Are you planning to set up in business on your own account and join the tens of thousands of other Australians contributing to the greater economy? You may have big aspirations and see self-employment as a way to safeguard your future, but you've got to be careful that you don't fall into the big trap that many entrepreneurs encounter. What do you have to consider carefully as you're setting out? [Read More]
3 Times It's Recommended You Hire an Accountant
Not every individual needs to hire an accountant to do their taxes or give them investment advice, but it can be a costly mistake to assume that only businesses need to hire accountants when it comes to handling their money. There are some times when it's recommended that individuals hire accountants, and not just for taxes alone. Note a few factors to keep in mind when it comes to having such a professional manage, or advise you on, your finances. [Read More]
More Reasons You Should Hire a Registered BAS Agent
Taxation is one area where most self-employed business people experience difficulties. It is not that they conduct illegal or unregistered businesses, but the issue arises when they don't manage their business books properly. Unfortunately, most people lack the required information and knowledge to accurately record and calculate the correct amount of tax to be paid to the government. This leads to unnecessary tax bills and fines from the relevant taxation institutions. [Read More]
Should you be registering for GST?
A common question that many accountants have faced since 2000 has been whether or not individuals need to register for GST. Most people have a vague idea of what GST is, but unless you work directly with GST on a regular basis, it can feel like a nebulous construct. Therefore, before we explain whether you need to register for GST, let's quickly go over what GST is, and why it's important to at least have a cursory understanding of it. [Read More]