We know that no one likes to pay tax and certainly no more tax than they should. But very few people want to be on the wrong side of the Australian Taxation Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe Benefits Tax (FBT) year ends on 31 March, which means the ATO will … Read More
COVID-19 Preparation Checklist for Businesses
As the COVID-19 pandemic unfolds, we are across important updates around the economic response and stimulus package announcements. And will continue to share these important updates with you via email and our social channels. The below PDF is free to download and contains a summary of action items to review immediately to ensure your business is prepared. Don’t wait before acting, get started … Read More
COVID-19 Preparation Checklist for Business Owners
As the COVID-19 pandemic unfolds, we are across important updates around the economic response and stimulus package announcements. And will continue to share these important updates with you via email and our social channels. The below PDF is free to download and contains a summary of action items to review immediately to ensure your business is prepared. Don’t wait before acting, get started … Read More
2020: The year for smarter business decisions
We know every dollar (and minute) counts in business and regardless of where you are in your business journey, understanding the numbers is key to making smarter business decisions. Do your figures add up? It may not be the end of financial year; however, year-end is a great time to assess your figures. 542 Tip: A well-run business has well-managed … Read More
5 Ways to prepare your business for the festive season
They know when you’re sleeping, they know when you’re awake, they know when you’ve been bad or good, so be good for the ATO’s sake. Celebrating the holiday cheer can have far-reaching consequences but planning ahead and budgeting appropriately can save you from much bigger headaches in the New Year. 1. Give yourself a tax-free Christmas As small business owners … Read More
How to safeguard your business against future audits
Last year the ATO scrutinised over 760,000 business operations, resulting in, close to, an extra billion tax dollars for the Australian Government. While an audit can be a good learning experience for business owners, it can also be a time-consuming lesson. The investigation can take months, or even years, and requires a lot of time and energy regardless if you … Read More
How does your business stack up?
Understanding your business and using the data to make effective, strategic decisions is vital to the success of your business. And with the help of your accountant and accounting software, you should be able to identify and measure your key areas on a regular basis. The trouble most business owners have with setting business targets is that many businesses don’t … Read More
How to avoid audit agony
For most small business owners, the thought of getting an audit notification from the ATO is horrifying. But if you’re well prepared, patient and co-operative audits don’t have to be as painful as they sound. The ATO orders audits based on suspicion of incorrect or fraudulent tax returns. Audits can involve varying degrees of scrutiny, from a simple phone call … Read More
5 signs you need a new auditor and what to do about it
Now more than ever, a robust and objective audit function with skills to identify risk, control problems and the authority to pursue concerns, is essential for sound corporate governance. Corporate governance has been widely criticised in recent years, in the wake of falling market confidence and integrity. The community’s expectations of boards, senior management, and those charged with providing an … Read More
The benefits of buying an existing business
Buying an existing business can be a great opportunity to hit the ground running and avoid the disadvantages of starting from the ground up. In a majority of situations, buying an existing business is considered a safe option. You acquire a business that already has a loyal customer base, regular cash flow and hopefully goodwill associated with the business name. … Read More
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