Category: Tax & 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 …
Continue reading “ATO Audit Risk For Cash In Hand Businesses & Individuals”
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…”
Adam talks about the rising cases of A DPN Notice or warning being issued by the ATO and what to do to avoid this or other more serious consequences of being behind on your business tax debt. Have you been sent a demand letter or a DPN Notice or warning from the ATO? Recently, the …
Continue reading “DPN Notice: What to do if you’re behind on your business tax debts”
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 …
Continue reading “Sole trader vs company – 4 reasons why a company structure is better”