Financial audits can provide your business with a variety of benefits. Not only do they help to ensure that your financial records are accurate and up-to-date, but they also allow you to identify areas where you may be able to improve your processes and save money. Here are five reasons why your business needs a […]
It pays to put in a little time and effort to make sure you have every detail of your return correct and that you have avoided some of the more common traps that people tend to fall into. This is important, knowing that 84 per cent of taxpayers expect a refund and the average size […]
Given that 84% of Australian taxpayers anticipate receiving a refund and the average size of returns exceeded $3,000 the previous year, it is in your best interest to double-check that your tax return is correct in every way. Read on to discover more about tax returns and how to (finally) do it right this time […]
An SMSF is a retirement savings account that allows Australians to invest in a broader range of assets than a traditional superannuation fund. The benefits of an SMSF include controlling your retirement savings and investing in a mix of assets that align with your financial goals. 1. Properties If you’re looking to invest in real […]
The profit and loss statement (P&L) is a financial statement that shows your company’s income and expenses over a given period of time. It’s also known as the income statement or the income & expense report. The P&L compares how much money you brought in with how much money you spent during a specific period […]
Cloud-based accounting is a term used to describe storing and accessing financial data and records in the cloud. This type of accounting offers many advantages over traditional on-premises accounting, including increased flexibility, scalability, and collaboration. What Is the Cloud? The cloud is a remote server network used to store, manage, and process data. Cloud-based applications […]
It can be a very daunting experience to be audited by the ATO. The process can be quite confusing and frustrating, especially if you don’t know what to expect. But there’s really nothing to worry about if you’re prepared and you know what will come up during the audit process. This guide should help you […]
A business audit evaluates a company’s financial statements and records. Audits are typically performed by an outside party, such as an accountant or financial institution. Businesses are usually required to have an audit performed on an annual basis. An audit is basically a comprehensive review of your business’s financial records. This includes going over your […]
It’s that time of year again. You’ve filed your taxes and are eagerly awaiting your tax refund. But when the refund arrives, it’s much lower than you expected. Why is your tax refund so low? If you pay tax on the portion of your taxable income that is subject to tax and you are considered […]