When running a small business, you’re typically working with a small budget, which means you’re always looking for the most cost-efficient way of doing things. You don’t have the time to manually do your business’s numbers, so it makes sense to choose from the many accounting software packages available. However, finding the best one for […]
Financial statements are an integral part of any business, as they explain the company’s performance in terms of finances and profitability. Some of the basic financial statements business owners need to be familiar with include the balance sheets, income statements, and cash flow statements. What Is a Balance Sheet? The balance sheet lists down a […]
Trust accounts are a unique way to keep your assets and earnings safe. Basically, an agent will handle and manage them for you until such time that you will need them again. Think of it as a way of asking a friend to look after your valuables, and the only time that they will give […]
A self-managed super fund (SMSF) is a private super fund that allows for more control over a person’s retirement savings. It is different from retail or industry super funds; this type enables individuals to choose investments and insurance. An SMSF allows up to six members, with most having two or more. These members are trustees […]
Businesses of all sizes must guarantee compliance with Australian Tax Office rules. ATO maintains a close eye on all commercial operations. Failure to comply with their guidelines—whether intentional or unintentional—will result in severe fines. Australian businesses are expected to disclose total income, file complete and accurate tax statements, submit returns and statements on time, and […]
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. […]