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How to Know If Your Sporting Club Can be Tax Exempt

Sport is a significant part of Australian culture and social life. It provides entertainment and recreation and contributes to health and well-being.

Many sporting clubs, for example, are registered for tax exemption on the basis that they provide or contribute to the provision of facilities and materials, services and education to their members. Those are predominantly for social, cultural, recreational and sporting purposes.

Today, let’s explore how to know if your sporting club can be exempt. Here’s what you need to know:

What Type of Entity Is Your Organisation?

If your organisation is incorporated, it will be an Australian Public Company (or a non-registered public company) or a non-profit public organisation. Both categories of incorporated entities will require you to be a registered charity. If not incorporated, you might be a non-profit company, not-for-profit organisation, or non-profit public organisation.

To become a registered charity, you will have to apply to the Australian Charities and Not-For-Profit Commission (ACNC). The ACNC will tell you if your organisation can be a registered charity and if it can be a public company. If your organisation is already registered, it will provide you with the relevant details of your registration.

What Is Your Organisation’s Purpose?

Before engaging in tax exemption, your organisation must demonstrate that its purpose is charitable. It is for a public benefit, that it does not make a profit, and that it is not an organisation established for profit.

The ACNC has produced a set of public benefit principles to guide a group considering applying to be a registered charity.

Suppose your organisation is applying to be a public company. In that case, you will have to demonstrate that you need to be a company to achieve your purpose. In other words, you will need to show that you are a charitable organisation under the Corporations Act 2001.

Some examples of organisations that have been established as public companies include The Bupa Foundation and the Ronald McDonald House Charities.

Income Tax Exemption for Sporting Clubs

Suppose your organisation has been determined to be a public charity or a public company and has a purpose relating to the sport. In that case, it might qualify for income tax exemption.

To qualify for income tax exemption, your organisation must meet certain conditions. The only condition that applies to public charity status is that your organisation must be a “substantial contributor” to sport (or to providing facilities for sport).

The ACNC has published guidelines on what it considers a substantial contributor. Other than that, the income tax exemption that applies to public companies is very similar to the income tax exemption that applies to public companies.

Other Things to Consider

In addition to income tax exemption, there is a range of other taxes and duties available to sporting organisations that fit within the definition of a ‘substantial contributor to sport’.

The application of the GST and duty exemptions for public companies is similar to that for other public companies. For public companies that have been determined to be a public charities, there are GST and duty exemptions that apply to the charity’s activities. These are broadly similar to those that apply to non-profit companies.

The ACNC provides more information about the tax treatment of charities and public companies.

If you are considering applying for income tax exemption for your sporting club, it would be a good idea to seek the assistance of a tax professional.

The Bottom Line

Suppose your sporting club is a registered charity or a public company. In that case, your purpose is for sporting purposes, and you are a substantial contributor to the sport, you might be eligible for income tax exemption. Check with the Australian Charities and Not-for-Profits Commission to find out if your organisation can be a registered charity and if it can be a public company.

If you are looking for assistance with your trust account audits, we can help you. SMB Accounting does individual tax returns, small business accounting with various small business accounting packages available, audits, and more. Contact us today or sign up for our newsletter to learn more!

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2022/2023 Federal Budget

March 29 2022 treasurer Josh Frydenberg has handed down the budget. Having a strategy of stimulus pursued alongside major infrastructure, health and defense spending. Borders are open and Australia is getting back to business Added to this spending, is the assistance through tax breaks and cash payments to assist with the cost of living…Download our full budget summary

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Everything to Learn about Company Tax Return (and How to Use It)

Each fiscal year, no matter the profit earned, all businesses must file a tax return with the Australian Taxation Office (ATO). As a business owner, you must file a tax return if you own a business that operated in the previous year. Today, there is more than one way to accomplish this task.

For example, you can file it electronically via MyTax, on paper, or through a licensed tax agency. Because the file must be completed within a certain time frame, you, as the business owner, must proceed with considerable caution. 

Read on to discover everything about lodging your company tax return.

Options for Filing myTax Return

A tax return can be filed in a myriad of ways. Depending on your circumstances, you may choose an alternative.

