30 April 2021
Creating a self-managed superannuation fund is an excellent way to help your employees plan for their retirement. It is a pension scheme similar to the one offered by the state, but you enrol the employees in your company in this case. Typically, you set the amount of money to be deducted from every employee. When you properly strategise and manage the fund, it can help you reduce employee turnover and improve your business profile.
29 March 2021
One of the biggest challenges that many small business owners struggle with is proper business administration. Sadly, few investors and entrepreneurs even realise that they have business administration problems until the business starts experiencing serious difficulties. One of the crucial administrative tasks that your business should have is bookkeeping. Most business owners believe that they have the time and the skill needed to manage their business financial records. However, they may end up handling their finances without giving them the necessary time and attention, which compromises their business profitability.
26 March 2021
The interesting thing about starting a small business is that you can manage all the functions from accounting to payroll and all other administrative functions. But as the business grows, your revenue will increase, your tax obligations will change and your employees will increase. When this happens, you have to be ready to hire professionals to help you with some of your business functions. A tax accountant is one of the first professionals that you should consider hiring to manage your business taxes.
11 March 2021
Tax processes can be rather tiring and complicated. But it is crucial to go over your taxes accurately to enjoy deductions. Unfortunately, not every Australian gets their full tax refund every year. That's because of the stringent rules governing refund claims. If you want to enjoy tax deduction when filing your income tax returns, follow the tips below. Maintain Accurate Records One of the primary reasons people get denied a maximum tax refund is because of improper tax records.
29 October 2020
A mistake here, a mistake there, and your business may be forced to pay more in taxes, and worse, in penalties. You also run the risk of having your business audited by the tax authority. The good news is that with expert tax accountants, you don't have to worry about such mistakes and their consequences. Here are some of the common mistakes that may cost your business big and how you can avoid them going forward.
23 September 2020
Whether you are a business or an individual, there is a point when you will need an accounting service to handle your financial affairs. The task of finding a reliable accounting service can be daunting for a newbie. Here are some tips on choosing the right accounting service for your specific needs. Qualifications The first thing to do when looking for an accounting service is to review the qualifications of their accountants.
20 August 2020
Running a business can become quite a complicated affair when it gets close to tax time, with many differences to the standard tax forms that a private individual has to submit. One of those is known as the BAS, and it is one of the most fundamental of all the different types of tax that a commercial company that is registered for GST has to submit. For those new businesses that haven't quite got the hang of their taxes yet, there are some things you should know about your BAS, and all of those questions can be answered by a good accountant, but here is a quick introduction.