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 […]
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 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 […]
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 […]
How to prepare your business for an audit
Getting ready for an audit is unlikely to be one of your favourite things to do as a business owner. But being prepared, organised and ready can take some of the pain out of an audit. Planning for your audit helps your auditor get their job done more quickly, and also means there’s minimal disruption […]
8 ways to save time (and money) in your business
Like everyone, business owners are always looking for ways to save time. Every minute spent on admin or fixing mistakes is a minute that could be spent on business-building work. When time really is money, it’s worth finding ways to reduce those tedious and repetitive tasks – and technology is the answer. 1. Better billing […]
Book a tax planning conversation with us today
The days of deciding on a tax strategy at the start of the year and then forgetting about it are gone. As taxpayers and tax advisers, we both have to be nimble, flexible and aware of changes. That’s why regular tax-planning sessions are so important. The need for regular tax-planning conversations As your accountant and […]
Tax planning helps you do more with your money
Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. Working with your tax adviser, you can look for deductions, credits, exemptions […]