  • Online: It is safe, simple, and secure to use myTax to create and submit your tax return online.
  • Tax Agent: Licensed tax agents have a wide range of interests, which may make hiring one advantageous. If this is your first time filing taxes, you should seek advice from a certified tax agent.
  • Paper: If you don’t feel comfortable filing electronically, you can do so on paper. It is possible that exceptional circumstances will emerge, in which case you must respond accordingly.
  • Advanced Filing: You may file your tax return early if you are leaving Australia permanently.
  • Abroad Filing: Assume you are filing your tax return for a legitimate cause while abroad. In that scenario, you’ll need to make modifications to your myGov account settings. In order to receive any returns, your Australian bank account must be active.

Note that any previously unfiled tax returns must be filed. Otherwise, sanctions could be imposed. Meanwhile, non-lodgement counsel is required when no tax return is required.

Details to Provide

Prior to completing your corporate tax return, you will need the following information:

  • Account number and bank’s state branch
  • Statements of Earnings for All Employees 
  • Centrelink payment summaries 
  • Income from your spouse
  • Expense or receipt statements for tax deductions
  • Information of private health insurance

Because the ATO fills up the majority of the information for you when you apply online, you should file your tax return through myTax. You must first link your myGov account to the ATO in order to file your tax return online. Furthermore, the needed information fluctuates from year to year, so double-check before booking.

Deadlines for Your Company’s Tax Return

When it comes to the tax return filing deadline, keep the following points in mind:

  • The deadline for filing it on your own is 31 October each year.
  • If the 31st of October falls on a weekend, you must file by the next working day.
  • If you hire a tax preparer, they will be given the option to file returns at a later date. You must, however, recruit them by October 31.
  • If you receive a tax bill after filing your return, you must pay it by November 21 of the following year.
  • If you are having trouble filing your tax return or paying your tax obligations, please contact the ATO right away.

Conclusion

Note that sometimes it’s not all about raking in revenue and increasing your profit. A part of your company’s success is fulfilling your responsibilities and adhering to laws. This way, your company can function at its fullest without worries. As you file your company tax returns properly and timely, you’ll reach success without undercutting the necessary steps.

Are you in need of a professional accountant in Australia? SMB Accounting is here to manage your small business’ finances, and more. Work with us today!

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What You Can Deduct or Write Off in Your Small Business Tax

A tax deduction reduces taxable income, allowing qualifying businesses and individuals to lower their tax obligations. There are two basic types of tax deduction in Australia: deductions for eligible expenses and tax deductions for specific types of income. If you are preparing your business for tax season, keep in mind that you could get potential tax deductions if you know the right one for you. 

Let this article enumerate some you can use.

The Instant Business Asset Write-Off

The instant asset write-off is available to businesses with a turnover of less than $10 million. The main goal of this is to reduce the compliance burden of small businesses and allow them to invest more in their business assets.

From March 2020, every asset’s instant asset write-off threshold amount is $150,000, significantly higher than the previous $30,000. Businesses are also allowed until 30 June 2021 to first use or install the said asset, which should have been ready for use. The only note is that the asset should have been purchased by 31 December 2020.

This tax deduction is for small businesses with an annual turnover of less than $10 million and allows a depreciation deduction for assets used to generate income. It aims to ensure businesses have enough money to cover the cost of assets and reduce the burden for small businesses.

Your Prepaid Expenses

If you are a small business owner, you may be able to claim a tax deduction on work you have already done. That includes paying a deposit on your business premises or buying stock to be sold in your small business. Remember, though, that your prepaid expenses must help you earn taxable income.

There is one important thing to remember when claiming your prepaid expenses. If you use the cash basis tax system, the prepaid expenses must be paid in the same income year. If you use the accrual basis, you can claim prepaid expenses under the following rules:

You can claim the expenses if they are incurred and paid in the same income year. If the expenses were incurred but not paid in the income year, you could claim the payments in the income year you paid for them. 

Personal Super Contributions Deductions

If you make personal super contributions, you can claim them as a tax deduction. To qualify for this tax deduction, you must make personal super contributions to your super fund, not to your spouse’s super fund. It’s important to note that personal super contributions must satisfy the following:

  • You must not be contribution- or benefit-restricted
  • Your total super must be less than $1.6 million
  • You must have at least 10% of your total contributions in your super fund in the income year

The tax deduction is available for personal contributions up to $3,000 per year, and a maximum of $30,000 over three years. However, if you are over 49 years of age and you meet the above conditions, you may be able to claim a tax deduction for personal super contributions up to $100,000 over a three-year period.

You can claim your tax deduction for personal super contributions in the same income year you made the contributions.

