Accounting
How to Keep Clear of an ATO Audit This Tax Time
Tax agents and their clients should expect greater scrutiny from the Australian Tax Office this financial year after the ATO released its first ever “Individuals not in business tax gap” report last year. The ATO is now looking to crack down on the $8.7 billion tax gap it identified in this report. The ATO also…
Don’t Forget to Claim Investment Property Depreciation This Financial Year
As a property investor, depreciation deductions can make a big difference to your cashflow. The Australian Tax Office (ATO) allows property owners to claim depreciation on their property as a deduction. Unfortunately, it is common for depreciation to be missed by property owners as it is a non-cash deduction. However, because it is a non-cash deduction, it can have an…
My Company is Profitable and I Am Paying Tax, But There is No Cash in the Bank. Why?
Business owners often ask where all the business’ cash has gone. Even after having a profitable year, there is often the harsh reality that there is no extra cash in the bank. First thought may be that the books are wrong or someone has made a mistake. More often than not, the explanation is hidden in the business balance sheet. Sure balance sheets…
3 Tips to Stopping Your Cashflow Problems
Every successful business needs good cashflow. It is an essential component that without it, a business will struggle to stay afloat. Whether your business’ cashflow is positive or negative can be a good indication of how your business is currently performing. If your cashflow is positive, then you are gaining more money than losing, if…
5 Essential End of Financial Year (EOFY) Accounting To Dos for Business Owners
The end of financial year can get hectic for business owners. It’s stressful trying to ensure that everything is in order and that you haven’t missed anything. To help you along we have created a list of 5 to dos for the EOFY. 1. Get organised The first step to any end of financial…
Property Investors: Are you ready for the End of Financial Year (EOFY)?
It’s almost EOFY tax time, are you prepared? It is very easy to put off preparations until after 30 June, but doing this may mean you miss out on the best possible tax outcome from your property investment. The EOFY offers the best opportunity to sort out any issues you have with your investment properties.…
A guide to motor vehicle deductions
Everyone is looking to get the most out their tax return. One of the biggest ongoing expenses most people need to deal with is their car. So, getting some of the money we lose back into our own pockets is paramount. The trouble is that the ATO has been trying very hard to crack down…
One Stop Guide To Make Record Keeping Easy For Your Small Business
Record keeping is a tedious element to owning your own business that is so important but a pain to do. However, it must be done. Whether it be for taxation or legal purposes, not having your records stored could lead you into deep trouble. Fortunately, there are some great methods that make the whole process…
What you must know about incentives to lease
The Australian commercial leasing industry has been shaken up by incentives to lease. To the point where they have become an essential attribute to any negotiation. These incentives will vary in degree depending on the rental market at the time. For example, these incentives will be lower when there is low vacancy or higher when…
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