So, you may have recently switched accountants, or you may have just started a new business venture. Perhaps you’ve just figured that you should start taking advantage of the fact that you have an accountant and you need to get your business affairs in order. Choosing the right questions to ask your accountant can be…
Trying to find out the difference between Chartered Accountants and Accountants? When you’re looking for an accountant for your business, you’ll inevitably run into accounting firms that spout about how they have Chartered Accountants. But what exactly is a Chartered Accountant and what’s the difference between a Chartered Accountant and a regular Accountant? This is…
Updated: 14 July 2020 If you’re a sole trader or in a partnership, you’re likely assessing Pty Ltd Company advantages and whether setting up a Pty Ltd Company would be suitable for your situation. Many clients ask me why they should set up a Pty Ltd company. The answer to that is – it depends….
So you or your accountant has been notified that an ATO review and/or an ATO audit will take place on your tax return. What do you do? Facing an ATO audit is unwelcome scrutiny that no taxpayers would like to be subjected to. Not only that, they can wind up costing you a significant amount…
Deciding on being engaged as an employee v contractor can be two very different things despite a lot of similarities. This can have implications on tax, superannuation, minimum pay and employment laws that may be applicable depending on how a potential employer engages you. With the emergence of the gig economy, contracting provides an alternative…
If you own property and use it as your main residence then generally you are eligible for the main residence CGT exemption when you sell the property. What is CGT? CGT is an acronym for Capital Gains Tax which refers to a form of tax that is applied at the time an asset is sold…
What types of investment property tax apply? There are two types of investment property tax that apply to investment properties that owners should be aware of. These two include capital gains tax (CGT) and income tax concerning your rental property. In this article, we go through exactly what the implications of investment property taxes are…
Super for Contractors – If you are a contractor or sub-contractor, then there is a chance that you may be entitled to super contributions for contractors made by the businesses you engage with. One of the first things we ask when we engage contractors with our accounting service is whether or not they are receiving…
We’ve all cherished the stereotypical idea of an accountant sitting in a lonesome office crunching away at numbers for hours on end, but this is just not true anymore for the modern-day accountant. Although there are many accountants out there who still practice accounting from the Jurassic period, I think there are some traits of…
You hear it all the time but what is professional indemnity insurance? If you run a business, it’s important to protect your business against potential legal costs and claims by third parties for damages that may arise from acts, omissions or breach of professional duty/contract during the course of operating your business. In cases where…
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