Conclusion

Preparing for taxes can be exhausting. However, one important thing to remember is that your business has some deductions you can take advantage of. When preparing for tax time, you should check whether your small business can claim a tax deduction on your expenses or whether you can claim a tax deduction on your personal super contributions. These tax deductions may save you money come tax time.

If you are unsure of these rules and limits, we can help. SMB Accounting is an accounting firm along the Sunshine Coast that can provide you with your much-needed SMB tax solutions. Contact us today at 1-300-854-159.

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5 Common Mistakes in SMSF Annual Return You Need to Avoid

Everyone makes errors from time to time. When preparing and lodging your self-managed super fund (SMSF) annual return (SAR), you want to get it right. The top five errors are listed below, along with some advice on how to avoid them and where to find the best accounting firms on Sunshine Coast. 

Not Stating a Bank Account in Your Fund’s Name 

You’ll need a bank account in your fund’s name to handle SMSF operations and accept contributions, rollovers of super, and investment income. When filing your SAR, you must include this account.

The account must be kept distinct from the accounts of your trustees and any associated employers or advisers. This will safeguard that you enjoy the benefits of SMSF and guarantee that super payments may be made to it.

Using The Wrong Electronic Service Address (ESA)

If you have members earning super from non-related jobs, an ESA permits your SMSF to receive electronic remittance advice and contributions.

An ESA is made up of alphanumeric characters that are case sensitive and contain a mix of upper- and lower-case characters. It’s not an email address or the SMSF messaging provider’s contact information.

Disregarding Assets In SMSF At Market Value 

To create your fund’s accounts, statements, and SAR, assets must be recorded at market value as of June 30. Your valuation will be accepted if you fulfil the appraisal rules.

It’s critical to have accurate asset valuations to keep your SMSF compliant. Inaccurate appraisals may result in penalties since they adversely affect your members’ balances.

Lodging With Zero Assets 

An SMSF isn’t legally created unless it has assets put aside for its members’ benefit. A SAR from an SMSF with no assets will not be accepted unless the fund is being wound up.

If this is your SMSF’s first year and you have no assets put aside for the benefit of your members, you can ask us to either terminate or indicate your fund’s registration as return not necessary (RNN).

Missing or Incorrectly Indicating Auditor Information in the SAR

Before lodging the Annual Return, your SMSF must have its financial accounts and records audited by a qualified SMSF auditor each year (SAR). Take note that within 45 days before your SAR is due, you’ll need to employ an approved SMSF audit in Australia. 

Take note of the following: 

  • Before filing your SAR, get a copy of the audit report.
  • On the SAR, report the accurate auditor information, including the SMSF auditor number, auditor name, and audit data.
  • If you submit your SAR without providing authorized SMSF auditor details, it will be stopped and not accepted. The fund’s compliance status will be affected until the SAR is submitted with the appropriate information.

You might be fined for making a false and misleading statement if the auditor’s information is wrong.

The advantages of incorporating your ABN

We urge you to disclose your Australian business number (ABN) on your SAR since it assists systems in appropriately matching your members. This guarantees that the SMSF account data is presented when a member accesses ATO online services.

If your member is filling out the following forms online, they will be able to select their SMSF account.

  • compassionate release of super
  • early release of super
  • excess concessional contribution election
  • excess non-concessional contribution election
  • Division 293 election

If your member utilizes a registered tax agent, it also implies that the member’s SMSF account data is displayed on online services for agents.

You may not need to file a return for the first year your fund was registered if it did not have any assets.

Conclusion 

Preparing an SMSF annual return is a major undertaking that must be done correctly if you don’t want your fund to become non-compliant and be required to pay tax at a rate of 45% on the fund’s entire value, excluding non-tax-deductible contributions.

SMB Accounting delivers a high-quality SMSF audit in Australia. Apart from that, we also perform various sorts of audits to guarantee that you understand how your business or finances will make the best decisions. Get in touch with us to learn more!

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What You Need to Know About Filing a Late Tax Return

If you run a business, you may find yourself struggling to keep up with annual tax obligations. Between managing your staff, your investors, and other challenges, it’s easy to forget about the responsibilities that come with owning a business in Australia. In this article, we’ll review what you need to know in case you miss tax deadlines.

What Are Tax Return Due Dates?

