Category: accounting
Did you think you could outsmart the Australian Tax Office?
The Australian Tax Office (ATO) raided 35 Australian businesses in 2022 suspected of using electronic sales suppression tools (ESSTs) to delete business transactions, reduce sales ...
Phasing out written authorisation for agent linking
Agent linking between tax agents and clients is carried out through written authorisation. The ATO will be phasing agent linking out in the wake ...
Simple tax returns to disappear within 3 to 5 years
Chris Jordan, the Commissioner of Taxation, has advised tax agents that 'if your business model is high-volume, low-margin, simple tax returns, your business will ...
The Pros and Cons of a Country Accounting Practice
There are many benefits to moving your accounting practice to the country. Rural accounting also comes with a lot of risk and potential downside, ...
Should I use myTax or an accountant?
If you’re an individual with a simple income from an employer and nothing to claim, you may decide to lodge your tax online through ...
Prison! The consequence of failing to lodge tax returns and BAS
A Western Australian doctor, has been sentenced to seven months in jail for failing to lodge 18 income tax returns and business activity statements ...
What is salary sacrificing and is it for me?
It sounds like some sort of sacrificial ritual for your paycheck, but don’t worry it’s neither complicated nor sinister. Salary sacrificing is simply asking ...
Top 5 questions to ask your accountant at tax time
Here are the top 5 questions that you should be asking your accountant, tax or business advisor during tax time. Are you a registered ...
Not taking a risk can sometimes be the biggest risk
Sometimes, choosing not to take a risk can pose the biggest risk. This rings true with the COVID-19 vaccine in Australia. Many who can’t ...
The dangers with share buy-backs
Many businesses find operating through a company structure is attractive as the profits are taxed at a flat rate of 26% (if turnover is ...