Helpful SMSF Strategies Your Accountant Should Teach You

Many Australians now invest their retirement savings in a self-managed super fund (SMSF) instead of traditional options. SMSFs can provide more control over how their retirement money is managed, reduce their tax burden, and help them keep their administrative costs low. By taking control of their finances, Australians can ensure they have a comfortable retirement and live well in their old age.

Before deciding whether to set up an SMSF, knowing its risks, choices, and responsibilities is important. You can choose to talk to an accountant about it or check out these tips for creating a robust SMSF strategy:

Risk Assessment and Investment Diversification

Considering your super investments, the risks, and rewards associated with each option are important. Risk level and diversification should be at the forefront of your decision-making process. Consider the potential returns and how they will help you meet your goals. Additionally, diversifying your self-managed super fund investments can lessen the impact of any single asset or risk. Taking a balanced approach to your SMSF investments may be a safer way to go.

Various Investment Options

An SMSF gives you more control over your investments than a traditional fund. You can decide what investments to make, when, and how to manage them. This allows you to customise investments to your individual goals and objectives. You can also benefit from tax advantages and access to professional advice.

Choosing the right investments for your self-managed super fund (SMSF) can be complicated. Depending on your needs and financial goals, you may want to invest in conservative assets that will give you regular income or in more risky assets that offer the potential for greater growth. It is important to consider all your options and make the best decision for your circumstances.

Retiring means thinking about how to safeguard your savings. One approach is to invest them in options with lower returns but less risk, such as term deposits or bonds. Building a good investment plan for your self-managed superannuation fund is a clever way to boost your retirement funds.

Real Estate

You can diversify your SMSF investments by including commercial and residential real estate. However, some regulations must be followed.

Self-managed super funds can not purchase residential property from someone related to a fund member, nor can fund members live in or rent out the property. If a business premise is to be purchased, rent must be paid to the SMSF at a rate comparable to the market rate.

Lenders usually approve a loan for a self-managed super fund to purchase a property, so long as the loan is no more than 70 to 80 percent of the property’s value. Additionally, the lender usually requires that the super fund have a company as its trustee rather than individuals acting as trustees.

Before proceeding, talk to an accountant, as lenders are becoming increasingly stricter when granting loans for SMSFs because of their limited access to resources.

A loan might affect your ability to manage your money, especially if you make little money.

In Closing

Keep your SMSF investment strategy up to date by regularly reviewing and adjusting it in line with your retirement goals and changes in the market. Doing so will help you stay on track and comply with superannuation regulations.

Futureproof Your Life with SMB Accounting

We provide a comprehensive range of services for individuals and businesses, from individual tax returns to small business accounting and audits of self-managed super funds. Our accounting services include using various packages, such as Xero, as well as audits of trusts, non-profits, special purposes financial statements, and more. We aim to provide our clients with accurate and reliable financial services. Contact an accountant in Sunshine Coast by dialling 1300-854-159!

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Advantages of Getting a Tax Accountant for Your Business

If you own a business, there are numerous advantages to hiring a tax accountant to help manage your financial affairs. A tax accountant is an expert in the field of taxation and can help you keep track of your taxes and identify and maximise any deductions that may be available to you. 

Additionally, a tax accountant can help you choose the most advantageous type of business entity for your company and understand the nuances of taxation related to that specific business entity. They can also provide valuable advice on financial and tax-related topics as you grow your business. 

By streamlining the procedure and being updated on all the laws, rules, and deadlines pertaining to tax filing, a tax accountant may help you save time and money. Ultimately, a tax accountant is an invaluable asset when it comes to managing taxes for your business.

You should think about employing an accountant for the following additional reasons.

A Tax Accountant Helps You Save Time

Nothing will be as easy as sitting down with a tax expert, despite the fact that there are various services available to help you file your taxes independently. Even if it can seem like the quickest approach to finish your lodging is to do your own tax return, it isn’t always the best option. 

To ensure you obtain the greatest outcomes, your tax accountants will ask you a number of questions and go through all of your alternatives during a session.

It may take considerably longer than a single visit with your advisor to gather your data, figure out your deductions, and then review your application to make sure everything has been done correctly.