Tax due dates vary based on the type of business structure you choose. The Australian Tax Office (ATO) has a full list of lodgment due dates for the different types of returns and filings. It’s in your best interest to be informed about these dates so you can avoid any issues that come with late filings. 

What Happens When You File Late?

If you lodge your tax returns late, you may be penalized by the ATO. This penalty can range from $180 to $900 for small businesses, depending on how long your returns take to arrive. The penalty can also add a rate of interest, starting from the due date of payment until your tax liabilities are paid. The interest rate at this stage is  7.04% for taxpayers

For those of you who cannot pay the ATO on the due date,  be sure to contact the ATO about a defaulted tax payment arrangement. You can reach out to the ATO directly to request an extension to the due date for tax returns by calling them at 13-28-66.

What Can You Do to Avoid Late Tax Returns?

While it’s not ideal to lodge your business tax returns late, sometimes it just can’t be avoided. In case you end up lodging your business tax returns past the due date, it’s best to pay the outstanding tax as soon as possible.

If you have to pay tax for the income you received for the last financial year, you can make a tax payment before you lodge your income tax return. Tax payments are often due shortly before the income tax return is due or within a short time after that date.

The ATO can charge interest on any late payment of income tax liability, but you can prevent this from happening by making the tax payment before you lodge your tax return. If you don’t have all the information available to accurately calculate your tax liability, you can make an estimate and pay that amount as a down payment on your bill. Remember, the money will not count as a payment on your tax bill unless you file your return with the ATO.

Additionally, you need to pay off any outstanding tax returns from the previous two years. This can be accomplished by paying off the last year’s tax return entirely and setting up a payment plan for the current year. This will prevent your interest from continuing to compound on any previous years’ returns.

Conclusion

We hope this article proves to be useful when it comes to helping you deal with issues that come with filing late tax returns. To avoid any of these issues, it would be wise to lodge your tax returns in a timely manner. If you need more help with this, be sure to reach out to a professional accountant.

If you’re looking for an accountant on the Sunshine Coast to help you with your business’s finances, SMB Accounting is here to help. We offer various accounting services, such as individual tax returns, small business accounting, SMSF audits, trust account audits, special financial statements, and more. Learn more about how our accountants can help your business today!

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4 Ways to Manage Your Receipts for More Tax Refunds

For many of you, tax time makes you sick to your stomach. But it doesn’t have to. You don’t need to lose sleep waiting for the call from your accountant or stressing when you pull out a shoebox full of receipts. Today, we will teach you how to organise your receipts for easier preparation for next year’s tax time.

1. Collect and Keep All Relevant Receipts

Many people think that if a receipt says “scrap metal” or “receipt for deposit”, it doesn’t have to be kept. But in truth, it does. You never know when this information will come in handy. If you have spent many an hour sorting through old receipts, trying to find a specific one for some reason, you know how time-consuming and frustrating it can be.

The easiest way to avoid this is to collect all relevant receipts and stick them in one place. You can save these receipts in a shoebox or buy a “receipt keeper” and store all your receipts in that.

If you do not keep all receipts, you can find yourself in a situation where you lose a receipt and end up with a higher tax bill.

2. Don’t Use Highlighter on Your Receipts

When the holidays roll around, many people like to highlight their receipts to make it easier to find the right ones come tax time. The problem is when you go to file them, the highlighter ink bleeds through, and you can’t use the receipt.

What you can do is write on your receipts with a pencil, and it will not bleed through. That way, you can highlight your receipts and use them again in your next tax season without fear of any interference from the ink.

3. Have a Filing Cabinet for Your Receipts

It is okay to have receipts from this year in your shoebox, but it is also a good idea to start putting them in a filing cabinet. Next year you won’t be searching through a mess of crumpled receipts to find the one you want. You will be able to look it up by date and type.

If you decide to use a filing cabinet, you will label it with a sticky note and a permanent marker. If it has both the purchase date and the receipts, you will be able to quickly go through the filing cabinet and find the receipt you need.

4. Put Taxable Purchases in One Area

If you suddenly start receiving an influx of receipts and you have nowhere to store them, you can start storing all your business receipts in one place. This way, you can easily file them later on and not stress over the mass amounts of receipts you are now receiving.

Get Those Receipts and Taxes in Order

Preparing for your taxes is stressful enough, even without the added headache of receipts. But receipts and taxes go hand in hand, and you can’t go with one without the other. As long as you have a small organisation, you can easily find receipts when you need them and be confident that you are filing the right amount for your tax return. If you want to make it easier on yourself, you can put your receipts in a filing cabinet, label them and never have to stress over receipts again!

