6 topics to discuss with your accountant before 30 June

6 topics to discuss with your accountant before 30 June April 4, 2022 | Accounting Meeting your accountant more than once a year is essential to running a successful business. As 30 June is approaching, this is a good time to schedule a catch up with your accountant to plan ahead before 1 July. This…

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4 red flags that mean it’s time to switch accountants

4 red flags that mean it’s time to switch accountants January 12, 2022 | Accounting A lot of business owners are frustrated with their current accountant, yet they decide to continue being a client of theirs. Why? It has been proven that sometimes people prefer to accept poor quality of something they know, as opposed…

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A summary on the temporary loss carry-back rules

A summary on the temporary loss carry-back rules May 26, 2021 | Accounting Designed to provide temporary cashflow support to companies that were in a tax paying position but now have a tax loss due to COVID-19 or faster deductions under the new instant asset write-off and full expensing measures. Corporate tax entities with ‘aggregated…

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How to achieve the best tax deduction for your home office expenses

How to achieve the best tax deduction for your home office expenses March 19, 2021 | Accounting Employees who work from home may be entitled to claim a deduction for expenses in relation to their home office. These could include electricity, phone, internet, or depreciation on equipment. If you are running a business from home,…

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An easy guide to QBCC annual reporting

An easy guide to QBCC annual reporting March 3, 2021 | Accounting QBCC reintroduced annual reporting in January 2019 due to a number of high-profile insolvencies. QBCC wanted more oversight into the financial information of its licensees. Until recently most licensees had 31 December as their annual reporting date. QBCC has now started providing licensees…

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2021 federal budget highlights

2021 federal budget highlights October 7, 2020 | Accounting, Business, Tax Last night, the Federal Government unveiled its 2020/21 Budget on what they called a paved road to recovery. A recovery highly focused on creating jobs, jobs, and more jobs. We have all heard about JobKeeper and JobSeeker decreasing and eventually fading out in March…

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Where should I be holding my assets?

Where should I be holding my assets? October 2, 2020 | Accounting Have you ever thought to yourself, should I be buying this asset under my name or the trust/company name? The answer to this question is complicated, and requires a few things to be considered prior to pulling the trigger. It is a valid…

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Family Trusts – Who should I Distribute the income to?

Family Trusts – Who should I Distribute the income to? September 29, 2020 | Accounting What is a family trust? A family trust (otherwise known as a discretionary trust) is set up to hold a family’s assets or to conduct a family business. A family trust allows certain asset protection and tax benefits that other…

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Managing debtors and cashflow for small business owners

Managing debtors and cashflow for small business owners July 9, 2020 | Accounting, Business, Tips and Tricks Managing debtors (otherwise known as accounts receivable) is a requirement of doing business for most businesses, small and large. A key aspect of well managed cashflow is keeping the gap between receiving money from customers and paying money…

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