They Lessen Your Anxiety

You have a great deal of responsibility if you file your return by yourself. If the Australian Taxation Office decides to review or audit your returns, any errors you make during the application process could resurface and pose issues. 

There may be fines, interest, or penalties due as a result. So one of the biggest reasons to employ a business advisor is that you will have assurance, knowing that your taxes are being handled by an expert if this is the portion of the taxing process that gives you anxiety. 

You can rest assured that your business will be in conformity with all applicable tax laws and that your return has been prepared correctly if you use tax accountants to file your return.

There Are Advantages to Extended Deadlines

The deadline for self-filed tax returns is October 31st, but if you use an agent to file, you can have a later deadline like May of the following year. You will have extra time to compile your deductions and contact your agent as a result.

They’ll Streamline the Procedure

Meeting with a tax accountant will be very helpful in clearing up the complexity surrounding tax returns. Your returns will be completed accurately and quickly. Interacting with your accountant is also a terrific method to educate yourself on the procedure. 

Using a tax agent will save you a lot of time and effort if you have many jobs, run a business, own property, or manage an investment portfolio.

Conclusion

After considering all the advantages, there is no doubt that getting a tax accountant for your business is the right choice. It will help you stay organised and maximise your chances of success by gaining valuable insight into the business’s financials. 

Tax accountants provide a great service and can save you from headaches down the road. Managing taxes better is an integral component of running a successful business, and having a tax accountant can ensure that you’re able to efficiently and accurately comply with all relevant tax laws.

Ultimately, bringing in a tax accountant offers numerous potential benefits for a business and should be seriously considered for any business of any size.

If you need assistance with your tax return on the Sunshine Coast, SMB Accounting is here to help! We can do your individual tax returns, small business accounting with various small business accounting packages available, SMSF audits, and more. Contact us today to learn more!

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A Closer Look at the Instant Asset Write-Off Tax Benefits

The Australian government has introduced a higher instant asset write-off (IAWO) threshold as part of the COVID-19 relief package. It’s essentially a cost-saving incentive for businesses that allows them to claim immediate write-offs for items purchased for business use. The ‘instant’ aspect of the IAWO scheme is particularly appealing for businesses – as it allows for faster tax deductions than other conventional credits. It may seem complicated, but understanding the basics could be beneficial for you and your business in the long run.

What Is the Instant Asset Write-Off?

The IAWO is designed to encourage businesses to invest in new assets to help increase their productivity, efficiency and competitiveness. It means that when businesses make eligible asset purchases, they can deduct a portion of the cost from their tax payable in the same income year.

Eligibility Criteria 

The IAWO applies to businesses with an aggregated turnover of $500 million or less. These businesses are eligible to claim an instant tax deduction for each asset it purchases or installs costing less than $150,000 purchased between 12 March 2020 and 31 December 2020. From 2021 to 2022, the threshold will be capped at $1,000, and businesses are eligible to claim $150,000 worth of assets each year.

How Does It Work?

The IAWO is a dollar-for-dollar deduction for businesses when they purchase eligible assets. There’s no limit to the amount of assets a business can write-off as long as each asset is valued under (or equal to) the IAWO threshold.

When a business buys an eligible asset and deducts its cost from their taxable income in the same tax year it was purchased, this is called depreciation.

By claiming a deduction for the asset’s cost in the same tax year it was purchased, businesses could potentially reduce their tax liability in this same time frame.

Claiming the IAWO 

It’s important to note that businesses must be registered with the ATO in order to claim the instant asset write-off. This also means that businesses must keep up to date with their ATO obligations, such as lodgement of business activity statements and income tax returns.

Businesses must also supply evidence of the asset’s purchase and installation to the ATO by way of valid receipts.

Advantages of the Instant Asset Write-Off

The IAWO can be beneficial for businesses in a number of ways. Not only does it enable businesses to receive a tax deduction for assets in the same income year as the purchase was made, but it also allows businesses to reinvest any savings back into the business to help them grow and develop.

Being able to invest in assets to expand or update their business operations with the IAWO, businesses can focus on the bigger picture. This can help with product or service advancements and modernisation while enabling businesses to remain competitive.

Conclusion

The IAWO allows businesses to ‘instantaneously’ receive tax deductions on eligible assets they purchase or install. By supplying suitable evidence of the asset’s purchase and installation to the ATO, businesses can easily claim their tax deductions during the same tax year. What’s more, this could lead to considerable savings for companies to reinvest back into their business.

