Accounting
A Guide On Helping Employees In Emergencies
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,…
5 Tips To Organising Your Small Business Finances
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…
5 FBT Tips For Christmas
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…
The ATO Is About To Send Letters To Airbnb Hosts Over Unreported Income
The Australian Taxation office is cracking down on those who rent out all or part of their property on Airbnb, or similar platforms, without reporting the income they receive. Over the coming weeks the ATO will send stern letters warning Airbnb hosts to report their income correctly. These letters will also outline what those who…
How To Claim An Extra $25.80 in Fuel Tax Credits per 100 Litres of Fuel
*FTC rates in this article apply for the period 5 August 2019 to 31 January 2020 Many businesses claim Fuel Tax Credits (FTC) on the vehicles they use in their day to day operations. FTC’s assist businesses by providing a credit on their BAS depending on the amount of eligible fuel used each period.…
How to Properly Recognise Income in Your Medical or Dental Practice
We’ve got some fantastic clients in the medical industry. When we get a new client in this industry, we see the same issues popping up every now and then. One of these issues is the way that income is recorded in the books of the business, and subsequently, how it is recorded on the BAS…
Advantages and Disadvantages of Using a Family Trust for your Business
A trust is a type of business structure often used by family businesses. In this structure, a trustee, who is either an individual or a company, will carry out the operations of the trust on behalf of the beneficiaries. Governing the trust is a Trust Deed which details all the rights and obligations of all…
How To Get Your PAYG Withholding Obligations Right
The rules have changed for pay as you go (PAYG) withholding. There are now changes to the rules surrounding claiming deductions on payments to your employees. As a small business owner, it is important that you keep up to date with and understand what changes have been made. Here is the rule change: What has been changed? …
Changes To QBCC Annual Reporting Requirements for Building & Construction Licence Holders
Written by Elle Sweeney What are the New QBCC Reporting Requirements? Phase 2 of the new minimum financial requirements (MFR) began on 1 April 2019 which requires licensees to report their financial information to QBCC annually (as was the case prior to 2014). The changes aim to improve the standards of financial reporting…
What You Can And Cannot Claim On Rental Property Expenses
To assist property investors there are many great deductions that you can take advantage of that will make your investment property far more affordable. However, often the claims that should make sense in the real world are not considered acceptable by the ATO. This can make claiming the correct tax deductions complicated for many property investors. You should always talk to your accountant…