SMB Accounting is one of the best accounting firms on the Sunshine Coast. We do individual tax returns, small business accounting with various small business accounting packages available, SMSF audit and Xero accounting software-based accounting business. Contact us!

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Work-Related Travel Expenses You Can Claim

So, you have a work-related trip coming soon, and you wonder how much of your travel expenses can you claim. If you are a small business owner or an independent worker who manages their taxes without an accountant, you might find the answers you need in this article. Here is what you need to know.

Defining a Work-Related Travel Expense

“Work-related travel expenses” refers to the соmеrсiаl travel expenses incurred by a taxpayer that is related to carrying out their job. It can be within or outside Australia.

Allowed Work-Related Travel Tax Claims

The ATO allows taxpayers to claim tax deductions for the following expenses:

  • Transport costs (such as cost of fuel, ferry, train or taxi fares)
  • Travel allowance paid to you by your employer or client (if applicable)
  • Traveller’s cheques and foreign exchange fees
  • Motor vehicle expenses (such as fuel, registration and loan interest costs)
  • Telephone and internet charges
  • Accommodation and meals
  • Other expenses (as approved by the ATO)

You can refer to the ATO website for a comprehensive list of allowed work-related travel expenses.

What You Cannot Claim

Travel expenses cannot be claimed if they are not directly related to employment.

For example, you cannot claim travel expenses as a deduction if:

  • Your employer or client covers the full cost of the work-related travel expenses; or
  • Your employer or client reimburses you for work-related travel expenses after the expenses incurred.

Here are some examples for your reference:

Some common expenses that cannot be claimed include:

  • Non-work-related telephone calls
  • Expenses for travel within your workplace
  • Meals and accommodation paid for by your employer or clients
  • Travel insurance
  • The cost of your flights, unless it is part of an allowance paid to you by your employer
  • Travel to and from the airport

What If Your Employer Gave You Allowance?

If your employer or client gave you a travel allowance, you could claim tax deductions for the work-related travel expenses you incurred.

For example, you were required to travel from Sydney to Melbourne for work reasons, and your employer gave you an allowance of $400. That means you can claim $400 as a deduction.

The expenses claimed as a tax deduction must not exceed the allowance received. However, if you received less budget, you are required by the ATO to report the amount of expenses claimed as a tax deduction.

What If Your Employer Did Not Give You Allowance?

The ATO allows you to claim tax deductions for the work-related travel expenses you incurred, based on a reasonable amount.

You can claim a deduction based on a reasonable amount, provided the work-related travel expenses you incurred are supported by evidence such as:

  • Receipts
  • Diary entries
  • Mileage

How to Keep a Travel Diary

What you should do before you start claiming for your work-related travel expenses is to keep a travel diary and record all the details of your travel, including the following deductible expenses: accommodation, meals, car expenses etc.,

It would be best if you keep a travel diary detailing:

  • The reason for the trip
  • Where you travelled to and from
  • The duration of the trip
  • The date and place of the trip
  • The name and address of the organisation, person, or property visited
  • The number of kilometres travelled or the amount of petrol used
  • The total amount of travel expense you incurred
  • The amount of your travel allowance you received
  • Other benefits you received from your employer or client (if any)
  • Any other relevant information

This travel diary will help substantiate your work-related travel expense claims during the tax return filing.

Conclusion

If you are a small business owner or an independent worker managing your taxes, it would be in your best interest to claim as many tax deductions as possible. Should you need to go out to travel for work, keep in mind that you need to have a travel diary to record all details of your work-related travel expenses. More importantly, keep all your receipts.

Let experts deal with your tax preparation, audits, financial preparation, and more while you focus on your work. SMB Accounting has been the trusted accountant on the Sunshine Coast since 1993. Call us at 1300 854 159 to learn how we can serve you.

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8 Benefits of Using Accounting Software for Your Business

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, thinking of the cost of accounting software packages is enough to keep them from knowing about them more. But don’t let the cost stop you from trying them out because they’re worth it. In fact, when asked about the benefits of accounting software, your trusted accounting in the Sunshine Coast always gives these answers:

It Saves You Time

You don’t want to waste hours and hours doing your books. Some accounting software can calculate taxes, create and send out invoices, and help you with other financial reports to focus on growing your business.

