Accepting cash may become mandatory for Australian businesses
Australia is rapidly moving towards becoming a cashless society, though certain groups—particularly the elderly and those with lower incomes—continue to rely on cash for their transactions. To address this, the Federal Government is considering new legislation that would make it mandatory for businesses to accept cash for essential goods, including groceries and fuel. This initiative […]
Christmas Parties and Fringe Benefits Tax
As the festive season approaches, many businesses look forward to celebrating with employees, clients, and loved ones. However, it is important to understand the potential tax consequences of such events. To help you navigate this, we have outlined the tax treatment for Christmas parties and gifts below. Christmas Parties Held on Business Premises Held Away […]
Your upcoming tax calendar for November and December 2024
The holiday season and end of the calendar year are fast approaching. For many, this means attending various events and spending time with family. However, amid these distractions, it can be easy to overlook tax obligations. To help you stay on top of your tax responsibilities, we’ve outlined the key compliance dates coming up. Ensuring […]
The ATO’s top tips for running a small business.
Small businesses are the driving force behind Australia’s economy. In 2022, businesses employing fewer than 20 people contributed nearly $590 billion in value, accounting for approximately one-third of the country’s gross domestic product (GDP) during this period. However, maintaining effective financial management, accounting, and tax planning can present significant challenges for many business owners. To […]
Your upcoming tax calendar for September and October 2024
The new financial year is well underway, and many of you are currently finalising your general ledger accounts to provide us with the necessary information for preparing your 2024 financial statements and tax returns. To ensure you remain compliant with your tax obligations, please take note of the key upcoming compliance dates listed below. It […]
Your public company now needs a ‘consolidated entity disclosure statement’
Public companies are now obligated to submit a “Consolidated Entity Disclosure Statement” (CEDS) annually, providing detailed information on all entities within the listed or unlisted company. Following the Treasury’s announcement on 5 July 2024, and as part of the Australian Government’s commitment to tax integrity and transparency, all public companies (those open to public investment) […]
Getting your small business tax in order
As the 2023/24 financial year concludes, it’s important to prepare for submitting your tax return and ensuring that sufficient cash reserves are set aside to meet your company’s tax obligations. This guide is intended to help small businesses understand their end-of-financial-year (EOFY) tax responsibilities, detailing the types of taxes for which you may be liable […]
Keeping your tax and expenses in check when you are self-employed
Engaging in contracting or freelancing necessitates the assumption of various roles—client relationship management, time tracking, skill promotion, and task execution. Equally important, however, is the establishment of a solid financial foundation and the cultivation of prudent financial practices. Understanding Deductible Expenses Prior to initiating your business activities, it is essential to gain a comprehensive understanding […]
Safe Guarding Your Employees and Customers
Worldwide, approximately 340 million occupational accidents and 160 million work-related illnesses occur annually, presenting alarming statistics for business proprietors. As an employer and business owner, ensuring the safety of your workforce and clientele is paramount. Failing to do so can have significant ramifications. In the unfortunate event of an employee or customer sustaining an injury […]
Mastering Financial Fitness: A Comprehensive Guide to Effective Bookkeeping
In the digital age, managing your finances efficiently is a non-negotiable aspect of running a successful business. With a myriad of tools and metrics at your disposal, maintaining accurate bookkeeping practices is the cornerstone of financial health. But why is it so crucial, and what steps can you take to ensure your bookkeeping is up […]
