One of the most challenging things that every self-employed individual or business owner needs to face is getting taxes in order. Whether they like it or not, handling taxes with the correct paperwork should be done, especially when the end of the financial year is almost coming. Finding the right

There are plenty of reasons why the Australian Taxation Office might want to run a tax audit on your business. It’s completely normal for businesses to go through this even though there are likely no problems on your end. If you’ve been filing correctly and you have the receipts for

Understanding the complexities of taxation is essential for businesses of all sizes. As a business owner, you have a range of obligations and responsibilities tax-wise that you need to fulfil. This can be easily accomplished if you’re working closely with accountants who know the ins and outs of taxation. When

Whether you earn money from work or investments, you usually need to pay tax on your income and fill out income tax returns. You can also get tax deductions from certain expenses. Unfortunately, many people miss legitimate tax deductions they truly deserve. To make sure you get the full tax

Technology has made it possible for processes to be a lot easier these days. There are new ways to keep track of your small business’s progress, including your accounting. Online tools like Xero have made accounting and bookkeeping so much easier. They allow you to access your financial information and

If you have been claiming tax deductions even when you don’t have a receipt, you should be aware of the possible repercussions because of the stricter rules set by the Australian Taxation Office (ATO). However, there may still be instances when it is acceptable to do so. When you want

Every registered business is expected to pay off its taxes. It does not matter how much they make; paying taxes is a responsibility every entrepreneur needs to carry to do business. Fortunately, if you are an SMB owner, you can explore several ways to minimise the tax you need to

Every business owner aims to run their business seamlessly. When it comes to tax matters, nobody wants to be paying more than the right amount. That is why it is vital to have well-organised and efficient financial records. It will help you avoid issues during tax time and alleviate the

Managing your business without the help of an accountant is a business that’s doomed to fail. From compiling reports and tracking expenses to understanding tax rules and handling the audit process, an accountant’s responsibilities are invaluable to the survival and success of any company! But apart from all the tasks

Looking for ways to save on tax? Superannuation is one of the most effective ways to do this, and there are ways you can contribute to your super, depending on your personal circumstances. Generally, you will pay 15% tax on superannuation contributions from your pre-tax salary, which includes employer Super

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

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

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,

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.

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

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

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