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12 July
Demystifying TPAR Reports: A Comprehensive Guide

TPAR Report Guide: Demystifying the Process   Key Highlights If your business pays contractors for their work, you'll need to fill out a Taxable Payments Annual Report (TPAR). By doing this, it helps make sure everyone is paying the right amount of tax, stops people from avoiding taxes, and keeps things fair in the tax […]

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09 July
Master Your Month End Closing Process

Streamline Your Month End Closing Process   Key Highlights The month-end closing process involves recording, reconciling, and reviewing all transactions and finalising account data for the month. By streamlining your month-end closing process, you can save time improve accuracy, and make more informed business decisions. Key steps to streamline month-end closing process include establishing a […]

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05 July
Essential Guide: How Long to Keep Tax Records in Australia

How Long to Keep Tax Records in Australia   Key Highlights In Australia, it's not just a smart move but also a rule to keep your tax records straight. The Australian Taxation Office (ATO) sets the minimum time you need to hold onto these records. For businesses and individual taxpayers alike, this period is usually […]

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03 July
What Is A Tax Notice of Assessment Australia: Explained

Understanding What Is A Tax Notice of Assessment Australia   Key Highlights A Notice of Assessment is a paper the Australian Taxation Office (ATO) sends you. It tells you about your tax bill, how much they took off for deductions and offsets, and if you're getting any money back. Getting to know what this notice […]

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01 July
What Are the Benefits of an ABN? Discover Now

Unlocking the Benefits of Having an ABN   Key Highlights Establishing a strong business identity with an ABN Access to advantages such as tax exemptions and deductions Eligibility for government grants and incentives Strengthening your online presence with an Australian domain name Streamlining business operations and ensuring compliance The process and requirements for ABN registration […]

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28 June
Understanding Income Averaging for Tax Purposes

Income Averaging: Tax Tips for Success   Key Highlights Income averaging is a tax-saving strategy introduced by the Australian Tax Office (ATO) individuals with fluctuating earnings. It spreading out taxable income over several years to find the average resulting in lower tax bills during peak income periods. Income averaging is specifically designed for "special professionals" […]

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26 June
Bank Reconciliation 101: A Beginner's Tutorial

Beginner's Guide: What is Bank Reconciliation Key Highlights Bank reconciliation is the process of comparing a company's bank statements to its own records to ensure all transactions are accounted for. It helps identify discrepancies and prevent fraud and theft from the bank account. Performing regular bank reconciliations is crucial for maintaining accurate financial records and […]

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24 June
Net 30 Payment Terms Explained for Business Owners

Understanding What Does Net 30 Payment Terms Mean   Key Highlights Net 30 payment terms provide businesses with a 30-day period to pay their invoices It is a form of trade credit that allows businesses to extend financing to their customers Offering net 30 terms can attract more customers and improve customer relationships Net 30 […]

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21 June
Decoding Union Fees Tax Deductible Benefits

Union Fees Tax Deductible Clarified   Key Highlights Union fees are 100% tax deductible, reducing the amount you pay in taxes if you're a union member. The deductible portion of union fees depends on your individual taxable income and assets. You can claim the entire amount of union fees as a work-related expense. Union fees […]

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