Often, a common question I receive from clients who are starting their own business for the first time is whether or not financial statements are needed and what exactly do they do. For an accountant like myself, this is a very obvious answer (yes, you need them!),...
Failure to lodge penalties are enforced by the ATO when businesses are not meeting their reporting obligations. If you have received such a penalty, don’t despair just yet. In this article, we explain exactly how you can have this remitted. How Much is...
Many people hear about tax deductions but don’t exactly understand how tax deductions work in Australia. In a nutshell, tax deductions can assist with increasing your tax refund. As a business owner, you can claim tax deductions for the majority of expenses you...
One of the most common questions in relation to tax minimisation is that I get asked from small business owners and contractors are whether I think they are paying too much tax when they report their quarterly business activity statements (BAS) to the ATO. There are...
So you’ve decided that you’re going to be working as a contractor in your industry. Great work! Contractors run their own business and the potential to generate a large income is an attractive option. However, with great reward, comes to a lot more...
Dealing with tax debts can be stressful, especially with those unpaid monthly and quarterly amounts incrementally building very quickly. In fact, many small and medium-sized business owners in Australia have a lot of tax to pay to the tax office and can’t afford...
