As we begin to complete our tax returns, individuals may or may not be aware that business related expenses incurred are subject to tax deductions. If your employer does not reimburse their employees for these expenses, then the construction worker can deduct those items. Let’s take a look at a few tax deductions that…
Tip Tuesday | Top 10 Tips to Help Rental Property Owners Avoid Common Tax Mistakes
Whether you use a tax agent or choose to lodge your tax return yourself, avoiding these common mistakes will save you time and money. Apportioning expenses and income for co-owned properties If you own a rental property with someone else, you must declare rental income and claim expenses according to your legal ownership of…
Laundry Expenses Hung Out To Dry
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of these claims will be legitimate, we don’t think that half…
60, 000 Tax Cheat Tip-Offs
Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year. Common problem areas that people feel…
Superannuation Changes Coming July 1st
An alarming stat shows how many Australians have no idea about a major change coming on July 1. And it could leave you without life insurance. Australians could be left stranded without life insurance on July 1 when a little-known but significant change to superannuation is enforced. Most are unaware their superannuation has a…
Tax time: Are you in the ATO’s sights?
A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and…
Tip Tuesday | Bookkeeping To Grow Your Business!
Accountants help keep your finances in order but bookkeepers play an important role too. So what’s the difference between a bookkeeper and an accountant? And how can a bookkeeper help you run your business? Bookkeepers and accountants are not the same If you’re a small business owner, you’ll be familiar with juggling several…
Tip Tuesday | 10 Step Checklist to Grow Your Business
Your business is up and running and you understand what works and what doesn’t. Now you’re ready to take a step back and be strategic about how – and when – to grow your business. 10 steps for business growth Seeing an opportunity for business growth can be exciting. But turning your big idea…
Tip Tuesday | 9 Steps to an Awesome Invoicing Process
You need billing to be fast and accurate. Because the sooner invoices go out the door, the sooner you get paid. These 9 suggestions could make your billing better. 1. Set a billing schedule It’s tempting to give preference to paid work and put invoicing off. But no work is paid without invoicing, so…
Tip Tuesday | Small Business Bookeeping for Beginners
Bookkeeping lets you know how your small business is doing, and it helps keep you onside with the tax office. So what does it involve and how do you make it less boring? We break down bookkeeping for beginners. What is bookkeeping? Bookkeeping involves recording and classifying all the financial transactions in your business....
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