Tax and the family home
Australians love property and for the property owners among us, it’s been a nice feeling watching market values rise. It’s worth remembering though, the tax man could want a share if you sell. Unless the property is your primary residence, you could find capital gains tax (CGT) taking a cut of your profits. CGT applies […]
Buying a business
Set yourself up for success Many of us dream of running our own business, with all the independence and satisfaction that offers. While striking out on your own can be personally and financially rewarding, getting off to a good start is crucial to success. So if you are seriously thinking about becoming your own boss […]
Claiming business website development costs
Most businesses have an online presence – whether to advertise their business or allow customers to purchase goods or services. Websites vary in costs and complexity – from a simple “skin” to a retail site that you may have engaged a web developer to design and set up. It’s just as well then that the […]
End of Financial Year Checklist
Planning for the end of the financial year is a little harder this year, with a federal election just days later which could result in sweeping changes to superannuation, negative gearing and business taxation. All the more reason to get on the front foot to make the most of the current tax arrangements while you […]
ATO now matching credit card purchases against income
Just when you thought the tax man couldn’t get any busier, the ATO has recently announced that it has embarked on the assignment of matching up income declared on business tax returns against credit and debit cards records that specific banks and institutions have generated through the 2015-15 year. This is an entirely new operation […]
4 ways to trim your small business overheads
We know that in small business, times can be tough, and saving a few dollars here and there can equate to thousands and even tens of thousands over the course of the year. Lowering your expenses can mean more money to reinvest back into the business, or even better – more money in your pocket! […]
Beware of fake ATO phone calls
In recent times, we have heard a disturbing increase in the number of stories from both clients and colleagues alike, regarding phone scams involving perpetrators claiming to be from the ATO. The most recent aggressive scam attempts are from people who are phoning home phone or mobile numbers and trying to force victims into paying […]
What’s the difference between Accounts Payable and Accounts Receivable?
This is one of the most common questions we hear from new business owners and existing business owners alike. As a business owner, you can be focused on so many different and conflicting topics at once, and bookkeeping issues often fall very far down the list of priorities. What is the difference? Accounts payable and […]
Is it tax deductible to give my clients a Christmas or Thank-you gift?
At this time of the year it is common to provide gifts to existing clients and customers as an act of goodwill and as a thank you for their custom and support of your business. As the gift is an expense to your business it is generally considered to be a tax deduction. The ATO […]
Why are Melbourne’s best businesses switching to XERO?
Xero is revolutionising business financial management by offering to its users a clean interface, easy to use reporting functions, amazing support and best of all, they evolve with technology rather than behind it. Data is simply not entered into XERO, it flows seamlessly by linking to your business accounts and intuitively recognising information. Cost effective accounting and […]