Businesses in the building and construction industry must now report the total payments they make to each contractor for building and construction services each year. This change came into effect 1 July 2012. These payments are to be reported to the ATO as part of the Taxable payments annual report. Who Needs To Report Businesses

Tax planning is one of the most confusing and overwhelming aspects of being a business owner. It’s also one of the most critical. Anyone who has ever tried to go it alone can tell you that a simple mistake, which is made easily by a nonprofessional, can cost endless hours of additional work, not to

We would all like to think that we know what’s best for our businesses, our futures and ourselves. However, in the sticky, tangled world of finances, one really bad decision can ruin a lifetime of work. A financial advisor can help you navigate through the tricky moments by offering knowledgeable, real world financial advice in

If you need to hire a company accountant, but want to ensure that you are hiring the best, then strongly consider hiring a chartered accountant. Not every accountant has the same skill set and level of training, and not every accountant can become a chartered accountant.

The Government announced its intention to limit the allowable deduction for self-education expenses by individual taxpayers. From 1 July 2014 it will be capped at $2,000 per annum. The limit will apply to all self-education expenses such as tuition, books, courses, computer equipment as well as travel and accommodation relating to things such as seminars

From 1 July 2013 the super guarantee increases to 9.25% and the upper age limit has been removed. This means employers may need to make super guarantee payments for eligible employees aged 70 years and over. If you are an employer, you will need to ensure that your payroll and accounting system applies the appropriate

Cloud computing can boost your productivity, but make sure you know what you’re signing up for. Chances are your email, latest accounting software or job ordering system is based in the ‘cloud’. It lets you do things previously only dreamed of by large companies with dedicated IT services. All the maintenance, development and backups are

Since the Global Financial Crisis there is strong evidence to suggest the relationship between small to medium sized enterprises and banks has changed. Banks are now tougher to deal with – they are managing their risk profile more stringently. There is an increased use of covenants. Covenants set performance criteria for a business and can

The State Revenue Office is currently issuing Land Tax assessments. Owners of land should ensure these assessments are correct as experience has shown the assessments regularly contain errors and excessive land tax may be levied. Land owners are encouraged to: Carefully check the land tax assessment. Ensure the correct names are listed as land owners.

You may be on the brink of lodging your income tax return and wondering, am I missing anything? Chances are that if you are doing your own taxes, you probably have missed something. Having a Tax Accountant do your taxes may be something you have never considered, but understanding what they do may make hiring

There are many areas your financial advisor should be covering for you in order to be certain your assets are working well. Making sure you are getting the most out of your financial advisor is important to reaping the rewards of good investments. Here are a few areas to address with your advisor to take

Whether your business has just started or you are reaping the rewards of growth, if you do not use a company accountant, you could be costing your business money. Here are the top 5 reasons you should be hiring a service for your accounting needs: