You’ve got mail! The Australian Taxation Office (ATO) is requesting a tax audit of your business. Since it is your first time undergoing this, you start to think of what you need to prepare for the auditing to ensure that you won’t miss any important detail. Surviving a tax audit is no easy feat, as […]
Every year, the Australian Taxation Office (ATO) becomes stricter in implementing its standards when it comes to good business practices and accurate record-keeping of taxes. If you don’t want to get in trouble with tax authorities, you must adhere to those set standards at all times, or you risk being hunted for during tax or […]
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 ATO’s rules when it comes […]
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 written off in the books. […]
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 that being said, you also […]
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. A flurry of data can […]
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 ways to manage your cash […]
The end of the year approaches, and while people are getting ready for the festivities ahead, professionals are crunching numbers to prepare for the 2021 tax returns. However, the factors to consider for writing a tax return is trickier now in a post-coronavirus world. Speaking of the impact of the coronavirus outbreak, the ATO now […]
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 businesses make use of. On […]