If you want to learn more about small business asset write-offs and other tax benefits, it’s best to work with a professional accountant to ensure you are getting the most out of your tax deductions. At SMB Accounting, our Sunshine Coast accountants do all that and more. When you work with us, you can be sure that your finances are in safe hands. Contact us today, and let us help you with your tax deductions and asset write-offs.

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5 Traits That All Good Business Accountants Possess

Business accountants play a critical role in the success of any business. They are responsible for managing financial information, preparing financial statements and reports, and providing financial advice to business owners. As such, it is essential for business owners to ensure that their business accountants possess certain traits that will make them successful in their roles. To help you find the right business accountant, here are five traits that all good business accountants should possess.

1. Attention to Detail

As a business owner, you know that accuracy is key when it comes to your finances. After all, even a small mistake can have major consequences. That’s why it’s so important to have a good business accountant who is meticulous and takes the time to pay attention to even the smallest details.

A good business accountant understands that every detail matters and will take the time to double-check their work to make sure that everything is correct. This attention to detail can make a big difference in the accuracy of your financial records and can help you avoid any costly mistakes.

2. Analytical Skills

Business accountants must be able to analyze financial data and draw meaningful insights from it. They must be able to identify patterns and trends in the data, as well as identify potential weaknesses in a business’s financial position.

Patterns and trends can be found by looking at financial data over time. This can help identify areas where a business is doing well, and areas where improvements can be made. For example, if a business’s sales have been increasing over the past year, this is a positive trend that can be used to make decisions about future growth. However, if a business’s expenses have also been increasing at a similar rate, this could be a cause for concern.

3. Problem-Solving Skills

Good business accountants must be able to identify problems and devise creative solutions to solve them. They must be able to think critically and strategically in order to best advise their clients.

4. Communication Skills

Business accountants must be able to communicate effectively with their clients, colleagues, and other stakeholders. Indeed, good communication skills are essential in order to be a successful business accountant. This is because they need to be able to clearly convey information and explain financial concepts in a way that everyone can understand. You also need to be able to listen to others and understand their needs and concerns.

5. Integrity

Good business accountants must always act with integrity and professionalism. They must be honest and ethical, and always put their clients’ best interests first. 

Conclusion

These five traits are essential for business accountants to possess in order to be successful in their role. Business owners should always make sure that their business accountants have these qualities before hiring them. By doing so, they can be sure that their business’s financial information is being managed in the most effective and efficient way possible.

If you’re looking for a reliable business accountant, then you’ve come to the right place. SMB Accounting is fast becoming one of the leaders in Australia when it comes to providing accounting services. As an accounting firm serving Brisbane, Sunshine Coast, and Fraser Coast, we help clients by providing business advice, taxation, and XERO/MYOB/Quickbooks consulting. Whenever you need help managing your income tax returns or keeping your finances in check, SMB Accounting is the one to call. Contact us today to get started.

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Exploring the Responsibilities of Finance Auditors

Are you running a business and feeling overwhelmed with the financial responsibilities you have to juggle? Don’t worry, because, with the help of a finance auditor, you can rest easy knowing your business finances are in good hands. Finance auditors are like superheroes in the world of finance and business, swooping in to make sure your financial statements are accurate and that your business is compliant with all relevant laws and regulations.

In this article, we’ll explore the amazing and often overlooked responsibilities of finance auditors, and why they are so crucial for the success of your business. We’ll also explore some of the responsibilities that come with the job, so you’ll have a better understanding of the pivotal role they play. So, if you’re ready to discover more, let’s dive right in! 

What Finance Auditors Do to Help Your Business

1. Ensure Your Business’s Accounting Compliance

Finance auditors are professionals who are responsible for evaluating and verifying the accuracy of a company’s financial records. They ensure that a company’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP) and other regulatory requirements. By ensuring that financial statements are accurate and compliant with relevant regulations, auditors can help protect a company’s financial integrity and credibility.

2. Prepare, Review, and Finalise Financial Statements

The primary responsibility of a finance auditor is to review and analyse a company’s financial documents and records. This includes reviewing balance sheets, income statements, and other financial documents, as well as evaluating a company’s internal control systems. Through their work, finance auditors can identify areas of concern and recommend ways to improve the accuracy of financial reporting.

