Company tax in Australia is a tax your business pays on its profit – that is, your total income minus allowable business expenses. Taxes on company profits are a major consideration for businesses operating in Australia, and company tax is a key part of the Australian taxation system. Understanding your corporate tax rate obligations is…
If you’re a business owner, you’ve probably heard the term “Chartered Accountant” but aren’t sure what sets them apart from your regular accountant. Chartered accounting is a globally respected profession with rigorous educational, experiential, and ethical standards. If you’re a student or career-changer, you’re weighing whether the CA pathway is worth the commitment. Here’s the…
This guide helps small business owners, sole traders, and startups find the best accounting Sydney has on offer. TL;DR: Quick Guide for Sydney Small Business Owners –Top 5 Takeaways: What “Best” Means for Accounting Firms in Sydney The right accounting partner combines technical skills with strategic advice and modern technology. They should also have extensive…
Audits can be scary, but there is a lot you can do to prepare in order to have the best possible experience. Here’s what happens during an ATO audit.
Medical professionals constantly juggle their day-to-day practice with the business side of things. But let’s face it, as a doctor, you’ve got your hands full with patient care, so management and financial planning tends to take a backseat. While a doctor’s primary goal is to focus on providing health services to their clients, they mustn’t…
Knowing the difference between the two accounting methods is vital as a business owner because it can significantly impact your business. You must decide between two primary methods: accrual accounting or cash accounting. Cash accounting is the oldest form of accounting for businesses. As its name suggests, it records income that flows into your bank…
The last thing that any business owner wants to think about is closing their company. However, considering the worldwide pandemic and how tough the last two years have been on our economy, it has become an inevitable consideration for many business owners. Unfortunately, in the event that this occurs, the process is not as simple…
Considering the current state of the worldwide economy and the effects of the pandemic, it’s no surprise that business owners are rethinking their exit strategies, particularly in terms of liquidation. Some business owners have seriously weighed up the option of closing their doors to avoid possible negative consequences. But for others, the negative impact of…
Finding a good business accountant for your small business can seem like an impossible task. With so many accountants out there, it’s hard to know which one is right for you and your company. You could ask around for referrals, but at the end of the day, you need to find a business accountant who…
The ATO has announced that it will be actively reviewing entitlements by conducting cashflow boost audits and JobKeeper audits. At our accounting firm, we’ve seen this happen with several clients despite meeting eligible obligations, which has signalled that the ATO is very stringent on businesses meeting their obligations to receive the cashflow boost. Using Single…
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