Latest Blogs
Tax Return Accountant’s Guide for Your Tax Return Lodgment
As a sole trader, you have to look after various things to run your business successfully. If you don’t know about taxes, although it may feel like a daunting task, you can seek help from a professional tax return accountant. Tax accountants can help you with various...
What Happens When You Fail to Meet Tax Obligations?
When you start a business, you need to perform various tasks. Knowledge regarding company taxes is important because, for a company, understanding tax requirements will help you to avoid penalties. Australian tax rules and regulations are very strict. Penalties will...
Maximising Tax Benefits with the Help of Taxation Accountants
Australian business owners like to do everything on their own. However, professional taxation accountants could help you get more tax refunds and save you thousands of dollars in the future. When tax season is around the corner, everyone needs to prepare the required...
Important Books and Records That Your Company Should Keep
Maintaining accurate and up-to-date records in a company is important for the success of the business. Organised business records help you reduce losses, meet any legal and taxation authority requirements, and manage the cash flow of the company. Your accountant can...
Why Do You Need an Accounting Firm for Your Startup?
At the starting phase of your journey as an entrepreneur, it is easy to keep your business finances organised. However, as your company grows, the complexities in business finances will also increase. The good news is that you are achieving something in your life. In...
Understanding the Basics of Financial Reporting
While it is important for all organisations to maintain financial records to track their business, some companies have additional reporting requirements. Basically, financial reports have a statement to know the financial position of the company, a statement of...
Methods of Choosing the Best Accounting Firm for Your Business
Every year ATO and government make changes to existing tax laws that can leave business owners scratching their heads. Tax return accountants can make it easy to help you keep updated on new tax laws and many offer advice on business finances and help business owners...
How Much Tax will be Imposed on Super Balances Over $3M?
Treasury has issued the exposure draft legislation for consultation to represent that the Government will impose a 30% tax on future super fund earnings where the total super balance of the member is over $3m. 30% Tax on Super Balances Above $3m According to the...
A Guide to Company Money for Business Owners
Starting up a business not only consumes a lot of time but also consumes a lot of cash, and a lot of money is usually paid in the form of tax. Therefore, it sounds good when your business is all set to pay you back. There are various ways business owners look for...
How Does FBT Tax Exemption Apply to Electric Cars?
The Australian Taxation Office (ATO) has released new information on electric vehicles just in time for the start of the Fringe Benefits Tax (FBT) year that started on 1 April. The FBT Exemption for Electric Cars The FBT exemption for electric cars applies if your...
Benefits of Keeping Accurate Records for Businesses
How you record all your business records will have a direct impact on your business because organised records will help you stay organised, on the other hand, unorganised records will leave you in the mess, especially when your business decisions depend on your...
9 Tips for Maintaining Good Bookkeeping for Your Business
For every business’s success, maintaining good bookkeeping is one of the most important tasks. Therefore, it is important for every business owner to maintain their business books. In today’s blog, we’ll share a few tips that entrepreneurs can follow for better...
Tax Deductions You Can Claim With a Tax Return Accountant
Are you getting confused about what business expenses you can claim for your business to save more? When you prepare for tax returns, it might be tricky and challenging to know what tax deductions you can claim. Many business owners don’t know what tax deductions they...
Hiring a Tax Return Accountant Vs Doing Your Own Tax Return?
When it comes to lodging your tax return as a business or an individual, everyone asks the same question: do I need to hire a tax return accountant or do my own taxes? If you are a business owner with complex income streams, then seeking help from an experienced tax...
Simplify Tax Season with a Professional Tax Return Accountant
Whether you are a startup business owner, with time, your business will grow. Then, business finances and other expenses can get complicated. Keeping track of all your business finances can be time-consuming. To make this entire process done in more effective way, you...
Guidelines for Electricity Costs for EVs, Use of Motor Vehicles, and SMSF
In this blog, we’ll share rulings, determinations, and guidance by the ATO on electricity costs for EVs, private use of motor vehicles, LAFHA reasonable rates, and managing SMSF non-compliance. Electricity costs when charging an electric vehicle at home The ATO...
Latest Tax Changes Announced by the Regulators
Changes to the tax legislation by regulators have been mentioned in this blog. Take a look at the following sections to get updates on newly announced tax changes. Penalties on Taxpayers for Overdue TPAR According to the ATO, from 22 March 2023, penalties will be...
Proposed New Tax Changes by the Government
In today’s blog, we’ll share new information on tax changes recently announced by the government. Every accountant and adviser must know about this new update. Continue reading this blog to know what new changes have been proposed. Consultation on Over $3m Super...
7 Things to Consider for Effective Tax Governance
To support effective decision-making and make sure tax and super obligations are met, you need to follow a few rules of effective tax governance. Tax governance not only has a positive influence on your relationship with the ATO, but it can serve various benefits to...
Important Tips for Preparing and Lodging BAS and GST
As a business owner, you have to look after numerous things in your business. When it comes to the preparation and lodgment of BAS and GST, you must be aware of each and everything about BAS to avoid making mistakes. However, if you are busy making business strategies...
What is GST and How Does GST for Small Businesses Work?
Not every business needs to register for GST but penalties may incur if you fail to register for GST when you are required to do so. If your business is required to get registered for GST, you have to do it within 21 days. You must have an Australian Business Number...
Simplify Your Tax Filing Process by Hiring a Tax Accountant
Everyone wants to save money when tax season is around the corner. And, having a tax accountant by your side will help you save money and time. Small business accountants will help you lodge your tax returns properly and help you save money in the process. If you want...
Hire Accountants for a Small Business to Increase Profitability
Many business owners overlook the importance of hiring accountants for small businesses. However, when you seek help from accountants, they can actually save you time and increase your business’s profitability in the long run. An accountant can help you spot areas...
How Do Tax Accountants Help You with Tax Savings?
Are you paying extra taxes? Are you looking to increase your tax savings? Want to know how small business accountants can help you save your hard-earned money? As a business owner, you must know what taxes you should pay. Many of you may be unaware of possible tax...
How Accounting Services Can Help Your Company Succeed?
Did you know that your tax accountant can help you increase the profitability of your business? Many business owners don’t realise the benefits of hiring a professional accountant for their business. An accountant can offer strategic advice and different ways to save...
Claim Expenses for Working from Home with New Fixed Rate Method
The Australian Taxation Office (ATO) has announced new updates on how one can claim expenses for working from home. From 1 July 2022 onwards, you can choose either to use the ‘actual cost’ method or a new ‘fixed rate’ method (67 cents per hour) based on what best...
Use of the Actual Cost Method to Claim Expenses for Working from Home
The ATO has updated its method of claiming deductions for the expenses you incur while working from home. You can choose either to use the actual cost method or the fixed rate method from 1 July 2022 onwards based on what works best for you. In this blog, you’ll come...
What Questions will the ATO Ask about Your Holiday Home?
People with holiday homes are accessing more deductions than they should and this is the reason why the ATO is concerned about those deductions and they have started asking a few questions to examine claims. In today’s blog, we’ll discuss all questions which will be...
Everything You Must Know About Purpose and Access to Superannuation
Ahead of the 2023-24 Federal Budget, a consultation paper released by the treasury has become a trending debate about the purpose, role, and access to superannuation. Keep reading this blog to know more about superannuation: What is the Objective of Superannuation?...
Working of Proposed 30% Tax on Super Earnings Over $3m Explained
According to the government, from 1 July 2025, for total superannuation balances over $3m, the 15% concessional tax rate applied to future earnings will increase to 30%. According to an initial media release, the tax would apply to ‘accumulation balances’, the fact...