By doing so, they help to protect the company’s reputation and provide assurance that the company’s financial statements are free from material misstatement. With the help of finance auditors, businesses can be confident that their financial statements are accurate and meet their obligations to their stakeholders.

3. Help Improve the Company’s Accounting Department by Conducting Interviews

In addition to ensuring your organisation’s compliance and financial soundness, finance auditors can also conduct interviews with accountants, bookkeepers, and other financial professionals to assess the accuracy of financial records and the effectiveness of internal controls. 

By conducting interviews and reviewing the company’s financial processes and procedures, a finance auditor can help to identify areas of financial weakness, potential fraud, and areas of inefficiency.

4. Conduct Extertan Audits

External auditing is critical to maintaining the integrity of a company’s financial statements. External audits can provide a business with a comprehensive review of its financial records and help them identify any areas of concern. 

This can help a business ensure that its financial records are accurate and up-to-date and that its internal controls are effective. By identifying potential areas of fraud or financial mismanagement, external audits can help a business make informed decisions about its finances and stay compliant with regulations.

The Bottom Line: Boost Your Financial Confidence and Guarantee Your Compliance with the Help of a Finance Auditor

Overall, having a finance auditor on your team is an invaluable asset. They can provide you with the confidence and knowledge you need to make sound financial decisions and ensure that you comply with all relevant laws and regulations. 

They can also help you identify areas of potential fraud and mismanagement, as well as potential opportunities to save money. With their help, you can ensure that your finances are in order and that you are meeting all of your financial goals.

At SMB Accounting, we have a team of highly experienced auditors that are committed to providing quality services to our clients. Contact us today to find out more about our services!

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When Should You Get an Audit For Your Business?

An audit is an important step for any business, regardless of size. A financial statement audit verifies correctness and adherence to rules and regulations by examining the financial statements independently.

In addition to assuring stakeholders, an audit provides insight into a company’s financial health and performance.

Corporations frequently use a public accounting firm for auditing their financial accounts. Audits are occasionally a work the organisation must carry out, although they can be expensive and time-consuming.

However, how can you know if you fit in with this group?

If you’re unsure whether an audit is the best option, ask these important questions to guide your decision-making and learn where to find accountants on the Sunshine Coast QLD. 

What Is An Unbiased Audit? 

A company may use an impartial CPA or CA, a third party, or an independent public accounting firm to analyse its financial records and transactions to minimise conflicts of interest and protect the audit’s integrity.

Audits are regularly performed to protect shareholders and potential investors from erroneous or deceptive financial statements. 

The auditor is typically in charge of financial accounting and related data analysis, reviewing corporate policies and practices, determining the worth of the company’s assets and looking for signs of impairment, calculating tax obligations, and verifying that rules and the tax code are followed.

What Reasons Are There For An Audit?

Numerous circumstances might prompt a corporation to begin an audit. Consider the components of the following business models that demand independent audits:

  • Venture-backed: Many venture capitalists do this, though not all of them. They have the right to demand that an experienced third party conduct an in-depth audit of your financial accounts.
  • Bank-affiliated: Not all banks will want an audit of the financial records of your business. However, a lot of people of a certain size do require them.
  • Seller: Every corporation that intends to sell its firm would be wise to organise an audit. Most prospective purchasers will require one because they want to confirm that the numbers you present adhere to GAAP. The sale price can increase with two to three years’ worth of audited financial documents.
  • Public: You need three years’ worth of audited financial documents to float your business.

When Ought One To Think About An Audit?

If you plan to have your financial accounts audited, you should work with a financial expert and set up a meeting with your audit team early.

You must inform your financial staff of the difficulties facing your business and give them ample time to complete their list of audit request items.

What Actions Should You Take To Prepare For An Audit?

The more prepared you are, the faster and easier an audit can be conducted. Preparation begins well before the audit and has much to do with how your business initially handles its finances.

Make sure your business is audit-ready by carrying out the following important tasks:

Implement a rigorous closing process each month. Making sure that all transactions, journal entries, and financial statements are timely and precisely recorded will be made simpler.

