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. […]

ATO Data Matching Aims For Tax Cheaters

By | June 28th, 2016|Individual Tax Return|

“In this world nothing can be said to be certain, except death and taxes. —- Benjamin Franklin While tax minimization in the legal frame is what we are aiming for, a lot of Australian taxpayers still dreaming about cheating on taxes. Now ATO gives you more reasons to stop that. ATO data matching tools are more powerful than ever, if you cheat, you will get caught. Not mentioned tax fraudulence is a serious offence to the law. […]

Attention Employers, SuperStream is Coming

By | June 17th, 2016|Accounting, Bookkeeping|

What is SuperStream? And How Can I be SuperStream Compliant? SuperStream is a new law introduced by the ATO so that employees can be notified by their super fund when their super is paid. So all employers will need to pay superannuation contributions electronically (EFT or BPAY), that is Super Stream compliant. The benefit for employers is that with SuperStream you can pay all super contributions in one transaction, even if they’re going to multiple super funds. To comply with SuperStream requirements, you can choose one of the following options. […]

7 Steps For Starting And Growing A Successful Business—- Unique Tips From Your Tax Accountant

By | April 25th, 2016|Start-Ups|

Starting your own business is exhilarating and demanding at the same time. Starting a business takes a lot of planning, from making financial decisions to competing for all the required legal activities to register and run your business. From writing a business plan to financing it, all require you time and effort. The successful businesses [...]