As the financial year draws to a close, it’s crucial to ensure that you’re well-prepared for tax time. Whether you’re a business owner or an individual taxpayer, nobody wants to pay more tax than necessary. Here are detailed tips and advice to help you minimize your tax liability legally. Why Seek Professional Tax Planning Advice? … Read more
Prepay Expenses: Prepay expenses where possible to get a tax deduction in this financial year. Also, ensure you run the final payroll for this year before June 30th, subject to your pay cycle. Superannuation Contributions: Pay your employees’ superannuation for the June quarter before June 30th to claim a deduction for this financial year. Verify … Read more
You don’t need to know everything about tax, this is our job! We have been around for about 15 years and we really know our stuff. Why do our clients choose us? Maximum Tax Refund (Guaranteed) Award winning customer service Provide customised solutions to our clients Trained specialists covering a variety of accounting, finance and … Read more
Pay as you go (PAYG) instalments is part of tax planning ahead for your income tax. It is a system for small business owners and individuals to make regular payments towards their expected tax liability for the current financial year. Here are some key points to understand about PAYG instalments: How it works: PAYG instalments … Read more
YES! There are ways to minimize your tax liability. Here are some tips: Take Advantage of Tax Deductions and Credits: Be sure to claim all the deductions and credits you are eligible for, such as charitable donations, mortgage interest, education expenses, and retirement contributions. Use Salary Sacrificing: With salary sacrificing, a taxpayer would put some … Read more
Bookkeeping is an essential task for small business owners to keep track of their finances and make informed business decisions. Here are some bookkeeping basics for small business owners: Keep Accurate Records: It is important to keep accurate and up-to-date records of all financial transactions. This includes invoices, receipts, bank statements, and other financial documents. … Read more
Tax season is fast approaching – Now is the time to start getting ready to file your taxes. For many people, this is an exciting time of the year where we get back some of the hard – earned money that was taken out from wages. On the other side it is an obligation for … Read more
If you have received payments from Services Australia due to the lockdown, there is good news for you! With Australian states re-entering the lockdown, some individuals will be required to lodge an amendment, if they have already completed their tax return for 2020-21. The Covid-19 disaster payment receivers will be able to take home more money, under … Read more
Juggling on a daily basis to manage your finances? Do you really plan your expenses well to balance your personal and financial aspects of the business? Are you drawing funds from your business randomly? If you have answered YES to even one of the questions. You know you are not managing it well. If your … Read more
As accountants, we support individuals & businesses to comply timely with their tax obligations and help our clients save money. However, what is the safest bet for businesses? Is it the Australian Taxation Office (ATO) adapting to “Work from home” changes? Or resolving challenges arising from inconsistencies in recognising income from your books? Bookkeeping is one of … Read more
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