Collaborate with a seasoned financial specialist to assist you with your business ambitions. The smartest way to organise, plan, and handle financial issues is to find the right financial consultant.

Look for someone with auditing experience. Usually, this will be the company’s chief financial officer or an accountant on the Sunshine Coast. The CFO will be in charge of working with the audit team, offering any pertinent information, and resolving any potential issues.

Amass the required information, documents, and data.

What Documents Are Needed For An Audit?

For a typical audit, access to the following will be required:

  • broad transactions
  • confirmation of significant assets (i.e., cash, accounts receivable, etc.)
  • Corporate records about equity
  • Material contracts
  • Internal system safeguards are examined
  • P&L classification for expenses

Conclusion 

Companies need to understand when to get an audit. The timing of an audit depends on the size and nature of the organisation, the type of audit, and the organisation’s goals. 

Generally, companies should consider getting an audit by accounting firms on the Sunshine Coast if they are experiencing significant changes in their business structure, operations, or finances or if they need to meet certain legal or regulatory requirements. 

Additionally, companies should consider getting an audit if they want greater assurance and visibility into their financial statements and performance. Ultimately, the right time to get an audit depends on the needs and goals of the organisation.

SMB Accounting does Individual tax returns, small business accounting with various small business accounting packages available, SMSF audits (self-managed super funds), and a Xero accounting software-based accounting business. We also offer the following audits: trust account audits, audits of non-profit organisations, audits of special purposes financial statements, special needs audits, and more. Speak to an accountant on the Sunshine Coast today!

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5 Reasons Why Small Businesses Need an Accounting Firm

Running a small business can be overwhelming and time-consuming. With the help of an accounting firm, small business owners can simplify their finances and make sure that their company is running efficiently. Here are five reasons why small businesses need an accounting firm.

1. Access to Professional Financial Advice

As a small business owner, it’s important to have a good handle on your finances. An accounting firm can provide professional advice on tax planning, cash flow management, and budgeting. This can be extremely helpful in making sure your business is on the right track.

There are a few things to keep in mind when working with an accounting firm. First, be sure to ask plenty of questions. It’s important that you understand the advice they’re giving you, and how it will impact your business. Second, don’t be afraid to negotiate. Many firms are willing to work with you on pricing, so don’t be afraid to ask for a better deal. Finally, make sure you’re comfortable with the firm you choose. You’ll be working with them closely, so it’s important to make sure you’re compatible. If you’re looking for professional advice on how to run your small business, an accounting firm is a great resource.

2. Improved Cash Flow Management

Accounting firms can help small businesses manage their cash flow more effectively. They can provide advice on budgeting and cash flow forecasting, as well as help set up systems to make sure that payments are received on time.

3. Reduced Risk of Mistakes or Errors

When it comes to finances, there is no room for error. This is especially true for small businesses, who may not have the resources to weather a financial mistake. This is where an accounting firm can help.

An accounting firm can help minimize the risk of financial mistakes. They can help small businesses stay on top of their taxes, ensure accurate accounting records, and provide guidance to ensure that the business remains in compliance with applicable laws.

4. Increased Efficiency

An accounting firm can help small businesses streamline their processes. They can set up systems to automate certain financial tasks, such as billing, invoicing, and payroll. This can save small businesses both time and money.

5. Peace of Mind

As a small business owner, you have a lot on your plate. You’re responsible for keeping your business running smoothly, achieving your goals, and growing your business. This can be a lot to handle, and it’s easy to get overwhelmed.

One way to ease the burden and take some of the stress off of your shoulders is to work with an accounting firm. Having a team of professionals to handle your finances and keep your books in order can give you peace of mind and help you focus on what’s important.

Conclusion

Overall, an accounting firm can be a valuable asset to small businesses. They can provide professional advice and help streamline financial processes. This can save small businesses time and money, while also giving them peace of mind. Working with an accounting firm is an important step for any small business owner.

If you’re looking for a reliable tax consultant, then you’ve come to the right place. SMB Accounting is fast becoming one of the leaders in Australia when it comes to providing accounting services. As an accounting firm serving Brisbane, Sunshine Coast, and Fraser Coast, we help clients by providing business advice, taxation, and XERO/MYOB/Quickbooks consulting. Whenever you need help managing your income tax returns or keeping your finances in check, SMB Accounting is the one to call. Contact us today to get started.

