Accounting
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…
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 to going out in the realm of the unknown and…
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 turnover’ of up to $5 billion can choose…
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, there are separate rules and allowable deductions which we won’t be focussing…
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 with their new annual reporting dates which…
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 2021, but where will…
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 strategy to hold assets in an entity…