Accounting
The Pitfalls of Borrowing From Your Business
Division 7A is a rule that comes into play when owners of private companies take money out of their businesses in ways that aren’t straightforward salary or dividends. A common scenario that triggers Division 7A is when a business owner takes out a loan from their company and doesn’t pay it back under the terms…
Changes to Stage 3 Tax Cuts
The Federal Government has unveiled a proposal to reshape the scheduled Stage 3 personal income tax cuts, set to commence on 1 July 2024. This decision comes after extensive speculation, with the government aiming to reallocate and extend the benefits of these tax cuts to a larger segment of the Australian population. What are the…
Everything to Know About the Small Business Export Loan
This program aims to provide businesses with the necessary funds to satisfy their cashflow needs and support their export transactions when their bank is unable to help. It is an unsecured, government-backed loan solution with an easy online application and expedited approvals, targeting businesses with an annual turnover exceeding $250,000. Program Features Loans ranging…
A Comprehensive Guide to Staff Parties and Gift Giving
The festive season is upon us, and as businesses prepare to celebrate with staff parties and express gratitude through gift-giving, it’s essential to navigate the intricate landscape of tax implications. In this guide, we’ll focus on the deductibility and Fringe Benefits Tax (FBT) aspects, ensuring your celebrations are not only joyful but also tax efficient.…
Xero vs QuickBooks: Who is The Clear Winner?
In the realm of accounting software, QuickBooks and XERO stand out as two of the most popular choices for businesses of all sizes. Both platforms offer a wide array of features designed to simplify financial management. However, when it comes to choosing the right solution, it’s essential to consider various factors. In this comparison, we…
4 Essential Tips to Ensure your NDIS Business Succeeds
Launching and managing a National Disability Insurance Scheme (NDIS) business can be a rewarding venture, but it comes with its unique challenges. To thrive in this specialised field, it’s essential to prioritise certain key elements that can make or break your business’s success. In this article, we’ll explore four critical factors to consider for ensuring…
Why June is the perfect time to change accountants
June 8, 2023 | Accounting As a business owner, finding the right accountant is crucial for the success and growth of your company. Accountants play a vital role in managing finances, optimizing tax strategies, and providing valuable insights. However, there are times when changing accountants becomes necessary. This article will explore why June is the…
4 essential accounting tips for NDIS businesses
April 13, 2023 | Accounting Running a business in the National Disability Insurance Scheme (NDIS) can be challenging, especially when it comes to accounting. Proper systems and accounting best practice is crucial to achieving sustainable growth of your NDIS business. Here are 4 things to have in place to ensure your NDIS business is in…
Proposed changes to work from home expense claims
The Commission of Taxation has recently released Draft: Practical Compliance Guideline PCG 2022/D4. This guideline defines a new and revised fixed-rate method for taxpayers to claim deductions incurred from working from home. Given the major uptake in work from home arrangements post-COVID, the legislation of these new rules would result in significant changes to the…
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 list consists of the important topics to discuss with them…