In this article, we’re going to be taking a look at the difference between cash and accrual accounting. We’ll cover the pros and cons of the two methods, and by the end of this article, you should have a clearer view of whether cash or accrual accounting best suits your needs. The main difference between […]
Before hiring a new employee, it is important to know your legal responsibilities and obligations relating to pay, tax, superannuation, hours, entitlements, etc. Employees have different entitlements depending on their type of employment: full-time, part-time, or casual. These entitlements can be found in detail on the Fair Work website.
Tax planning is a legitimate way to try to reduce the amount of tax you pay and increase your tax deductions by making use of investments, tax exemptions, rebates and benefits as much as possible. Tax planning is not the same as tax avoidance. Tax avoidance involves the deliberate exploitation of the tax and superannuation […]
According to the University of Technology, Sydney (UTS), it is estimated that one in three new small businesses in Australia fail in their first year of operation, two out of four by the end of the second year, and three out of four by the fifth year. According to a recent study by UTS, 32% […]
Cryptocurrency is virtual or digital money that takes the form of tokens or “coins.” Transactions are generally carried out virtually independently of a central bank, central authority or government. Cryptocurrencies such as Bitcoin can be used to purchase goods in the real world. As cryptocurrencies are becoming more mainstream, governments around the world are now […]
Many Australians have money in more than one super fund. That is because when a new employee does not choose a superannuation fund, their employer chooses a default super fund for them. When someone changes jobs and does not choose their own fund, this can result in having multiple superannuation accounts as new accounts are […]
These days there are numerous software programs which can help you to manage your business finances and submit your tax information to the Australian Tax Office (ATO). So, if you can do it yourself, do you need a bookkeeper? In fact, there are many good reasons why a bookkeeper is a valuable asset to you […]
Unfortunately, due to Covid-19, many businesses have struggled to stay afloat. Business owners have struggled to pay staff, suppliers, and general running costs such as rent and electricity. One area which is not focussed on as often is tax debt. Owing money to the Australian Tax Office (ATO) can happen at any time, but it […]
The obvious aim of every business is to make money, and the simple formula for this is to maximise the income while minimising the costs. Utilising the services of a bookkeeper has numerous benefits to any business, but how can you maximise the benefits of a bookkeeper and minimise the cost at the same time? […]
Real estate and legal firms in Australia that hold or receive money on behalf of others are required to open and maintain trust accounts to manage these funds. There are strict rules around the setup and maintenance of trust accounts that can differ in each state and territory. These include, but are not limited to, […]
