How can I be successful in accounting? College can be fun just as much as college can be a drag. But at the end of the day, you are here for a degree so you can achieve all your life goals of retiring early and supporting your family or finally buying a Maserati to match […]
How can accounting grow your small business? The accountant is a key player in any business – after all, bad money management often equates to why businesses will fail in their first three to five years. Unfortunately, the accounting department, including Accounts Payable and Accounts Receiving, is one of the most singularly complex branches […]
Can I claim expenses without a receipt? Do you claim tax deductions when you don’t have a receipt? Claiming with no receipt is becoming a bit risky because the ATO is more strict now, but in some cases it is okay! Let’s dig into this and try to avoid ATO troubles. Tax deductions […]
What Are Some Accounting Strategies? Far too few business owners understand the role that smart accounting plays in their success. But make no mistake – it can make or break any business venture. With a qualified outsourced accounting team and the right new business accounting approach, you can avoid making some of the epic blunders […]
Should I Hire An Accountant For My Small Business? Maybe you’ve just started your business, and you’re wondering if you need to hire an accountant. Or perhaps you’re still in the planning stages of a new venture, and you’re deciding whether or not you need someone dedicated specifically to your business’ accounting, before going all […]
Are accountants good at math? A degree in accounting is a great way to ensure that you are on the path to a stable career with plenty of opportunities for advancement and promotions. No matter what the state of the economy is, accountants are always in demand. The mistake many prospective accounting students make is […]
Working Holiday Makers Taxes & the so called Backpacker Tax… Holiday makers on a 417 visa have often never been involved in tax returns so we’ll explain how tax residency & Working Holiday Marker income works.
There’s no doubt that claiming for your work-related car expenses at tax time is one of the great joys of life! However, you must be certain that you have strong documentation to substantiate your claims.
When you’re at the stage of asking this question, it’s often the case that there’s no right answer. Many businesses will start out as hobbies, and there will be a point when you could say it’s either. Your accountant can help you consider the differences in the characteristics of commercial business and a hobby to make sure you’re lodging your taxes correctly.
Allowances are separately identified payments made to an employee to cover expenses they incur while performing their role. Allowances paid in conjunction with normal salary and wages are not treated separately for PAYG withholding, but can still have special treatment in the eyes of the ATO.