2020 Business Tax Planning Strategies June 9, 2020 | Accounting, Business, Tax With the impact of COVID-19 on your business, whether directly or indirectly, tax planning for 2020 is essential. It is critical that you take every opportunity to optimise your tax and financial position before the 30 June 2020 deadline, even if your business…

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What has changed after 20 years with GST? May 12, 2020 | Accounting, Business, Tax 2020 marks the 20th anniversary of the implementation of the Goods and Services Tax, or GST as it is more commonly known. GST is a 10% tax applied to most goods and services (as the name suggests) and whilst it…

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Australian small businesses using Macs have the same financial tasks as those using PCs. But often it’s a challenge to find Mac accounting software that’s as feature rich as the Windows version. So, if you’re on the hunt for the best accounting software to run on your Mac, you’ll find you answer here. Hint: It’s…

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You may be surprised to know that there is more to accounting than tax and bookkeeping. While they both are major parts of an accountant’s job, as cloud computing makes these less time consuming, the role of an accountant has shifted. Now, an accountants’ services goes beyond simple tax and bookkeeping.   Now your accountant can act more as your advisor, offering further services that…

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Xero is the big thing in the world of small business software. It enables business owners, employees, and accountants to do so much more within a business, all from one place, without the insane cost it would have required before Xero. Now you can automate many tedious processes, see all your data in real-time, and collaborate with…

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As we are getting closer to the end of the 2019-2020 financial year it is important to recap what tax deductions you can and cannot claim. To make things easier there are a few general rules that apply to most deductions you can make. Your expenses will be claimable if:  It was a work-related expense  There is an official…

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If your business is registered for GST you should be aware of the reporting requirements you have. Most businesses will need to report the GST they collected each quarter in a business activity statement (BAS). Where things can get confusing for some business owners is in the different reporting methods you can use. Often, business…

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Your employees are the lifeblood of your business. They have used their experience and talents to take what you started further than it ever could have gone before. Often, they can become like family. But when disaster strikes and your employees are impacted by it, providing help is the first thing on our mind. Normally,…

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Becoming self-employed is a great goal. Starting your own business is a part of an exciting journey to financial freedom. You are in good company too, according to the Australian Government 98% of all Australian businesses are small businesses. The trick to finding success when starting your own business is to become financially savvy. If…

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Everyone loves a great Christmas party. They are a great way to let your employees know that their hard work is well appreciated. However, a little tax planning is necessary to ensure you aren’t copped with a huge FBT (Fringe Benefits Tax) bill at the end of the fun.   Generally, the three primary benefits employers will provide their…

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