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…
A bucket company, also known as corporate beneficiaries or a dumping company, are an incredibly useful strategy for tax planning and minimisation if done correctly suited for the right situation. This is because it can help you “cap” the amount of tax you pay at 30% (or 27.5% for small business entities). As an individual…
A Quick Story on Land Tax I want to tell you a quick story of a new client situation we often get (about once a month) that might be relevant to you. Let’s call him Rod – I had a meeting with Rod regarding a serious tax issue last week. Over the last 5 years,…
In Sydney, the average business pays $200 – $300 an hour for accountant fees while in Melbourne, the 15% reduced living costs usually reflect in the accounting fees down to $165 to $330 an hour (inclusive of GST). So the question is, how do you go about reducing your accountant fees? Finding out if you’re…
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 self-evident answer (yes, you need them!), but I think it’s important to clarify the objectives…
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 the Failure to Lodge Penalty? For small business entities, the failure to…
Are you looking at change accountants? Is your accountant not responding or taking far too long to get back to you? We often have clients sign up for our services as a result of having a negative experience with their previous accountant or accounting firm. For example, we recently picked up a new client in…
Single Touch Payroll (STP) is a new method of reporting tax and superannuation information to the ATO. Your payroll or accounting software can potentially offer STP reporting and will result in you sending your employees’ tax and super information to the ATO each time you run payroll and pay your employees. However, how you pay…
What to look out for when hiring your first employee Looking at hiring your first employee? Achieving entrepreneurial success isn’t just about picking anyone for your company. It’s also about making sound decisions and implementing the right strategy in attracting the best prospective employees. The first few stages in the life of your business are…
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