It Generates Key Financial Reports Instantly

This is huge, especially when you need to provide your bank or other institution with financial reports. Other reports like profit and loss, balance sheets, and cash flow statements may also be generated at the click of a button.

It Syncs Your Financial Data

There may be other interrelated software that you’ll need to run your start-up, such as a CRM, email marketing, and others. If you want to streamline the reporting of your financial activity, the right accounting software can integrate with the other software you use.

It Ensures Data Accuracy

As your business grows, it’s essential to have a trusted partner who can ensure you have the right information in your financial statements. With accounting software, you can be sure your financial records are always accurate.

It Makes Payroll Easier to Do

No business owner wants to be spending more time on payroll than it has to be. Great accounting software has some great payroll features that will help you stay compliant and make it easy to generate checks and pay your employees.

It Offers Detailed Insights

The right software gives you access to all kinds of insights, such as how much money you’re making and losing on different products, how your sales and costs have changed over time, and where your business might have some weaknesses that you can address. These insights can help you make smarter decisions about the future of your business.

It Streamlines the Task of Tax Filing

This is one of the highest costs of accounting software today. However, it is also one of the main benefits. Tax preparation and filing can take up a lot of time. But if you’re using software that can automatically download current transactions and tax information, you’ll be able to file your taxes (and your employees’) faster.

It Reduces Errors

When you are handling your own finances and bookkeeping, it can be easy to make mistakes. When working with accounting software, you can be sure that your data is accurate.

Conclusion

Hopefully, this article has shown you the many benefits of using accounting software. There are many different solutions on the market, so we encourage you to explore which is best for you and your business. That said, it’s important to note that accounting software is no substitute for the services of an experienced accountant but rather an excellent supplementary tool to have. To ensure that all your accounting needs are met, you should hire a seasoned accountant in the Sunshine Coast who can help you.

SMB Accounting is an accounting firm in the Sunshine Coast that can provide you with various services that can help your business. Contact us today to find out how we can help you!

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Everything That You Need to Know About Audit Quality

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 would be useful to put together a brief discussion on this topic. If this is something that you want to learn more about, read on as we go through everything you need to know about audit quality.

What Is Audit Quality?

Audit quality encompasses the key characteristics that create an environment where audit data is likely to be accurate and reliable. Audits are considered to be high quality when the following conditions are met:

  • Exhibited appropriate values, ethics, and attitudes.
  • Applied a thorough audit process that complied with regulations and standards.
  • Provided accurate and timely reports.
  • Interact appropriately with any and all relevant stakeholders.

Financial statements must be reviewed in a consistent and thorough manner by qualified auditors, but that process is only effective when the auditors have support from the company’s management and all other relevant parties.

Why Is Audit Quality Important?

Financial reports provide investors with the information they need to make confident business decisions. The goal of an audit is to ensure that these reports are credible and accurate. Improving the quality of audits and ensuring consistency in audit procedures is key to maintaining investors’ confidence in the audits’ conclusions.

If a company fails but its financial report did not properly account for its lack of viability and issues that lead to its collapse, its directors and the auditor will be brought into question. In the case that investment decisions are based on financial reports that do not reflect the true financial position and performance of a company, this is a clear red flag.

How Do You Improve Audit Quality?

Given how important audit quality is, you may be wondering how to improve your business’ overall audit quality. Here are a couple of things that you can do:

  • Conduct effective quality reviews of your audits regularly.
  • Identify root causes of findings and develop action plans to address these findings.
  • Review staff structure to ensure that they are well equipped to handle complex audits.

While this may seem like it requires a lot of time, manpower, and resources, improving the quality of your audits will prove to be beneficial for your business. Think of this as an investment that will help your business. 

Conclusion

We hope this article proves to be useful when it comes to furthering your understanding of audit quality. While new concepts may be rather intimidating, this article should be enough to help you get started. Be sure to keep the information that we’ve discussed in mind so you can make the best possible decisions for your business. With that being said, take note that we’ve merely covered the basics in this article. For more information on audit quality, we suggest reaching out to a professional.

If you’re looking for an accountant in Caloundra to help you with your business’s finances, SMB Accounting is here to help. We offer various accounting services, such as individual tax returns, small business accounting, SMSF audits, trust account audits, special financial statements, and more. Learn more about how our accountants can help your business today!

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