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13 Ways a Good Accountant Can Improve Your Business

As a business owner, you must understand the importance of small business accounting. An accountant can help you manage your finances, stay compliant with taxes and regulations, and make more informed decisions about your business. But a good accountant can do more than just crunch numbers. They can provide valuable advice and insight into your business operations, helping you make the most of your resources and improve your bottom line.

Here are 13 ways a good accountant can help improve your business.

1. Help You Create a Budget

A good accountant can help you create a budget tailored to your business. They can also advise on managing your finances to maximise profits.

2. Prepare Financial Statements

A good accountant can prepare financial statements that will help you analyse the behaviour of your business. This is important for setting objectives and making strategic decisions.

3. File Taxes

A good accountant can help you file your taxes quickly and accurately. This is an essential task for any business and can save you time and money.

4. Analyse Financial Data

A good accountant can analyse your financial data to help you make enlightened decisions about your business. They can also provide advice on how to maximise profits and minimise losses.

5. Provide Cost-Cutting Strategies

Good accountants can help you identify areas of your business that may be overspending or inefficient. They can advise on how to streamline processes and reduce costs, helping you maximise profits.

6. Manage Cash Flow

Accountants can help you manage your cash flow and ensure you’re meeting all of your financial obligations. They can also advise better management of your accounts receivable and accounts payable invoices.

7. Negotiate with Vendors

A good accountant can help you negotiate with vendors to get the best product and service prices. This can save you money and help you stay competitive.

8. Identify Tax Savings

A good accountant can help you identify tax savings that you may need to be aware of. This can help you reduce your overall tax burden and save you money.

9. Monitor Financial Trends

A good accountant can help you monitor financial trends and advise how to adjust your business strategy accordingly. This can help you stay ahead of the competition.

10. Help with Business Expansion Planning

If you’re looking to expand your business, a good accountant can provide valuable insight into the best way to do so. They can help you evaluate potential investments and weigh the pros and cons of different expansion strategies.

11. Prepare Financial Reports

A good accountant can prepare financial reports that will help you understand the performance of your business. This is important for making strategic decisions and setting objectives.

12. Provide Financial Advice

A good accountant can advise on how to make the most of your finances. They can also advise on managing your finances to maximise profits and minimise losses.

13. Help with Fraud Prevention

Accountants can help you identify potential fraud or other financial risks that could put your business at risk. They can advise how to protect your finances better and safeguard your assets.

Conclusion

Having a good accountant can help improve your business in many ways. A good accountant can help you keep track of your finances, help you save money on taxes, provide advice on investments, and create financial plans for the future. By having a good accountant, you can ensure that your organisation is running smoothly and efficiently and that you are taking advantage of all the available opportunities to increase profits.

SMB Accounting is the perfect choice for all your small business accounting needs. We offer individual tax returns, small business accounting with various packages available, SMSF audits, and Xero accounting software-based accounting services. All our services are handled by experienced and qualified professionals who thoroughly understand accounting principles. Contact us today.

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9 Things You Can Refund From Your Work Travel Expenses

Regarding work travel expenses, it can be challenging to know precisely what you can and can’t get reimbursed for. Fortunately, a few standard fees can be refunded, depending on the company’s policy. 

You can get reimbursed for these nine things from your work travel expenses as long as they’re included in the company’s audit process:

1. Airfare

Airfare is typically one of the most expensive parts of any work trip, so it’s essential to make sure you are reimbursed for this expense. Many companies will provide you with a travel voucher or credit card to pay for your flight and then refund you for the cost.

2. Lodging

Depending on the company, you can get reimbursed for your lodging expenses. This could include the cost of a hotel, Airbnb, or other lodging arrangements. Be sure to check the company’s policy to make sure you are within the allowed limits. For example, if you need to stay in a hotel while travelling for work, you can get a refund for the cost of your stay. You will need to keep your hotel receipts to send to your company.

3. Incidentals

Incidental expenses, such as parking fees, internet access, and other costs you may incur while travelling, can typically be reimbursed. Be sure to save any receipts for these expenses to be refunded.

4. Business Supplies

You can be reimbursed for these expenses if you need to purchase any supplies for your work trips, such as office supplies or business cards.

