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The success of your business is in your hand

The success of your business is in your hands. The path to success is a journey you can chart. And you can start right now. Change may be the only certainty in business, but you still need to know where you’re going. To plan for success, write it down or create a visual image of it. Then make sure you print it out, frame it, or put it somewhere so you won’t lose sight of it. This …

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2019 Financial Statements & Business Tax Returns Year End

To assist us in preparing your 2019 Financial Statements and Income Tax Returns, we have a Year End Questionnaire here. It is important that your records are complete and that any supporting documentation is included before forwarding to us. Filling in the questionnaire will help you identify transactions and any accounting issues that may arise as a result. Please fill in the questionnaire to the best of your ability and don’t forget to sign it!  If you …

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Self-employed, keep your Tax and expenses in or for your Tax Return

Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to understand what expenses you can and can’t claim. This means you’ll keep the right receipts and track the right expenses. Figuring out …

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Charitable donations may be tax deductible for a big Tax Refund

Donating to charity not only supports the vital work of an organisation or group, but it can have positive side-effects when it comes to claiming tax deductions. This will help reduce your Income Tax Return and get you a bigger refund as an individual. To be eligible for a tax credit, you need to make sure that your contributions meet certain conditions, and that you’re making a legitimate claim. In general, when a charity is an approved …

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It’s time to see what’s different in an accountant

The best accountants can do much more than just tax and compliance work for your business. They’re troubleshooters and strategic advisors for small business. Basically, having an accountant means that you can operate your business with more clarity and confidence. Whether you’re working to get a startup off the ground, or taking the reins of an established business, you’ll see value from making an accountant part of your team. When you have the right accountant and a …

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Annual Payment Summaries for non STP ready business

So if you have not started reporting your STP obligation’s, it’s time to start with July 1st 2019 being the deadline. But you also need to submit and complete your annual Payment Summaries too so your employees can complete their Tax Returns and get their Tax Refunds. Annual payment summaries must be provided to your employees and any other people you have withheld tax for by the 14th of July. Start reviewing the year’s payroll and relevant …

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What to do to get ready for the EOFY

There is a lot to deal with at the end of the financial year, and while your tax return may not be due for some months yet, it is good business to get your 2019 records in order before you get stuck into the next tax year! What records do you need to have ready? Have you bought or sold assets? If so, you need full details of acquisitions and disposals. Have you taken out a new …

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We love a good podcast, what about you?

Downtime is a fact of life and the mental break can be a good thing. But sometimes you get stuck doing nothing when your mind’s ready to work. Thanks to podcasts, you can use that time to get tips on e-commerce, filing taxes, how to do market research or even launching a crowdfunding campaign. We find you can always be connected with many tools these days, but we love a good podcast. They can really work well …

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Big Changes for Payroll in 2019 with STP

If you are already reporting Single Touch Payroll (STP) to the ATO, there is a different process for issuing payment summaries from now on. Employers usually must provide payment summaries to employees by 14 July. In the STP reporting system, employers must make a finalisation declaration by this date, in order that the employee’s information will be released in their myGov account as an income statement and listed as tax ready. The ATO is allowing additional time, up to 31 …

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Getting Ready for EOFY Series – SMSF

We all would like to reduce our tax exposure and minimise the risk of an audit by the regulators. This end of financial year update series outlines the actions you can take to do exactly that! This particular blog is targeted for those with a SMSF. What’s new Carry forward unused concessional contributions If you have: A total superannuation balance below $500,000 as at 30 June; and Not utilised your entire concessional contributions cap ($25,000) for the …

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