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 […]
Is your real estate agency struggling to keep up with all your accounting and bookkeeping obligations, especially on peak months where there are a lot of homebuyers looking to purchase a house? It may be time to hire a full-time accountant on staff to keep up with all your tax and accounting responsibilities. The question […]
General Year End Tax Planning Strategies Business Income and Expenses Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2021/22 compared to 2020/21. Most businesses are taxed on income when it is invoiced. Some small businesses may only be taxed when income is received. Income […]
Many business owners know that the special purpose financial statements (SPFS) are slowly being phased out. This financial report has long been used by “non-reporting entities” who need to present their data to a limited group of users for a specific purpose. Soon, Australia will move forward with an SPFS-free framework after an extensive study […]