The following provides important information and instructions to complete and lodge your tax return. Who can complete your tax return? You can get someone else to complete your tax return for you: Whoever helps you: Lodge your tax return by 31 October 2023 If you’re lodging your own tax return, you need to lodge it…
Read more
Tax time essentials, learning resources, tools and services to support small business. Tax time essentials The ATO offer a range of tools and services to make it easier for you to get your tax and superannuation right. They want to help you manage and grow your business and get back on track if you need…
Read more
There are echoes of the past as rising inflation and interest rates threaten to push Australia and other developed economies into recession, but what is recession, exactly? How can inflation and interest rates interact to trigger a recession? Former Australian prime minister and treasurer Paul Keating infamously stated in 1990, following the release of data…
Read more
The end of the year is a busy time for many reasons. Prepping for the holidays, making time for family, and planning for the new year keeps most of us busy through 1 January and beyond. As a small business owner, you have an even longer list of things to think about at the end…
Read more
Each year as end of financial year (EOFY) draws closer, scammers come out in troves looking to score a quick buck, and it’s apparent 2022 is no different. The latest phishing scam that MailGuard has now intercepted claims to come from myGov and could steal your account and credit card credentials. If you’re not a…
Read more
Accountants should alert clients of the need to keep receipts to claim using other methods, says IPA. People who work from home will need more detailed records to claim expenses after the shortcut method ends in July and tax agents should start telling clients, said the IPA. The general manager of technical policy at the…
Read more
A recent survey of nearly 1,600 people revealed almost all respondents believed knowing their credit score was critical to improving their finances. The survey also found the majority of people have no clue what their score is. A credit score is a number that depicts a consumer’s creditworthiness. The higher the score, the better a…
Read more
The potential for e-invoicing to save businesses both time and money can’t be understated, but are business owners even clear on what it is? There are over 1.2 billion invoices sent in Australia alone each year, with 89 percent of these sent by small to medium sized businesses. The sheer volume of invoices sent each day leaves them open…
Read more
Cloud accounting may sound like more tech-industry jargon, but the concept behind it has caused huge and overwhelmingly positive impacts for business owners over the past decade. Also known as ‘online accounting’, cloud accounting generally makes managing your finances and tax affairs easier, faster and safer for business owners. What is ‘the cloud’? When someone…
Read more
Cloud computing got you perplexed? You’re not alone. Most of us talk about ‘the cloud’ without even realising what it really means. We’re clearing the air on cloud computing and how it can benefit your small business. So what is the cloud? The cloud is where you put all your data, all your files and…
Read more
The accounting industry’s interest in cloud services — from online bookkeeping to full-featured accounting software — shows no signs of slowing down. Intuit’s e-book “The Appification of Small Business,” forecasts 78 percent of small businesses will be fully cloud operational by 2020. The cloud is a collection of securely networked physical servers where customers upload and…
Read more
A recent judgment heard by the Full Court of the Federal Court will have a profound impact on the way accountants approach matters concerning spousal assets. The matter of Commissioner of Taxation v Bosanac [2021] FCAFC 158 was heard recently with the judgment holding that a $4.5 million property acquired in the name of one spouse was jointly owned…
Read more
Cash-flow issues have reared their head again across Australia’s SME community again, with one in four small businesses reporting late payments. According to a new Xero survey of more than 1,000 SMEs, late payments have become a major stressor with 24 per cent of small businesses and sole traders delaying payments to themselves due to cash-flow challenges.…
Read more
Every business uses assets to generate revenue. Think of depreciation as a warning light that tells you the remaining value of the life of each asset. To understand depreciation, you’ll need to know what assets depreciate, common depreciation methods and the impact depreciation has on your financial statements. What is depreciation? Depreciation is the decline in the value…
Read more
A chart of accounts is a lot like the game Jenga. If you take a block away from one section of your business, you have to add it back somewhere else. Accounting systems by definition have a general ledger in which your asset accounts (what you own) match your liability accounts (what you owe). While…
Read more
