Entries by teamsmb

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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 […]

The Benefits of Regular Auditing for Small Businesses

For small businesses, auditing can be extra and unnecessary work. It can be costly, and small businesses would rather not do so, especially if not required. However, auditing can be beneficial for a lot of small businesses. If you consider getting your business audited, check the list below to learn more about how it could […]

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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, […]

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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 […]

Getting An Audit

Given how messy finances can be it pays to have a quality audit every once in a while. It’s understandable of course to face difficulties with organizing your financial records— what’s important is how you deal with them. Thus, it is vital that any audit you undergo is kept to a standard. It’s the only […]

5 Simple Tips to Help You Minimise Your Tax Returns

Our financial year ends on 30 June, and for some people, it’s straightforward. But for others it can be a little more complicated, especially if you are doing your numbers for the first time.  The average number of Australians during the 2010 – 2011 financial year, who lodged their tax returns online with the ATO […]

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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 […]

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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 […]

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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 […]

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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. […]