As a small business owner or professional running your own practice, you didn't sign up to be an accountant did you? That's why you hired one - to do your books for you while you got on with providing solutions for your customers, either a great product or a great service. However, you can't run away from the numbers. You want to make a profit right? So, you want to make a profit but you'll leave the numbers to your accountant? How does that work? How does that work if you only see your accountant once or twice a year? How does that work if they are not the type of accountant to give you proactive management information? Are you even making a profit? Here are 10 financial facts that you should know about your business. (more…)...Read more
February's Tax Updates - Here's what's in this update:-Read more
- What are the ATO's priorities on settling cases?
- The ATO has developed "work-related expenses" profiles.
- The onus is on the taxpayer to show "No Fraud".
- Admin Penalties of 75% for failing to lodge FBT Returns!
- New ATO data-matching program.
- Tax Ruling on deductibility of commercial websites.
- Beneficiaries of Trusts - Tax Determination on deductibility of bad debts.
Indigenous enterprises can be categorised into three main categories:-Read more
- Those owned and operated by Indigenous individuals or “nuclear” families where profits may be distributed to individuals;
- Those owned and operated by “communities” or larger Indigenous cultural family groups that are operated for the benefit of the whole group and do not result in distributions of profit to individuals; and
- Those owned and operated by Indigenous corporate and service entities and Prescribed Bodies Corporate where profits may be distributed back to that particular corporation or service entity or its constituent corporate members such as the previously mentioned “communities”.
Since early December 2016, the Australian Tax Office (ATO) computer systems and databases have met significant difficulties through crashes. From time to time, the Tax Agent's Portal, SBR system, Australian Business Register, and other systems have been crashing. Tax Agents have been told that no information was lost or at risk to nefarious parties. However it has made our job difficult in the time being. (more…)...Read more