For small business owners, wages and having an understanding of how to pay themselves are critical to maintaining both personal financial stability and the long-term health of the business. Determining an appropriate wage involves balancing profitability, cash flow, and tax efficiency while ensuring the owner is fairly compensated for their time and effort. Many small business owners struggle with whether to take a salary, drawings, or dividends, each of which has different implications for tax and business sustainability. A well-structured owner’s wage strategy can also improve superannuation contributions and support future wealth planning. As a new business owner, you’re [...] READ MORE