A common question we receive from clients who are starting their own businesses for the first time is whether financial statements are needed and what they do. For an accountant, this is a self-evident answer (yes, you need them!), but we think it’s important to clarify the objectives of financial statements and their purpose. Financial…
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…
Are you looking to 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 due to a negative experience with their previous accountant or accounting firm. For example, we picked up a new client in the Formwork industry. When…
If you’re planning a construction or building project in New South Wales (NSW), you might come across the Long Service Levy, which applies to building and construction work. This levy is designed to support long-service benefits for workers in the construction industry, and it applies to projects that meet certain criteria. Understanding how the levy…
Feeling unsure of how to do a BAS statement? If you’re a GST-registered business, it’s that time of year again when you (or your accountant) need to prepare and submit a business activity statement to calculate your GST obligations or the GST refund you’re entitled to from the Australian Tax Office (ATO). Hiring a BAS…
Knowing how Australia’s full company tax rate works may not seem like a major priority, but it goes a long way to successful financial planning. This guide covers these rates and explains how they might impact your business. Overview of Company Tax Rates in Australia In Australia, companies are subject to two main corporate income…
We hear it all the time: “how much tax will I get back this year?” The truth is, estimating your tax refund can help you plan your finances and get an idea of what to expect at tax time. The Australian income tax system features progressive tax rates, starting at 0% for low-income earners and…
Are you wondering what expenses you can claim as tax deductions in Australia? Understanding how to claim tax deductions for work-related expenses can help you reduce your taxable income and potentially get a bigger tax refund. This comprehensive guide will cover everything you need to know about claiming deductions on your Australian tax return. How…
Ready to start a business in Australia? Learn about the most common types of business structures and the advantages and disadvantages of each type.
If you’re an Australian who attended university, there’s a good chance you have a HECS-HELP debt. The Higher Education Loan Program (HELP) is a key component of Australia’s education loan program help, designed to assist students in managing their university tuition fees. This government loan scheme has helped countless students afford their tertiary education, but…
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