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 everything, then there’s nothing for […]
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 it comes to taxes, the […]
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 refund you are entitled to […]
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 reports at any given time […]
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 to improve your tax refund, […]
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 pay. This article would tell […]
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 risks of paying the unnecessary […]
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 that they do, accountants are […]
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 Guarantee and salary sacrifice contributions. […]