Resources / Blogs

Clear Explanation of Statement by a Supplier Key Highlights Understanding the purpose and importance of the Statement a Supplier form Eligibility criteria for suppliers to complete the form Situations where a supplier cannot complete the form Detailed instructions for completing the form Legal and financial implications of not providing an ABN Essential documents and records […]

Essential Guide to Tax Loss Carry Forward Australia Key Highlights Tax loss carry forward is a valuable tax provision that allows taxpayers to offset losses from one year against taxable income in future years. Understanding the rules and benefits of tax loss carry forward can help individuals and businesses maximise their tax savings. The mechanism […]

Understanding Director Fees: What Are Directors Fees Key Highlights Directors' fees are a form compensation for services performed directors on a company's board, subject to various compliance obligations and taxation regulations. Companies must adhere to PAYG withholding requirements, consider fringe benefits implications, and report payments received to reduce tax liability. Strategies such as smart payment […]

Business Name vs. Trading Name: Key Differences Key Highlights A trading name is the alias your is known by to, while a business name is your firm’s legal identity. All trading names must be registered as business names with ASIC to operate legally. Registration of a business name is separate from trademark registration; the former […]

Redundancy Payment and Tax: Crucial Guidelines for Success   Key Highlights Understanding the different types of redundancy payments and their tax implications The criteria for a payment to be considered a 'genuine' redundancy and its tax benefits The tax-free thresholds for redundancy payments and how they are calculated Tax considerations for employer-sponsored early retirement schemes […]

Depreciation Schedule for Rental Property: Essential Guide Key Highlights A depreciation schedule is a powerful financial that can help property maximise their tax deductions and increase their cash flow. Depreciation schedules prepared by qualified quantity surveyors and outline the various tax depreciation deductions available for an investment property. There are two types depreciation relevant to […]

Step-by-Step Guide: How to Fill In Form 492 ASIC Like a Pro   Key Highlights ASIC Form 492 is used to rectify errors in previously submitted documents and maintain accurate company records. The form cannot be used to correct omissions or guarantee acceptance by ASIC. Completing Form 492 involves identifying errors, correcting shareholder or officeholder […]

Why & How to Change Accountants Easily Introduction As a small business owner, your accountant plays a critical role in your financial success. However, sometimes, despite the best intentions and efforts, things just don’t work out. Whether it’s a lack of chemistry, communication issues, or a mismatch in expertise, you may find yourself wondering if […]

Payroll Tax Contractors: Mastering the Basics Key Highlights Payroll tax for contractors is an important aspect to understand for anyone working as a contractor. Contractors need to be aware of their payroll tax obligations and exemptions to avoid any potential penalties. There are various exemptions for contractor payments that can help contractors reduce their payroll […]