• How to Claim Clothing Costs Against Your Tax Return

    Most people are aware that they can itemise some deductions on their tax return in order to reduce their overall liability. Some of these deductions are fairly obvious, but many of them are rather obscure and are often hidden behind lines of tax code. Do you always err on the side of caution when you're trying to claim back from the government, as you'd prefer to avoid any questions, or do you seek out any potential advantage as you try to reduce your exposure? [Read More]

  • 4 Accounting Functions New Businesses Should Consider

    Many entrepreneurs who start small businesses may be unable to hire full-time accounting professionals from the launch date of their businesses. Such business owners may need to hire part-time help in order to ensure that the company doesn't run into accounting problems. This article discusses four key accounting functions that startup business owners should consider hiring professionals to execute on a part-time basis. Setting Up the Accounting System You need to hire an accounting professional to study your business. [Read More]

  • Differentiating Between Invoice Discounting and Factoring

    If you are a business owner and your clients are taking longer and longer to pay up their invoices, you may find yourself feeling quite stressed. Unfortunately, late invoice payments are a common occurrence among most businesses. Typically, it is not a guarantee that just because you have a profitable business you will also have steady cash flow. So how is it that you could be having a profitable business yet you have unreliable cash flow finance? [Read More]

  • What Are BAS and BAS Agents in Australia?

    BAS is an abbreviation that stands for Business Activity Statements. BAS agents are those professional that offer business activity statements related services. These professionals are trained and registered as accountants and bookkeepers. Businesses use BAS in their tax obligations. Other individuals that use BAS are those providing quarterly installments of pay-as-you-go tax.  But when do you need to be registered as BAS agent? This article will look at BAS and how to become qualified BAS agents in Australia. [Read More]

  • Trade and Barter: Understanding When Trades Are Taxed

    Trading and bartering may seem like a great way to simplify life or even avoid taxation, but unfortunately, in many cases, you may have to pay taxes on trade and barter arrangements. Wondering when these rules apply to you? Check out these guidelines: 1. The Australian Taxation Office does not tax personal trade and barter situations. In most cases, if you use trade or barter for your personal, non-business use, the ATO does not tax that activity. [Read More]

  • Benefits of Hiring Small Business Accountants

    A common mistake most small business owners make is underrating the importance of hiring an accountant. When running your business, do not confuse a bookkeeper for a professional accountant. Managing your books is something a self-taught individual can do, as it comprises of maintaining the financial records of the business. This is done by inputting transactions following a regimented schedule and ensuring that the books balance. Small business accountants, on the other hand, will not be fully immersed in the daily transactions. [Read More]

  • What Home Expenses Are Claimable in Your Tax Return?

    If you work from home at all, you might be wondering what you can claim when submitting your next tax return. Whether you work from home for your own business or as an employee, full-time or part-time, you should be able to claim some expenses. Knowing what exactly is claimable can be tricky; a tax consultant can help you wade through the finer details. In the meanwhile, here are some broad guidelines. [Read More]

  • Been Doing Your Taxes Yourself? Here's Why Using An Accountant Might Be A Better Choice

    Has anyone ever had a good time while doing their taxes? You probably thought you had kissed those complicated numerical exercises goodbye when you finished your last maths class at school. But no—at the end of each and every financial year you find yourself either filling in one of those manual tax return forms you get from the Post Office, or maybe using that somewhat annoying online lodgement service. Sure, it's free to use either of these methods, and while you eventually get the darn thing finished, it's never as straightforward as you were hoping. [Read More]

  • Hire a Tax Accountant to Get Maximum Tax Refunds on Returns

    Come tax season, many individuals and business owners hire tax accountant to do the tax filing on their behalf. One reason for this is so as to ensure that the filings are made correctly and that you do not get into trouble with the government about wrong filings, tax debt of late filings. However, another reason you should hire a tax accountant is so as to ensure you receive maximum tax refunds where applicable. [Read More]

  • Divorce and Taxes: Four Things to Consider and Why You May Need an Accountant to Help

    Getting divorced can be hard emotionally and financially, and when tax time rolls around, your divorce may complicate your taxes. Wondering how your divorce may affect your taxes? Take a look at these four elements: 1. Claiming the Family Tax Benefit The Family Tax Benefit is a cash, income-based benefit that helps with the cost of raising children. In order to claim this benefit, your child must be living with you at least 35 percent of the time. [Read More]