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What is Capital Gains Tax?

  • On November 12, 2020
A capital gain or loss is the difference between what you paid for an asset and what you sold it for. Capital assets include Shares, Real Estate, Precious metals etc. Capital gains tax applies to Capital gains made when you dispose of any asset. By the end of this article you’ll get to know: What […]

Contractor or Employee – What You Need to Know

  • On October 27, 2020
What is the difference between a contractor and an employee and whose responsibility is it to get right? An employee works in the business and is integral to that business has rights and entitlements under the Fair Work Act 2009 has a reasonable expectation of ongoing work, agreed hours and duties is covered by the […]

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 […]