A Self-Managed Super Fund (SMSF) is a private superannuation fund in Australia that you manage yourself (hence called ‘self managed’). It is designed to help individuals save for retirement, offering greater control over investment choices compared to traditional superannuation funds. However, with this control comes responsibility, as SMSFs must comply with strict regulations set by […]
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In today’s dynamic business landscape, organizations of all sizes seek professional expertise to manage their finances effectively. One essential area of support is business services accounting, a specialized branch of accounting that utilises a small business accountant to provide comprehensive financial management solutions for businesses. Defining Business Services Accounting Business services accounting refers to a
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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
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Franchise businesses are a popular model in Australia, offering entrepreneurs an opportunity to start their own business while benefiting from the support and structure of an established brand. But what exactly is a franchise business, and how does it work? Let’s explore the concept and how it applies in Australia. Understanding the Franchise Model A
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As the year progresses and we inch closer to tax time, one question on everyone’s mind is: when can I lodge my tax return for 2024? Whether you’re an individual taxpayer, a business owner, or a tax professional, staying informed about key dates and requirements is essential. Here’s a comprehensive guide to help you understand
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A Base Rate Entity (BRE) is a classification under Australian tax law that determines the corporate tax rate a company is subject to, whether 25% or 30%. Introduced to provide tax relief to small and medium-sized businesses, the concept of a BRE is crucial for understanding how Australian companies are taxed. This classification primarily hinges
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In today’s fast-paced business environment, it is imperative to manage finances efficiently for success. Two of the leading cloud-based accounting software solutions in Australia are Xero and MYOB. Each offers unique features tailored to specific business needs, making the choice between them an important decision. This guide breaks down their key features, pros, and cons
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The term “recession” often makes headlines and stirs concerns about the economy, businesses, and households. But what does it really mean, and how can Australians prepare for it? What is a Recession? In simple terms, a recession is a significant decline in economic activity across the economy, lasting for an extended period, typically two consecutive
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Starting your own business in Australia can be both exciting and rewarding. However, to set yourself up for success, you need to set yourself up properly. Making a mistake in the early stages can become costly down the track. This blog will guide you through the process of starting a business in Australia, from ideation
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Running a business as a sole trader offers simplicity and flexibility, but it also comes with tax responsibilities and potentially tax disadvantages that must be managed carefully. Lodging a tax return as a sole trader may seem overwhelming, especially if you’re new to running your own business, but understanding the process can make it far
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