tools for taxes

3 Key Mistakes the ATO Can Hunt You for during Tax Audits

With the Australian Taxation Office (ATO) becoming stricter year after year, adhering to set standards is absolutely essential for a much smoother accounting and bookkeeping experience. Whether you’re a small business owner or an executive of a large conglomerate, you likely already know that nothing reigns supreme except for the

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bad debt bills

Bad Debt: What It Is and How You Can Prevent It

Have you ever considered dealing with a customer who hasn’t paid for the products or the services you provided them? When you do fail to collect the money they owe you, that’s considered bad debt. This is an amount of money that can already be considered lost and should be

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tax time

4 Tips to Help You Maximise Your Tax Returns Every Year

Tax season is one of the most stressful times of the year. No one will argue that tax returns have always been a difficult thing to manage. This is why hiring a tax consultant is pretty much a requirement if you don’t wanna miss out on receiving potential deductions. With

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calculation for management reporting

Understanding What Exactly Is Management Reporting

As business managers, it’s important to understand where their brand is positioned in terms of finances and operational performance. Having that knowledge of whether the company is in the red or not can often help you make better choices in the future and steer where the business should be focusing.

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writing

How Benchmarking Can Improve Your Small Business’s Budget

Now that we’re halfway through the year, it’s the best time to make changes in how you operate your business, particularly when it comes to finances. This is because reviewing your financial budget regularly can identify areas for improvement and spot opportunities for growth. Budgeting is one of the easiest

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calculator

What You Should Know About Accrual Accounting With Businesses

Accrual accounting, put simply, is about stating revenues and expenses as they happen instead of when cash is paid out or received. As a contract, cash accounting systems don’t report expenses or income until a full-on transaction with a cash exchange happens. For the most part, accrual accounting is what

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2021 – Tax Planning – Client Newsletter

General Year End Tax Planning Strategies Business Income and Expenses Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2021/22 compared to 2020/21. Most businesses are taxed on income when it is invoiced. Some small businesses may only be taxed

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financial statement

Special Purpose Financial Statements: Are They Still Needed?

Many business owners know that the special purpose financial statements (SPFS) are slowly being phased out. This financial report has long been used by “non-reporting entities” who need to present their data to a limited group of users for a specific purpose.  Soon, Australia will move forward with an SPFS-free

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Australian tax form

Knowing Your Accounting: 4 Business Taxes You Need to File

The advantage of owning your own business is that it ensures your progression to financial independence. Instead of relying on an employer to handle your benefits and retirement plans, you have more freedom in directing how your career will go. However, this level of liberty doesn’t come without a cost.

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Tax papers

Tax-Write Offs: An Australian Business’s Basic Guide

For decades, the concept of tax write-offs is something that Australian businesses have had quite a bit of difficulty wrapping their heads around. From small mom-and-pop retailers to multinational corporations, the financial tool in question has maintained a sort of mystified aura because of all the different details involved. Unfortunately,

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cashflow app

Everything You Need To Know About Cash Flow Forecast

If there’s one thing that can make or break your small business, that’s cash flow. When you have a solid cash flow plan, you can help reduce the stress for you and your creditors and have sufficient funds to help your business expand. This is why it’s important to have

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2021/22 Federal Budget

Personal income tax changes Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one more income year, so that it will still be available for the 2022 income year. Under current legislation, the LMITO

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Sunshine Coast Accountant

Finding the Right Accountant for Your Needs? Here’s How

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

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receipts

The Most Common Mistakes Businesses Make During Tax Audits

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

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calculator

3 Costly Tax Mistakes Every Business Should Avoid

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

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calculator

5 Effective Tips for Maximising Your Tax Refund This Year

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

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laptop

How Xero and Other Online Tools Can Benefit Your Accounting

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

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working on receipts

What to Know about Claiming Expenses with No Receipts

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

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calculating budget

5 Legal Ways to Cut Down Your Taxes as a Small Business

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

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accounting books

Effective Tax Tips Every Business Owner Should Know

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

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accountants

Why You Need an Accountant: 5 Ways They Save Your Money

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

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calculator

6 Ways You Can Save on Taxes Through Superannuation

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

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