Accounting
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 investment structures do not. What are the benefits of…
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 to suppliers as narrow as possible. A wide…
Family trusts in 2020 and end of financial year actions.
June 30, 2020 | Accounting, Tax As the end of the financial year approaches it is important that you take care of essential housekeeping for your family trust (otherwise known as a discretionary trust). Not completing these steps in time, or incorrectly, may result in unnecessary tax, and the loss of opportunities to optimise your family trust’s 2020 tax…
Extension to the $150k Instant Asset Writeoff
June 10, 2020 | Accounting, Business, Tax A few months ago, the Government announced that to assist with the recovery from the economic impact of Coronavirus, they have increased the instant asset write-off threshold from $30k to $150k for businesses making up to $500 million per year. This was originally limited to assets purchased or…
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 turnover has decreased. With the government’s response to…
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 was a big deal when it was introduced,…
What’s the best Mac accounting software platform in Australia?
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…
8 Services You Had No Idea Your Accountant Could Do
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…
Tax Return Tips For 2020
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: So, with that in mind here are some…
Cash vs Accruals, Which GST Reporting Method Is Better?
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…