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

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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

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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

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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

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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

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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

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Trust Account

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

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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

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Tax

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

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australian tax

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

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Small Businesses

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

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tax

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

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bowling

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

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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

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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

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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

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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

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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

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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

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What You Need to Know About Filing a Late Tax Return

If you run a business, you may find yourself struggling to keep up with annual tax obligations. Between managing your staff, your investors, and other challenges, it’s easy to forget about the responsibilities that come with owning a business in Australia. In this article, we’ll review what you need to

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4 Ways to Manage Your Receipts for More Tax Refunds

For many of you, tax time makes you sick to your stomach. But it doesn’t have to. You don’t need to lose sleep waiting for the call from your accountant or stressing when you pull out a shoebox full of receipts. Today, we will teach you how to organise your

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Work-Related Travel Expenses You Can Claim

So, you have a work-related trip coming soon, and you wonder how much of your travel expenses can you claim. If you are a small business owner or an independent worker who manages their taxes without an accountant, you might find the answers you need in this article. Here is

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Why Auditing Matters for Small Businesses

Every aspect of a business is necessary because it makes the entire operation efficient. One tiny yet crucial part of running a company that’s often overlooked and taken for granted is auditing. One of the reasons for this oversight is the belief that it’s only necessary for larger companies and

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