So the ATO has contacted you or your accountant notifying you of a review and/or an audit will take place on your tax return. What do you do? Facing an audit is unwelcome scrutiny that no taxpayers would like to be subjected to. Not only that, they can wind up costing...
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...
