Latest Blogs
How Accountants in Melbourne can Improve Business Workflow?
Are you thinking of hiring an accountant for your small business but unsure about what they can do for your business? Well, you can be sure that Melbourne accountants can do more than just handle accounting tasks. They act as a financial indicator that can analyse or...
How Can Tax Accountants Increase Business Profitability?
If you are a small business owner, you may look for different methods to grow your business and increase business profit. You can also hire a tax accountant for your business to access possible tax deductions. You can search for a ‘cheap tax accountant near me’ to...
Importance of Accounting Services for Small Businesses
Every business owner follows a robust business strategy to grow their business and accounting services can save business time and money. Working with an accountant offers your business on-demand financial and accounting advice as well as different benefits some of...
Everything about Deductions for Personal Super Contributions
You may have heard about various tax deductions, but did you know that you can claim deductions for personal super contributions? If you are not aware of such deductions, then this blog is for you. You might not know how to claim those deductions, and for this reason,...
What are Tax Concessions Available for Small Businesses?
As a small business, you can apply for various types of tax concessions. However, you must be aware of tax concessions announced by the legislative authority. A small business is considered a ‘small business entity.’ If you are a small business entity, then you may be...
Does a Personal Services Income Affect Your Tax?
According to the Australian Taxation Office (ATO), personal services income is an income that is a reward for your skills or efforts as an individual. Now, the question arises, do you offer services or products that depend on your personal skills? If so, the income...
Importance of Tax Planning for Every Business Owner
The New Year is around the corner, and as a business owner, you have to start thinking about business taxes again for the next year. Many of you may have already experienced many problems during the tax season because of not prepared taxes. However, you have to learn...
Business Taxes: What Taxes Do Businesses Need to Pay?
Tax is something that people don’t like to pay, but they have to pay to help the country to function properly. Before you know the basics of taxes and how they work, you must know what tax is and why it is necessary for the nation. As a business owner, you also have...
What is Capital Gains Tax for Businesses and How Does It Work?
Capital gains tax is one of the most complicated tax topics and many times, business owners get confused. However, there are various things that need to consider about capital gains tax (CGT) when you are looking to sell your organisation. Professional tax accountants...
Payroll Tax Fringe Benefits that You Should Know
Many business owners have used fringe benefits practices and this method is an excellent way for businesses to stay competitive, offer added value to employees and attract high-value employees. It is essential to completely understand what exactly payroll tax is...
What is a General Interest Charge and How Does It Work?
The ATO charges interest if you have a tax debt and this is known as the general interest charge (GIC). The general interest charge (GIC) rate is calculated each quarter. The exact rule is set out in tax legislation to calculate the GIC rate. The GIC will be shown on...
Tax Deductions for Dividend, Interest and Investment Income
Various tax rules and regulations allow taxpayers to claim tax deductions for dividends, interest and other investment income. However, you can claim these deductions if you have enough knowledge regarding this. If you are busy growing your business, then you can hire...
What Types of Tax Deductions Businesses Can Claim?
Running a business is a challenging task for every business owner, whether they are startup business owners or have experience in the industry. Various factors are responsible for a successful and unsuccessful business. You need to identify different opportunities to...
What Benefits You Can Get With Tax Planning?
Many business owners feel that the taxation process is fearful because of many reasons. These might include not knowing the taxation process, being weak in numbers, or other issues. If you are facing these issues, then you must take help from a Melbourne accounting...
Basics of Small Business CGT Concessions
The ATO has found that there are some wealthier and larger businesses, who have unintentionally claimed the small business capital gains tax (CGT) concessions when they were not eligible for this. If larger businesses mistakenly claim CGT concessions, then they can...
Overview of Business Record-Keeping Rules
The blog shares the information to understand the record-keeping needs for businesses to meet your superannuation, tax and employer obligations. Being a business owner, it is important for your business to keep detailed records of all transactions in relation to your...
Everything You Need to Know About Claiming GST Credits
Everyone is aware of the goods and services tax (GST), which is a tax of 10% on most services, goods and other items consumed or sold in Australia. There are a few things on which GST is not applied, and these are known as GST-free sales. In today’s blog, we’ll...
Basics of Fringe Benefits Tax Business Owners Must Know
In this busy world, it is quite challenging to retain talented employees, and business owners need to focus on it to keep them on board. For this reason, fringe benefits tax (FBT) may offer a solution to your business. Fringe benefits tax is considered a non-cash...
What Business Tax Deductions You Can Claim?
Tax season is considered the most important and stressful aspect for every business. However, do you know that you can lower income tax bills by applying for possible tax deductions? Most probably, business owners don’t know what they can claim and what they cannot....
Round Up of August 2022: The Investment Boosts
In 2022-23, Federal Budget introduced The Skills and Training and Technology Boosts and has made an appearance again in revelation draft form. In today’s blog, we’ll explain who can have access to measures and what expenses they support. Revival of the 120% Technology...
120% Tax Deductions for Skills Training and Technology Expenses
The legislative authority has renewed the 120% skills training and technology expenses deduction for small and medium companies. An election ago, the 2022-23 Budget suggested a 120% tax deduction for small and medium businesses' skills training and technology...
5 Signs Business Owners Should Hire a Tax Accountant
Are you scared of filing your income taxes every year? Does preparation of taxes take a lot of time? If your answer is yes, then you may have to take help from an accountant for your business. You can also look after some tax accountants near your local area by...
6 Benefits of Using an Accountant for Taxes
When running a business, there are a number of things to keep track of, from recording daily transactions to enhancing sales and customer service. If you are managing business accounts on your own or you are planning to hire someone to help you, then an accountant...
Is It Worth Hiring a Tax Accountant to Do Your Taxes?
Most often, you may be wondering whether it would be beneficial to hire a tax accountant for your business or whether you should manage your taxes on your own. Well, the answer is quite tricky. However, filing taxes is not easy as you think, and especially for those...
Should You Hire an Accountant for a Business or Opt for DIY?
Hiring an accountant for a business is a crucial step, and it must be taken after considering several points. No matter whether you have been managing your business accounts on your own, or you are planning a startup, there would be a time in your life, when you need...
How Can Your Business Benefit from Accounting Services?
Accounting is a part of every business, regardless of whether a small business or a large business. Accounts help in showing you the financial condition of your business that’s why a business can’t exist without accounting and tax accountants. Accountants play a...
Will Interest Rates Go High in the Coming Years?
The RBA increased the cash rate to 1.85% in August 2022. The rise comes a few weeks after Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that they are experiencing a process now of constantly maximising interest charges. They also said...
Can You Claim Cryptocurrency Losses and Gains in Your Tax Return?
The ATO has issued updated information on claiming Cryptocurrency losses and gains in your tax returns. The first thing that needs to understand is that losses and gains from crypto are solely stated in your tax return when you get rid of it, you sell it, turn it into...
Is Novated Lease Worth It in 2022 and How Does It Work?
If you are looking for a car in the market, then you may be considering various finance options like taking a personal loan or something else. But have you heard about Novated lease? In today’s blog, we’ll share information on Novated lease, how does it work, is...
The Round Up of July 2022: Rules Announced by Government and Regulators
From the Government Relief Payments Reinstated Related to Covid-19 In July the Federal Government accepted to reinstate the Pandemic Leave Disaster Payment for the time from July 1 to September 30, 2022, and this happened at the meeting of the national cabinet. People...