What You Need to Know The Australian Securities and Investments Commission (ASIC) has recently cancelled the registration of 374 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements. This is a crucial step taken by ASIC to maintain trust and confidence in the SMSF sector, which holds more than $865 billion … Continue reading ASIC Cancels Registration of 374 SMSF Auditors
As a tradesperson, managing your finances can be a daunting task. From keeping accurate records to staying compliant with tax laws, there are many challenges that can arise when managing your accounting and bookkeeping. In this blog, we will outline some of the key challenges faced by tradies and how to overcome them. 1. Keeping … Continue reading Top 10 Challenges As A Tradie To Manage Your Finance
A customer credit policy is an important aspect of any business, as it helps to manage the financial risk associated with extending credit to customers. By setting clear guidelines for credit approval, credit limits, and collections, a credit policy can help to ensure that a business is able to maintain a healthy cash flow and … Continue reading 10 Easy Steps You Can Turn Customer Credit Policy Into Success
As a foreign owner of a residential property in Australia, it’s important to be aware of the vacancy fee that may apply to your property. The vacancy fee is an annual fee that is applied to properties that are not occupied or available for rent for at least 183 days (6 months) in a 12-month … Continue reading Vacancy Fee for Foreign Owners
In a business, losses are not the end of the road, but rather an opportunity to learn and improve. They are the result of an action or initiative taken in an effort to achieve success or risk taken in anticipation of creating something better or bigger. Losses are a record of what might not work … Continue reading Why Losses Are Shown in the Assets Side of Balance Sheet?
The small business capital gains tax (CGT) concessions are a set of tax provisions that allow eligible small business owners to pay less tax on capital gains they make on the sale of certain business assets. To be eligible for these concessions, a business must meet certain criteria, including having an aggregated annual turnover of … Continue reading Quick Tips for Small Business CGT Concessions
Electric Vehicles, especially below a certain range, would be more affordable for businesses, due to a new change in law for FBT. The Treasury Laws Amendment (2022 Measures No 2) Bill has passed the Parliament and introduces electric car discounts as an FBT exemption. Key Points Car benefit will be an exempt benefit for a year of … Continue reading FBT Rule Changes for Electric Vehicles
The ATO has issued new draft guidelines replacing the existing fixed rate method. Key Points · Replaces existing 52c fixed rate method · Applicable from 1st of July 2022 · In place for expiring COVID-19 short cut 80c method · New rate is 67c per hour · Includes all expenses like Electricity, Gas, home office … Continue reading Work from Home Running Expenses Deduction
Tax rates and laws continuously evolve as local and federal governments forge the best economic conditions to meet their goals. Thus, having an effective tax planning strategy is crucial in meeting individual or business objectives without clashing with the government’s tax policies. Smart tax planning aims to reduce your tax obligations while operating within the … Continue reading Adopting Tax Planning Strategies for a Long-Term Investment
The contemporary business environment is increasingly dynamic, with new accounting needs that businesses must contend with for sustainable growth. Failure to keep up with local and international accounting needs poses serious risks like derailed relations with business partners, local, government, and international litigations for compliance-related charges, or loss of vital client accounting information. Therefore, having … Continue reading How does an accountant add value to your small business?
