Trade and Barter: Understanding When Trades Are Taxed

Posted on: 29 October 2015

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

Posted on: 26 June 2015

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?

Posted on: 19 May 2015

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

Posted on: 27 April 2015

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]