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 […]
The advantage of owning your own business is that it ensures your progression to financial independence. Instead of relying on an employer to handle your benefits and retirement plans, you have more freedom in directing how your career will go. However, this level of liberty doesn’t come without a cost. Owning your own business requires […]
For decades, the concept of tax write-offs is something that Australian businesses have had quite a bit of difficulty wrapping their heads around. From small mom-and-pop retailers to multinational corporations, the financial tool in question has maintained a sort of mystified aura because of all the different details involved. Unfortunately, this unfamiliarity has hindered companies […]
If there’s one thing that can make or break your small business, that’s cash flow. When you have a solid cash flow plan, you can help reduce the stress for you and your creditors and have sufficient funds to help your business expand. This is why it’s important to have a cash flow forecast — […]
Personal income tax changes Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one more income year, so that it will still be available for the 2022 income year. Under current legislation, the LMITO was due to be removed […]
One of the most challenging things that every self-employed individual or business owner needs to face is getting taxes in order. Whether they like it or not, handling taxes with the correct paperwork should be done, especially when the end of the financial year is almost coming. Finding the right accountant will help you with […]
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 […]