13 Ways a Good Accountant Can Improve Your Business
As a business owner, you must understand the importance of small business accounting. An accountant can help you manage your finances, stay compliant with taxes and regulations, and make more informed decisions about your business. But a good accountant can do more than just crunch numbers. They can provide valuable
9 Things You Can Refund From Your Work Travel Expenses
Regarding work travel expenses, it can be challenging to know precisely what you can and can’t get reimbursed for. Fortunately, a few standard fees can be refunded, depending on the company’s policy. You can get reimbursed for these nine things from your work travel expenses as long as they’re included
5 Important Factors to Consider When Hiring a Tax Accountant
Tax season can be a stressful time for individuals and businesses alike. With the ever-changing tax laws, filing taxes can be a complicated and time-consuming process. That’s why it’s important to find a qualified tax accountant who can help navigate the complexities of the tax code. But, with so many
ATO Audit Triggers to Be Aware Of
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
5 Reasons Why Your Business Needs a Financial Audit
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
Helpful Advice to Apply to Your Tax Return Preparation
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
Your Tax Return – Is it Correct?
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)
What Can You Invest Your Self-Managed Super Fund in?
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
What is a Profit & Loss Statement
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
What Is Cloud-Based Accounting and What Are Its Benefits
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,
What to Expect During an ATO Audit
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.
What to Know about Boosting Your Tax Refund
If you believe that you always receive the full amount of your tax refund, you might be mistaken. After all, there are always more ways to increase the size of your tax refund. The Australian tax system imposes numerous restrictions on the sorts of deductions that are allowable. The procedure
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