When people hear the words “ATO Audit,” they usually either try to ignore it or take immediate steps to respond to the situation. What many do not know is that being aware of the details you include in your tax return is essential to avoiding an ATO Audit. Doing your

Financial audits can provide your business with a variety of benefits. Not only do they help to ensure that your financial records are accurate and up-to-date, but they also allow you to identify areas where you may be able to improve your processes and save money. Here are five reasons

It pays to put in a little time and effort to make sure you have every detail of your return correct and that you have avoided some of the more common traps that people tend to fall into.  This is important, knowing that 84 per cent of taxpayers expect a

Given that 84% of Australian taxpayers anticipate receiving a refund and the average size of returns exceeded $3,000 the previous year, it is in your best interest to double-check that your tax return is correct in every way. Read on to discover more about tax returns and how to (finally)

An SMSF is a retirement savings account that allows Australians to invest in a broader range of assets than a traditional superannuation fund. The benefits of an SMSF include controlling your retirement savings and investing in a mix of assets that align with your financial goals. 1. Properties If you’re

The profit and loss statement (P&L) is a financial statement that shows your company’s income and expenses over a given period of time. It’s also known as the income statement or the income & expense report. The P&L compares how much money you brought in with how much money you

Cloud-based accounting is a term used to describe storing and accessing financial data and records in the cloud. This type of accounting offers many advantages over traditional on-premises accounting, including increased flexibility, scalability, and collaboration. What Is the Cloud? The cloud is a remote server network used to store, manage,

It can be a very daunting experience to be audited by the ATO. The process can be quite confusing and frustrating, especially if you don’t know what to expect. But there’s really nothing to worry about if you’re prepared and you know what will come up during the audit process.

Accounting business services are often shrouded in mystery, with many people believing some myths about them. In reality, however, accounting business services are vital to any business and can provide some benefits. You may have heard a lot of myths about accounting firms on the Sunshine Coast. Here are some

Running a small business is hard enough without worrying about the possibility of being audited by the tax authorities. However, it is important to understand the process of a small business tax audit in Australia, as well as the triggers that can lead to an audit, in order to be

Being a business owner means staying organised and on top of your taxes. This can be incredibly challenging during the off-season when business is slower. If you are behind on your late or previous year’s tax returns, don’t worry – there are ways to handle it. Check out these few

This year, the tax office says it would focus on resolving a variety of common issues with small-business tax filings, such as ensuring small firms distinguish between private and commercial activity. Taxation is a headache for all small businesses and self-employed individuals. You want to be out there working and

When you are self-employed in Australia, you need to take special care to manage your taxes correctly. There are many opportunities to minimize your tax burden and take advantage of deductions, but you need to plan carefully and know what you are doing. Without professional help, it is easy to

Do you need to file an Australian tax return? This is a question that many people ask, and the answer is not always straightforward. In this article, we will provide some general information about tax returns in Australia, and we will also provide some advice on how to determine whether

Over the past couple of years, the federal and state governments have provided a lot of support to help businesses navigate through the troublesome time caused by COVID-19. However, there are many other tax incentives that you may not be aware of that are available, and knowing what they are

Tax deductions may seem complicated at first, but they’re actually pretty straightforward if you know what you’re doing. To make things easier for you, we thought it would be useful to put together a brief article about how tax deductions work. If this is something that you’re interested in learning