Small businesses are the backbone of the economy, and while many business owners are experts in their field, managing finances can often be overwhelming. This is where accountants come in. A good small business accountant can provide essential support, helping small businesses thrive by managing their financial health and offering strategic advice. Let’s explore the […]
What Does an Accountant Do for a Small Business? Read More »
For Australians pursuing higher education, the HECS-HELP loan system offers a way to fund tertiary studies and pay back the debt once their income reaches a certain threshold. But what happens if you move overseas? Are you still required to repay your HECS-HELP debt? Here’s everything you need to know. Understanding HECS-HELP Debt HECS-HELP is
Do You Have to Repay HECS-HELP Debt if You Leave Australia? Read More »
Properly managing an inheritance is crucial to ensure it benefits you and possibly future generations. Here are seven critical steps to take when you receive an inheritance: 1. Pause and Reflect Grieving the loss of a loved one is an emotional process. It’s important to give yourself time to reflect and not rush into major
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Investing in shares can be a great way to grow wealth. It is also important to have an accountant Melbourne by your side who can help you plan and strategize to save Capital Gains Tax (CGT). In Australia, CGT is payable when you sell shares for a profit. However, there are legal strategies to minimize
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When receiving money through a gift or inheritance, many people wonder whether they are required to pay tax on it. The answer is it depends. Let’s explore how gifted money and inheritance are treated for tax purposes in Australia. Gifted Money In Australia, gifts are generally not considered taxable. If someone gives you money as
Do You Have to Pay Tax on Gifted Money or Inheritance? Read More »
When businesses or individuals require assets such as cars, machinery, or computer equipment but cannot or prefer not to purchase them outright, a hire purchase agreement can be an ideal solution. Here’s an overview of how hire purchase agreements work, their benefits, and key considerations. Understanding a Hire Purchase Agreement A hire purchase (HP) agreement
What is a Hire Purchase Agreement? Read More »
When it comes to running a business or earning income, understanding the distinction between Personal Services Income (PSI) and Business Income is crucial. This differentiation impacts how your income is taxed and reported. Let’s look into what PSI and business income mean, their key differences, and how they apply to your circumstances. What is Personal
What is Personal Services Income vs Business Income? Read More »
Melbourne, a thriving hub of culture, innovation, and commerce, boasts one of Australia’s most dynamic economies. As the city continues to grow, the role of accountants in shaping its economic landscape has become increasingly critical. Accountants are not just number crunchers; they are strategic partners, financial advisors, and compliance experts who underpin the success of
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Managing cash flow is one of the most crucial aspects of running a successful business. Despite its importance, it’s often misunderstood or not given due consideration by business owners. This blog will break down the basics of cash flow, how it works, and how you can analyse it to ensure your business remains financially healthy
CashFlow: How It Works and How to Analyse It Read More »
When you run a business and/or have an investment portfolio, it’s important to know whether you need a business accountant, a financial advisor, or both. While their roles overlap in some areas, each professional offers unique services. Here’s a breakdown to help you decide which one you need. What is a Business Accountant? A business
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