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6 Common Tax Mistakes That Small Business Owners Make

On September 21, 2020

Managing tax is indeed a pain for many self-employed individuals and small business owners. There are so many tasks that you have to manage, and the last thing on your mind is to sit and look through your books for hours. However, it’s vital to keep your tax under control if you want to avoid […]

Common Tax Deduction for Health Professionals

On September 14, 2020

Working in the healthcare industry can be daunting and physically exhausting. The work demand makes it understandable why nurses, pharmacists, and other health care professionals don’t have the time to worry about their tax deductions. Some of them are working for long hours, double shifts, and in emergencies, leaving them with little to no time […]

6 Reasons To Look at Your Financial Reports

On August 18, 2020

Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons […]

JobKeeper Scheme extended and Amended

On August 8, 2020

The government has announced changes to the JobKeeper payment scheme, which will see it continue until March 2021. The current system will remain unchanged until 27 September 2020 as planned, providing $1,500 per fortnight for employees and eligible business participants. However, from 28 September the changes will apply. There are several amendments that business owners […]

New Super Carry Forward Rules – Maximise Your Contributions

On August 7, 2020

If your superannuation fund balance is less than $500,000, a new rule means you are now able to carry forward any unused concessional contribution from prior years into following years. This allows you to maximise the tax benefits of contributing the upper limit concessional amount. It also gives you some flexibility with being able to […]

Taxable payments annual reporting(TPAR)

On August 1, 2020

The TPAR details payments made to contractors for providing services. Some government entities also need to report the grants they have paid. If your business makes payments to contractors or subcontractors you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year. TPAR reporting is applicable for the following Industries: Building & Construction services Cleaning […]

Keys To Success: 5 Reasons Why You Need An Accountant For Your Small Business

On July 24, 2020

If you are a business owner, the chances are that you wouldn’t want to be handling all the bookkeeping and accounting details of your company, and that is for a good reason. Perhaps you aren’t exactly good with numbers, or you often miss out on important details, or you would really just rather focus heavily […]

Accountant vs Virtual CFO – Which One Is Right for You?

On July 20, 2020

Accounting is an integral part of a business. An accountant does not only record the financial transactions and keep them in place, but they also help oversee a business’ financial health and make sound decisions towards bettering it. If you run a startup or have a growing business, it’s imperative to hire a small business […]

Our Tips to Significantly Improve Your Cash Flow

On June 26, 2020

What is ‘cash flow’? As the name implies, it is the flow of your business’ money. It takes a look at where the money is coming from as well as where it is going out to. For instance, sales can be a source of funds, while investments can be where your money goes to. Another […]

Individual Tax Return Checklist – 2020

On June 24, 2020

It is that time of the year again and being organised can help you in maximizing your tax refund. Have you captured all your work-related deductible expenses to make the most of your 2020 tax return? You can download our 2020 checklist here. Income The Australian Taxation Office (ATO) automatically receives information from your employers […]

Author: Yash Arora