Running a small business can be daunting yet both exciting and challenging. Entrepreneurs wear many hats—marketer, salesperson, manager — but one area often overlooked is financial management of the business. This is where a small business accountant plays a crucial role, acting as a strategic partner in driving small business growth. 1. Financial Planning and […]
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If you’re buying property in Victoria, Australia, understanding stamp duty is essential. Stamp duty is a tax levied by the state government on property transactions (as well on the sale of motor vehicles). This guide will help you understand the basics of stamp duty on property transactions, how it’s calculated, and whether you’re eligible for
How Much Is Stamp Duty in Victoria? Read More »
Superannuation, often referred to as “super,” is Australia’s retirement savings system. Established by the Australian federal government, it helps Australians build savings throughout their working life, so they can support themselves and their loved ones financially once they retire. Here’s a breakdown of what you need to know. What Is Superannuation? Superannuation is a long-term
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Tax time can be a stressful time for many individuals and business owners. With multiple lodgements and deadlines to navigate, it’s easy to understand why some may procrastinate or, worse still, forget to lodge altogether. However, missing the tax return deadline can lead to a range of consequences, from penalties to more severe actions by
Is Your Tax Return Not Filed on Time? What Could Happen? Read More »
Starting a business in Australia means understanding Goods and Services Tax (GST) – a 10% consumption tax on most goods and services. Knowing when and how to register for GST is important to ensure you stay compliant with Australian Taxation Office (ATO) rules. Here’s what you need to know about GST registration: What is GST?
What Do You Need to Register for GST? Read More »
When it comes to claiming car expenses, tax accountants in Melbourne often recommend the “cents per kilometre” method as a simple and effective method. This method is a popular choice for individuals and small businesses looking to maximize tax deductions on car expenses. The other option, the logbook method, requires detailed logbooks to be maintained
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Gifting money or assets can be a generous way to support loved ones, friends, or even charities. In Australia, there are specific tax implications to consider when making these gifts, especially if they are substantial in amount. This is a complex area, so if you are looking for accounting services, you can call us to
Tax on Gifts and Assests: What Are the Implications? Read More »
Capital allowances are tax deductions businesses can claim when purchasing certain assets. Capital allowances are designed to encourage investment in productive assets by allowing companies to claim tax deductions. Knowing how capital allowances work is essential for business owners who want to make informed financial decisions and minimise their tax liability. What Are Capital Allowances?
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Capital Gains Tax (CGT) is a complex area of law, and you must seek professional advice from a business accountant. Note that in some situations, you can defer paying CGT through a CGT rollover. This blog will explain what CGT rollovers are, the types available, and how they can benefit you. What is Capital Gains
CGT Rollover: All the Things You Need to Understand Read More »
Filing your taxes in Australia can be a daunting task, and mistakes can happen to even the most meticulous taxpayers. If you’ve realized that you made an error on your previously filed tax return or omitted important information, don’t worry; there’s a solution. In this blog post, we’ll guide you through the process of amending
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