About CFO Services for Small Business
Serenah’s Blog
by aguawebs
1y ago
When you’re just starting as a small business, you don’t always have the funds for a team of in-house employees. That doesn’t mean you couldn’t use some help, though. For example, who is handling your finances? Instead of hiring a full-time chief financial officer, consider looking into CFO services for small business. As the remote working world expands, there’s no better time to outsource expert financial assistance. A virtual CFO will get your finances under control without the expense of a full-time employee. What Are Your CFO services for small business? A virtual CFO isn’t a full-time e ..read more
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Setting up a business in Australia checklist
Serenah’s Blog
by stefanie
1y ago
Deciding to expand your company overseas and into the Australian market is a big decision. When considering setting up your business in Australia, there will be various information required. Business Structure The usual business structure for multinationals is a foreign branch of a foreign company, or as a wholly owned subsidiary of a foreign company? More details on a business structure are here. Resident Director or Local agent You are required to have at least one resident director for a Pty Ltd company, or a local agent for your foreign branch. More on director requirements are here. Regi ..read more
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Virtual CFO why do you need one?
Serenah’s Blog
by stefanie
1y ago
In recent years, there’s been an increasing trend for startups and small businesses that could not otherwise afford an in-house chief financial officer (CFO). During Covid -19 period, there has been a demand from small businesses and startups to seek virtual CFO services, including outsourced financial management and government stimulus assistance. So what is a virtual CFO? A virtual CFO is an operational and financial professional who performs the services of a traditional chief financial officer. Instead of working for your business as a full-time employee, the virtual CFO works remotely, o ..read more
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Opening a business bank account in Australia
Serenah’s Blog
by stefanie
1y ago
If you are setting up an Australian company you will want to set up a business bank account. If you are operating a company, then you must have a separate bank account for tax purposes. Who is entitled to a business bank account? To open a business bank account in Australia, you must first register your business with the Australian statutory body ie ASIC and The Australian Tax Office and obtain an ABN/ACN registration number. If you have a locally-based representative of your business i.e. local resident director, then your application for an Australian business bank account, can be accepted ..read more
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The TGA and Australian complementary medicines in Australia
Serenah’s Blog
by stefanie
1y ago
What is a complementary medicine? Complementary medicines are non-prescription medicines regulated in Australia as medicines under the Therapeutic Goods Act 1989. Complementary medicines include vitamins, minerals, and nutritional supplements, homeopathic, aromatherapy products, and herbal medicines. Australia’s complementary medicine sector is well-established and well-regulated, with numerous brands that have consumer recognition and trust. Australian complementary medicines are a benchmark for quality among international consumers, thanks to Australia’s reputation for premium products and i ..read more
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Non resident companies employing in Australia
Serenah’s Blog
by stefanie
1y ago
How to employ in Australia if you do not have an entity set up? If you are a non resident company and are not carrying on business in Australia, you will need to register a Withholding Payment Number (WPN). The Withholding Payer Number (WPN) is allocated to non resident companies who have withholding obligations under Pay As You Go (PAYG) withholding but who do not have an Australian Business Number (ABN). What can you do with the WPN WPN holders can pay their employees PAYG tax and make super guarantee (SG) contributions for their eligible employees. WPN holders include non resident companies ..read more
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