Proper Accounting Practices to Help You Improve Your Business Performance
It is rare for any business, small or large, to be successful without proper accounting techniques. Accounting offers a channel for your business to properly handle its finances and to increase its overall profit. Proper accounting practices also give you insight into how the business is operating so you can make the right decisions moving forward. Most business owners, especially those who are new to running a business, often wonder how they can implement the right accounting strategy to increase growth in their company.
What You Need to Carefully Consider Before Self Managing Your Superannuation Fund
The world can be a tumultuous and unpredictable place and seems to be getting more complicated by the week. It's hardly surprising that more and more Australians are trying to take responsibility for their own affairs and for their future. This has led to a considerable growth in the number of people who are taking to self managed superannuation funds. If you are considering this yourself, what do you need to bear in mind before you proceed?
How to Deal With an Unexpected Audit
Nobody likes to hear that they are up for an audit of their tax returns, but it is all too common with the Australian Tax Office (ATO) continuing to apply a high level of scrutiny to personal tax returns and business returns. While it can be scary to get an audit notice, it helps to remember a few simple tips. Be polite and patient The ATO staff are just doing their job and it never helps to be abrupt or aggressive.
How to Prepare for the Dreaded ATO Audit
It seems as if tax season is always just around the corner, and if you are a small business owner you may worry from time to time about getting an audit by the Australian Tax Office. Even though you may consider yourself to be very stringent when it comes to rules and records, it can still be a worrying time and involve a fair bit of disruption to your routine. What do you need to consider in a "
The Biggest Trap for New Business Owners
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?
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.
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.
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.