Author: Adrian Monarca
Adrian is Co-Founder, CFO, and the Principal Accountant at Float Accounting.
The Australian Tax Office (ATO) Has signalled it is focusing on the cash economy and businesses/taxpayers trying to skirt the system. An ATO Audit can be a very stressful thing. If your business earns part of its income in cash payments, be prepared to have the Australian Tax Office (ATO) keeping its eyes on you …
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Adrian talks about a recent case study on poor accounting practices by a client’s previous accountant that cost the client $31,500.00 in overpaid tax, that the client would have never recovered (or even known about!). Is cheap accounting really worth it? Overpaid tax might be the result. Today, I wanted to share a real-life example …
Continue reading “Overpaid tax: This client nearly lost $31,500 because of these 3 mistakes…”
Death tax Australia is our topic for today, and how this affects when you should take out your super. Like most people, you may want to keep as much money in your superannuation account for as long as possible, as the longer your superannuation has a chance to stay within your account, the better the …
Continue reading “Death Tax Australia – Consider The Superannuation Effects”
People across different industries may have various items for work that they can claim a deduction on their tax returns for. Still, this season may see a few common occurrences across individual tax returns for 2022. On your individual tax return this year, you may notice a few expenses pertaining to COVID-19-related purchases, such as …
Continue reading “Claiming covid related work expenses on your individual tax return in 2022”
Succession planning can seem daunting, but there are things you can do to make the process much easier. If you want to pass your family business onto the next generation, there are a few things you need to think about. The first is finding someone in the family who is willing and able to take …
Continue reading “3 Things To Consider When Succession Planning”
Sole trader vs company – “which is better?” you might ask. Adrian our Principal Accountant discusses 4 reasons why company structures are better than sole traders. If you’re operating a sole trader business, consider the advantages of a company/trust structure covered in this video. Here are the 4 reasons why a company structure is better …
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Continue reading "UPDATED Government Financial Assistance Newsletter – August 2021 Lockdown"
ADRIAN MONARCA We hope you and your family were keeping well during the Extended Lockdown last month. Please note the below information pertains to the JULY 2021 Victorian lockdown and NOT the current AUGUST 2021 Victorian lockdown that came into effect on 5 August 2021. This DOES NOT mean the below information is no longer …
ADRIAN MONARCA We hope you have all been keeping well during the Victorian Lockdown given the circumstances. Now that Lockdown has lifted and restrictions have eased, we now have more clarity around the types of grants and payments available to 1) Eligible Businesses or 2) Eligible Workers.