Business Activity Statements are one of the crucial factors of tax compliance for every business in Australia. BAS returns can help companies report their Pay-As-You-Go (PAYG) instalments, Goods and Services Tax, and other taxes. Late GST payment or BAS lodgment can...
Accounting has become an indispensable part of a business for maintaining financial integrity and accuracy. A temporary pause in accounting practices can not only result in financial inaccuracy and inconsistency but also result in significant legal tax risks. That’s...
Division 7A and Guarantee Arrangements Under Section 109U, a private company is considered to have lent money to a shareholder or an associate of a shareholder if: The private company provides a guarantee for a payment or loan made by another entity. A reasonable...
Build-to-Rent Determination The Government has issued the Income Tax Assessment (Build to Rent Developments) Determination 2024, outlining the criteria for a dwelling to be classified as an “affordable dwelling” within the build-to-rent framework. The primary...
New Code of Conduct Guidance The Tax Practitioners Board (TPB) has released updated guidance related to the reforms of the Code of Professional Conduct (Code). These materials clarify the application of the eight new Code items outlined in the Tax Agent Services (Code...
Before submitting a tax return, you must be well aware of your income that is exempt from taxation. This blog will help you learn about the fundamentals of tax-free thresholds. The term ‘tax-free threshold’ indicates an annual income of an individual that doesn’t...
In today's fast-changing business world, trust is key to success, especially for small businesses that rely on strong community and customer relationships. One of the most important ways to build this trust is by being open and clear with accounting practices....
Startup business owners or small business owners have to compete with much larger organisations. This can make them vulnerable to losing money because they don’t have a specialist who can manage their finances and provide financial advice to save money. That’s why...
Are you a startup business owner? Starting a new business comes with excitement as well as challenges. Many startup business owners neglect using accounting services to save money, but they end up paying more than necessary due to their lack of knowledge regarding...
Many business owners assume they don’t need accounting services because they run a small business and their finances are not complex. Unfortunately, this assumption leads to business failure as they find themselves struggling with managing business finances, making...