Important EOFY Actions for 2020

By | May 26th, 2020|Individual Tax Return|

2019-20 has been an unusual year. This year, more than ever, we want to ensure that we help you reduce your tax exposure and minimise the risk of an audit by the regulators. This end of financial year update outlines the actions to take to do exactly that. We want to help you achieve the [...]

8 Ways to Work Effectively with Your Accountant

By | July 12th, 2019|Uncategorised|

When you work effectively with any supplier, consultant or service provider you naturally get more ‘bang’ for your buck.  Your accountant is no different.  With our decades of experience, we’ve seen it all.  Yes, even the good old fashioned ‘show box’.  As qualified accountants, we can value-add beyond preparing tax returns and accounting statements if [...]

How Should I Choose My Business Structure And The Tax Impact

By | June 4th, 2019|Accounting|

As a qualified and experienced Accountant, we really understand the importance (and differences) of each of the accounting structures a business can setup under.   All entities’ types are definitely not the same and we hope this clears up some uncertainty around accounting structures which are commonly used in businesses.  Sole Traders These are by far [...]

2019 End of Financial Year Checklist For Small Businesses

By | May 8th, 2019|Accounting|

I know many of you are wondering where that first half of the year went.  Already we are approaching the end of financial year and everything that involves it.  I wanted to get in early with this article to give you as much time as possible to prepare.  We do see some clients who leave [...]

2019 Budget Summary & Highlights

By | April 8th, 2019|Financials|

Well, the Federal Budget was handed down on Tuesday night 2nd April – about a month or so earlier than the usual May date.  As we are a Melbourne accounting firm, I’ll focus on the impacts particularly for Victoria and to business and tax payers generally.  Prime Minister Scott Morrison stated this as “the first [...]

GST On Property Developments – The Big Changes For Developers And Purchasers

By | March 9th, 2018|Accounting|

If a Bill currently before Parliament passes, from 1 July 2018, purchasers of new residential premises or new residential subdivisions will need to remit the GST on the purchase price directly to the ATO as part of the settlement process. This is a significant change from how GST is currently managed with the developer collecting [...]

Power And Influence – The other business influencer that can make or break you

By | March 5th, 2018|Business Marketing, Start-Ups|

Did a Kardashian really just wipe US $1.3bn off the share price of Snapchat? A tweet from Kylie Jenner saying “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad” is being credited as the catalyst for an 8% drop in Snap Inc’s share price. While the [...]

The ATO’s FBT Hot Spots 2018

By | February 28th, 2018|Accounting, Business Tax Return|

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Motor Vehicles – using the company car outside of work Just because your business buys a motor vehicle and it is used as a work vehicle, that alone does not mean that the car is [...]

How to Deal With an Overdue Company Tax Return

By | February 12th, 2017|Business Tax Return|

When it comes to submitting tax documentation to the Australian Taxation Office (ATO) for your business, it often feels like a never ending stream of IAS,BAS and Tax Returns – among many others. Keeping up with business taxation paperwork across all four quarters of the year requires a lot of time and attention, so it’s [...]

Xero Vs Quickbooks Online Vs MYOB:Increasing Trend of Online Accounting Softwares

By | September 2nd, 2016|Accounting, Bookkeeping|

  The dawn of new millennium in 2000 was followed by a rapid change in business accounting methods with the introduction of Goods and Services Tax. Since the last decade and a half, a considerable number of large and small scale businesses have computerized their account details and transactions. For many, the thought of computerizing their past data was tiring and unnecessary. Moreover, many businessmen refrained from it because of extra work introduced by GST. However, use of computerized accounts can save your business from total failure. Especially in case of small scale business, many think additional reports like BAS are unnecessary. The computerization of small business accounts can thoroughly provide automatic reports to government, which greatly cuts short the hassle and cost of compiling ATO cost. […]