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 organisations. However, all businesses, even […]
If you’re like most business owners, you may have started with a spreadsheet for financial tracking. There’s nothing wrong with that, but as your business expands, it may become significantly more challenging to keep track of all your transactions using this kind of manual accounting system. That’s where you’ll need accounting software. For some startups, […]
While audit quality may not be your top priority, you may want to reassess and reallocate resources towards your business’ ability to improve and maintain audit quality. Now, we understand if you’re a little hesitant to do this as you may not know much about what audit quality is. This is why we thought it […]
Most Australians know that superannuation is money you save for retirement. But not everyone knows that you can also contribute your savings to super. Not only that, but the money you contribute (after taxes) can be tax-deductible. If you did not know you can claim personal super contributions back on your tax return, we’ve got […]
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 rolled out between 2021 to […]
The Self-Managed Super Funds (SMSF) auditor is your SMSFs final check and balance. The Australian Taxation Office (ATO) wants to see the accounts for each SMSF annually, and it’s the job of your SMSF auditor to supply that data. However, some of the responsibility for ensuring your SMSF runs up to scratch can also fall […]
Saving money during tax season is something every business hopes to achieve. A great way to do this is through having a tax accountant at hand. An expert in tax accounting will go a long way in the proper lodging of tax returns and saving more of the money you worked so hard to earn […]
A Tax File Number (TFN) is a government-issued number that serves as your unique identifier. This account is associated with your tax returns, benefit payments and superannuation funds. Scammers may perpetrate identity theft and fraud in your name if it is in the hands of the wrong people. It’s preferable if you keep it in […]
Filing tax returns can be a rather confusing process. This is mainly due to a general lack of knowledge of this process. Now, this isn’t something that you should be ashamed of as it’s understandable not to know how to navigate this process. To help you out, we thought it would be useful to go […]