Managing source documents is one of the most critical aspects of small business compliance. They are important for accurately and efficiently completing the accounting process and provide informative business insights. Source documents take a lot of effort to collect and manage. Up to 25% of some office spaces are used up for paper document storage!
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Did you know there is another way for your business to make more money? Even with the same customers, same level of physical sales, same systems, and no extra staff or overhead costs? While many business owners think you need to increase sales substantially to make more money, that is often difficult in the short
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While you might submit honest and detailed declarations, taxpayers can still be selected for a tax audit or review from the ATO. Even a quick audit can take around 28 days. In the worst-case scenario it can take 3-4 years to complete a complex audit. The audit process can involve face to face meetings as
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In recent years, cloud technology and apps have revolutionised our lives. As a result, it is important to find out how they can work for your business. If you find yourself labouring over your business’ financial information until late into the night, cloud accounting might help you get a better handle on your finances. Cloud-based
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When you do your own taxes, as a small business, you can often fall into old habits when it comes to doing your taxes. Which means you aren’t taking advantage of some of the most recent, or less obvious, ATO tax deductions. These can help minimise your take at the end of the financial year.
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Choosing to pursue freelance work is a huge step and involves a great deal of risk. You are setting up your own business, pursuing customers and making money from your skills and services. But if you’re successful, freelancing can change your life. Today we are going to discuss freelancing, how to make it your career,
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Is the turnover test based on Net Profit No, it is based on GST Turnover. Net profit is your sales less expenses, however GST turnover is in essentially your sales amount plus sales likely to be made in a test period less some specific exclusions. A sole trader has an ABN but has never lodged
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9 Step Guide – For Employers Step 1: Register your interest via the ATO – register your interest page. Step 2: Be aware of your responsibilities and the integrity measures. Action will be taken against fraud and manipulation include possible criminal charges and imprisonment. It is essential for you to read & understand this integrity document prior to applying for
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Small Business Resource Pack (COVID-19) (Updated 15th April 2020) Businesses who have been significantly impacted by COVID-19 will be able to access a wage subsidy called “Jobkeeper” this to assist with continuing to pay employees. Under this JobKeeper program you will be able to claim a fortnightly payment of $1,500 per eligible employee from 30th
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Many business owners think that their accountant can do both accounting and financial planning. However, the two roles complement each other, meaning neither professional can do the entire job of the other. A financial planner may know some pretty intricate tax planning ideas and strategies, but an accountant knows how to get the most of
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