5. Transportation

You can be reimbursed for the cost if you need to take public transportation, such as a bus or train, to get to your work destination. Be sure to save your tickets or receipts to be reimbursed.

6. Meals

Depending on the company policy, you may be able to get a refund for meals while travelling for work. Some companies provide meal allowances or reimbursements for meals purchased while on the job. Remember to compile all receipts and any paperwork related to meals so you can submit them for reimbursement.

7. Car Rental

If you need to rent a car while travelling for work, you can get a refund for the rental cost. Many companies will reimburse you for or at least part of the rental. Compile all your receipts and run them for the company audit process. Wait for it to be refunded.

8. Parking Fees

You can get a refund for the cost of the parking and let it run on your company’s audit process. The companies will reimburse you for the parking, or at least part of it. Keep all your receipts and any paperwork related to the parking so you can submit them for reimbursement.

9. Conference Fees

Suppose you attended a conference or seminar connected to your job. Be sure to keep any receipts from the conference and submit them for reimbursement.

Conclusion

When it comes to working travel expenses, there are a few ordinary expenses that can be refunded. Be sure to check your company’s policy on reimbursement to make sure you are within the allowed limits. You can ensure you get the most out of your work travel expenses with the correct information.

SMB Accounting offers a range of services for small businesses, from individual tax returns to small business accounting, SMSF audits, and Xero accounting software-based accounting. With competitive rates and flexible payment options, our business is suitable for anyone looking for a reliable and efficient audit process and accounting service. Contact us today!

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5 Important Factors to Consider When Hiring a Tax Accountant

Tax season can be a stressful time for individuals and businesses alike. With the ever-changing tax laws, filing taxes can be a complicated and time-consuming process. That’s why it’s important to find a qualified tax accountant who can help navigate the complexities of the tax code. But, with so many options available, how do you know which tax accountant is the best for you? To make the decision easier, here are five important factors to consider when hiring a tax accountant. 

1. Credentials

The first and most important factor to consider when hiring a tax accountant is their credentials. Make sure the accountant you hire has the necessary qualifications and certifications. The most common qualifications include a Certified Public Accountant (CPA) or Enrolled Agent (EA). A CPA is a professional who has passed the CPA exam and is licensed to practice public accounting. An enrolled agent is a federally-authorized tax practitioner who has demonstrated expertise in tax law. 

2. Experience

When it comes to taxes, experience is everything. You want to make sure that the tax accountant you hire has the necessary experience to handle your unique tax situation.

Ask about their experience in filing taxes for individuals, businesses, or both. Additionally, ask about the types of tax situations they’ve handled in the past. This will give you a good idea of whether or not they’re up for the task.

It’s also important to choose a tax accountant who is familiar with the tax laws in your state. This will ensure that they can provide the best possible advice and service.

3. Reputation

Before hiring a tax accountant, it’s important to do your research and find out what others have to say about them. Check out online reviews and ask for references from past clients. This will give you a better idea of the quality of service the tax accountant provides.  You should also ask for referrals from friends or family. If someone you trust has had a good experience with a particular accountant, that’s a good sign.

4. Cost

Cost is another important factor to consider when hiring a tax accountant. Ask for a quote before hiring to make sure that their services fit within your budget. Also, make sure to inquire about their payment policies. You want to make sure that you understand the full cost of the services before signing any contracts. 

5. Communication

Finally, it’s important to ensure that the tax accountant you hire has good communication skills. After all, they will be responsible for helping you make important decisions regarding your taxes. Make sure that the accountant you hire is someone you feel comfortable discussing your financial situation with.

Conclusion

We hope this article helps you gain a better understanding of how to hire the right accountant. These are five important factors you should consider when hiring a tax accountant. It’s important to take your time and

If you’re looking for a tax consultant, then you’ve come to the right place. SMB Accounting is fast becoming one of the leaders in Australia when it comes to providing accounting services. As an accounting firm serving Brisbane, Sunshine Coast, and Fraser Coast, we help clients by providing business advice, taxation, and XERO/MYOB/Quickbooks consulting. Whenever you need help managing your income tax returns or keeping your finances in check, SMB Accounting is the one to call. Contact us today to get started.

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