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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Self-Managed Super Funds (SMSFs) are a powerful tool for Australians looking to take control of their retirement savings. However, managing an SMSF comes with significant responsibilities, ATO requirements, and strategic decisions. Whether you’re considering setting up an SMSF or already managing one, the expertise of SMSF accountants Melbourne can make all the difference in ensuring
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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 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
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Day trading has become increasingly popular among Australians, with many taking advantage of volatile financial markets to generate income. However, when it comes to taxation, day trading isn’t as straightforward as buying a share or two for the long term. Understanding how your trading activity is classified and taxed by the Australian Taxation Office (ATO)
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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
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Dreaming of a holiday but worried about the cost? Whether you’re planning a local getaway or an international adventure, creating a budget is the key to enjoying your trip without financial stress. As a business accountant , I’ve seen how proper financial planning can ensure you have a stress free holiday. Here are practical tips
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The holiday season is a time for joy, celebration, and relaxation—but for many individuals and businesses, it can also bring financial stress. From navigating end-of-year tax obligations to budgeting for holiday expenses, financial matters can become overwhelming. This is where a skilled accountant Melbourne can step in to make your holiday season stress-free. 1. Managing
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Running a business comes with many challenges, and managing finances is often at the top of the list. Accounting services, often seen as an added expense, can actually be one of the most cost-effective investments a business can make, especially if you choose the right accountant. By leveraging a professional accountant Melbourne, businesses can save
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Running a small business can be rewarding, but it comes with its fair share of challenges. From managing day-to-day operations to planning for future growth, business owners often find themselves wearing many hats. One area where many small business owners struggle is accounting, bookkeeping and finance. While it might be tempting to try and save
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