A Comprehehensive Bookkeeping Guide for Small Businesses
A business audit evaluates a company’s financial statements and records. Audits are typically performed by an outside party, such as an accountant or financial institution. Businesses are usually required to have an audit performed on an annual basis. An audit is basically a comprehensive review of your business’s financial records.
Tax Refunds and Returns in Australia: Why Is It Too Low?
It’s that time of year again. You’ve filed your taxes and are eagerly awaiting your tax refund. But when the refund arrives, it’s much lower than you expected. Why is your tax refund so low? If you pay tax on the portion of your taxable income that is subject to
DIN—What It Is, Why You Need It, and How to Obtain It
As part of the 2020 Budget Digital Business Plan, the Australian government wants to implement the Modernising Business Registers program. In this program, the ABRS (Australian Business Registry Services) was to be established to help businesses register and manage the information they share with the government. This is to be
What You Need to Know Regarding SMSF Audits: A Guide
During tax season, self-managed superannuation funds (SMSFs) are subject to several financial and compliance checks. SMSFs may qualify for tax breaks on investment income if specific requirements are met. One of these regulations mandates that an authorised SMSF auditor conduct an annual audit of SMSFs. This article will give a
Top 7 Common Myths on Hiring Accounting Services, Debunked
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
5 Ways to Avoid Triggering Small Business Tax Audit
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
Audit Requirements of Not-For-Profits: What You Need to Know
Not-for-profit businesses are businesses that are set up for a social or environmental cause rather than to make a profit. They are usually registered as charities, and there are over 56,000 registered charities in Australia. Not-for-profit businesses are important because they help to empower social and economic growth. However, they
Handling Late or Previous Year Tax Returns
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
7 Common Tax Mistakes Small Businesses Must Avoid This 2022
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
Self-Employment Tax Beginner’s Guide: What You Need to Know
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
Why Real Estate Agents Should Have a Secure Trust Account
As part of their job, real estate brokers and salespeople regularly receive money from other people that is meant to be used for a specific purpose. Because they are in a position of trust, they are legally required to handle this money carefully and make sure that it is used
How Do I Know if I Need to Lodge a Tax Return?
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
7 Australian Tax Incentives You Should Know About and Use
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
Your Beginner’s Guide to Australian Tax Deductions
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
Why a Secure Trust Account Is Crucial for Real Estate Agents
Real estate agencies hold many millions of dollars in their trust accounts. These funds are held ‘in trust’ for clients and customers of the agency. It is one of the fiduciary duties of an agent to keep their clients’ funds safe. A fiduciary duty is the highest standard of care
6 Helpful Advantages of Internal Audits for Small Businesses
Small businesses benefit greatly from internal audits, and there are many more advantages than you might realize. In actuality, internal audits are relied upon by the majority of small businesses today. Hiring a specialist to conduct the internal audit is typically helpful for small organizations that have their hands full
Essential Tips to Avoid a Huge Tax Bill as a Sole Trader
If you find yourself with a bigger tax bill than anticipated, don’t panic. With a little bit of planning, you can avoid this common issue for sole traders. All you need are a few software tools and a basic understanding of your tax schedule. Use our practical tips to better
How to Know If Your Sporting Club Can be Tax Exempt
Sport is a significant part of Australian culture and social life. It provides entertainment and recreation and contributes to health and well-being. Many sporting clubs, for example, are registered for tax exemption on the basis that they provide or contribute to the provision of facilities and materials, services and education
2022/2023 Federal Budget
March 29 2022 treasurer Josh Frydenberg has handed down the budget. Having a strategy of stimulus pursued alongside major infrastructure, health and defense spending. Borders are open and Australia is getting back to business Added to this spending, is the assistance through tax breaks and cash payments to assist with
The Benefits of Regular Auditing for Small Businesses
For small businesses, auditing can be extra and unnecessary work. It can be costly, and small businesses would rather not do so, especially if not required. However, auditing can be beneficial for a lot of small businesses. If you consider getting your business audited, check the list below to learn
What You Can Deduct or Write Off in Your Small Business Tax
A tax deduction reduces taxable income, allowing qualifying businesses and individuals to lower their tax obligations. There are two basic types of tax deduction in Australia: deductions for eligible expenses and tax deductions for specific types of income. If you are preparing your business for tax season, keep in mind
Getting An Audit
Given how messy finances can be it pays to have a quality audit every once in a while. It’s understandable of course to face difficulties with organizing your financial records— what’s important is how you deal with them. Thus, it is vital that any audit you undergo is kept to
5 Simple Tips to Help You Minimise Your Tax Returns
Our financial year ends on 30 June, and for some people, it’s straightforward. But for others it can be a little more complicated, especially if you are doing your numbers for the first time. The average number of Australians during the 2010 – 2011 financial year, who lodged their tax
5 Common Mistakes in SMSF Annual Return You Need to Avoid
Everyone makes errors from time to time. When preparing and lodging your self-managed super fund (SMSF) annual return (SAR), you want to get it right. The top five errors are listed below, along with some advice on how to avoid them and where to find the best accounting firms on
