An Overview of Tax Deductions on Workplace Uniforms
Several jobs require wearing a uniform for different purposes. It can be a standard operating procedure to distinguish different personnel in the workplace. A uniform is an aesthetic and functional choice common in hospitality, dining, and event sectors. They can serve as a more practical option for performing different tasks
5 Reasons to Hire A Small Business Accounting Firm Today
Keeping accurate and up-to-date financial records is vital in business. If your books are untidy, it affects all aspects of your company. You won’t be able to pay employees or contractors on time, make ill-informed executive decisions, and hinder your growth. If you are busy, though, you might not have
3 Outcomes When You Slack with Your Bookkeeping Tasks
As someone who has been running a small business, you may feel that bookkeeping is a time-consuming and tiring task that you would rather avoid at all costs. Although there are other tasks to worry about or consider whenever you work on your business and ensure that it’s running smoothly,
It’s Tax Time: 7 Deductions You Can Claim
Tax returns are an important aspect of your professional and financial responsibilities. Understanding how to do them just right may just enable you to take advantage of work-related and income-generating expenses for claiming at tax time. Identifying expenses that are acceptable tax deductions will help you reduce your taxable income.
5 Starting Tips Startups Can Utilise to Improve Overall Growth
Startup companies and small and medium enterprises (SMEs) might feel the excitement when launching their business for the first time. Finally putting a business out to be exposed to the world is incredible and gives proprietors a sense of fulfilment. However, many entrepreneurs who invest in their startups often never
5 Benefits of Running a Financial Audit Process for Your Business
Small business accounting can often be challenging because most of these companies aren’t well-staffed enough to handle their own financial duties. It often becomes the proprietor’s duty to file all monetary transactions and run taxes and salaries monthly. It isn’t uncommon for things to be left out and confusing, which
How to Secure Your Future With a Self-Managed Super Fund
If you’re one of the people who have a knack for envisioning long-term plans, including securing your future, then you can expect to benefit from a self-managed super fund (SMSF) leading up to your retirement. It’s a trust fund headed by the Australian financial system targeting employees unsure about what
5 Ways to Cut Costs in Your Business Operations – Our Guide
Managing your cash flow is a crucial part of running your business, but it’s an aspect that tends to overwhelm entrepreneurs. As a business owner, you’re laser-focused on bringing in more profit and scaling your company, but doing so during uncertain economic conditions means that you need to account for
3 Benefits an SMSF Can Provide for Your Small Business
One way that small business owners can strengthen and supplement their income is through self-managed super funds (SMSF). Though it might seem challenging, these obstacles are worth traversing, as SMSFs offer many benefits. Having an SMSF allows you to invest in commercial properties within your private super funds. This gives
What You Need to Know About Hiring an SMSF Auditor
A self-managed super fund (SMSF) trustee is obliged to designate an SMSF auditor approved by the Australian Taxation Office (ATO) on or before forty days before filing their SMSF annual return. In a nutshell, an SMSF auditor is a financial expert who works to evaluate if your company’s finances comply
3 Smart Tips for Reducing Your Tax Liability
Truth be told, paying taxes is not fun. It entails the stressful preparations you need to do to take into account all of your income. On top of that, it involves seeing a significant percentage of your earnings slip out of your hand. Nevertheless, paying taxes diligently and promptly
Tax Time is NOW!
TAX TIME IS NOW! June 30 is fast approaching , so you should start thinking about any work-related and/or income-generating expenses you paid since last July 1, but also if you are planning on some expenditure n the near future to bring it forward before June 30 To recognise
TAX SAVING STRATEGIES
TAX SAVING STRATEGIES Even with the final day of the financial year to go, traditionally, year-end tax planning for small businesses is based around two simple concepts (i.e., Accelerating business deductions and deferring income). Consideration will obviously also need to be given to the impact of the COVID-19
Jobkeeper Payment Alternate test – Update 4
JobKeeper Alternative Turnover Tests The ATO has now determined alternative tests for various businesses in relation to the fall in turnover where there is not an appropriate relevant comparison period. If your business satisfies the basic test, you do not need to go to any of the alternative tests as
JobKeeper Guidance – Update 3
JobKeeper Guidance and Payment Further information has now been released by Treasury to clarify the comparison period is for either; any monthly period from March 2020 to the end of September 2020 OR any quarterly period from April to June or July to September, compared to the same monthly or
Claiming your Home Office Expenses
You may now be working from home more than ever and you will be incurring costs of working from home, outlined below are various details as to what you can claim and how to claim those deductible expenses at tax time In order to be able to claim, all of
JobKeeper Payments Update 2
JobKeeper In the third and largest economic stimulus package up to 6 million workers are set to be eligible for the $130 billion wage subsidy, known as the JobKeeper payment. The flat $1,500 payment, which will be delivered by the ATO, will be paid to businesses, and will include businesses
Commercial Tenancy Relief
On 7th April 2020, the Government announced SME Commercial Leasing Principles During CoVid 19 that is to be implemented between landlords and tenants through the COVID-19 crisis. Throughout the pandemic and a reasonable recovery period the document appears to be very supportive of the Tenants (which is usually the business)
Important Job Seeker payment Information
As we are receiving information we are pushing the information to our clients in order that they are up-to-date. The below we feel is very relevant to anyone who over the past few days has found they have been stood down, business owners who may have just or are anticipating
Five (5) Steps to get you “over the bridge” and survive the Recession
Just understand this is going to be tough, and when it gets tough you either dive, survive or thrive. It is our mission to ensure you thrive once the crisis is past and hopefully grow bigger and stronger on the other side. You need to be proactive now! Hard decisions
Additional Government Stimulus
Wow! This week has been extraordinary since the initial announcement by the Government of the initial stimulus on March 12, added is the extra social distancing measures as well as the associated health actions and the suspension of the AFL competition, having a substantial impact on business in Australia. SMB
Government Package for Business
Below we have provided a briefing of the stimulus package which the government announced last week in response to the difficult times which are affecting all of us As a business owner or employee of a business, you may/will confront the possibility of yourself or members of your team
Tradespersons’ Tax Deductions
Everyone has the right to claim tax deductions in Australia. A tradesperson can definitely claim deductions so you can maximise your tax refund. If you’ve just heard about this good news, lucky you! We know it’s tiring to comply with all those tax requirements but saving money should be your
Maximising your Tax Deductions | Minimising your Tax Payable
Maximising tax deductions is every business’s/taxpayers’ goal. This is one way you can save from paying higher taxes than you need. But, let’s face it, this is one of the toughest things to do when you are running your own enterprise especially If you don’t know how the Australian Taxation
