2022

What Do You Need to Know about Tax Receipts If You're New to Business?

If you're new to business, you may be thinking about your tax obligations and looking forward with some trepidation. You know that you need to account for your income and expenditure and that you can apply certain outgoings to reduce your overall tax obligation. Yet what kind of evidence do you need in support, and is it always necessary to provide tax receipts? Making Deductions In basic terms, the Australian Tax Office allows a business (whether sole trader, partnership or corporation) to use certain expenditures to reduce the amount they might otherwise pay in taxes.

Should You Prepare a Monthly Profit and Loss Account?

If you've been running a small business for a couple of years, you may be relatively happy with your performance and may even be thinking about expansion. Yet if you are simply relying on your own rudimentary calculations, you may not be in total control and run the risk of encountering problems down the road. While you may certainly create a set of accounts at the end of a trading year, would it be better if you were to craft a profit and loss statement each month instead?