Reasons To Consider Changing Your Accountant
If you find yourself in a situation where you feel like your accountant is doing the bare minimum, it might be time to find a new accountant. You might not realise it but there is a possibly that you might not be getting good value for money and it might be a good idea to […]
46 Percent of Small Business Owners Admit to Mental Health Problems
Research published by MYOB has shown that 46 percent of small and medium sized business owners believe that running their own business has directly contributed to feelings of depression or anxiety. Furthermore, another 26 percent ranked mental health as an “immediate” problem in their daily life and workplace. These figures illustrate that the pandemic is taking […]
Small Businesses Save $8.9 Billion Through Recommendations from Advisers
Throughout the covid-19 pandemic, Australian small businesses have sought the advice of accountants and bookkeepers to help overcome the many challenges they have been dealt with during one of the most unpredictable times of human history. Recent research illustrates that $36.4 billion was injected into the small business sector through grants, investment guidance, or other […]
New Mental Health Training for Accountants and Bookkeepers Has Been Officially Launched
The Counting on U Program, is a brand new mental health initiative which has been made freely available to members of Chartered Accountants Australia and New Zealand, the Institute of Public Accountants, CPA Australia and the Institute of Certified Bookkeepers, is now open for registration after a successful pilot phase took place in February. It […]
The Tax Consequences for Business Events Ahead of Trans-Tasman Travel Bubble
On Monday 19th April 2021 the Australian and New Zealand federal governments plan to lift international border restrictions between the two countries. As a result of the travel ban coming to an end corporate events will become a more frequent occurrence “extravagant” corporate events are likely to pique the interest of the Australian Tax Office. Australian […]
The Potential For e-invoicing to Be Used For Tax Compliance
The Federal Government often praises e-invoicing for its productivity benefits as opposed to its ability for tax compliance potential. Based on how the service is being used overseas it is highly possibility that e-invoicing will be used in the future to prevent tax evasion and to combat the black economy. As the Federal Government considers […]
What to Do If You’ve Lost Your Tax File Number (TFN)
Your Tax File Number (TFN) is a crucial piece of information required for many different reasons. It’s much more than a simple reference number you need to use at tax time. Applying for government benefits, opening a new bank account and keeping track of your super savings will all require you to have access to […]
New Partnership Profit Guidelines Introduced by the ATO
Three years after first commencing a review of how professional firms engage in income splitting the ATO has released its highly anticipated partnership profit guidelines. The new guidelines will be introduced on 1st July 2021. The ATO has published a drat copy of the guidelines under the name Practical Compliance Guideline 2021/22. This document explains […]
Accounting Advice for Recently Appointed Barristers
Congratulations on your recent appointment, if you have recently been appointed as a barrister, from a business structure perspective you will be operating as a sole trader. You will therefore need to apply to obtain an ABN (Australian Business Number). During your time spent in previous roles of employment you have been operating as a […]
KPMG Warns the Federal Government to Delay Their Push Towards e-invoicing
KPMG has advised the government against rushing to implement a compulsory approach to e-invoicing. KPMG has cautioned that compliance costs and competing priorities will weigh significantly against businesses. It is in the opinion of KPMG that the governments desire for mandating e-invoicing – beginning with large businesses has failed to consider the compliance burden […]