Small Business
Earning a degree in accounting is an excellent way to improve your chances of securing a stable job with plenty of opportunities for career advancement and increased responsibility. Accountants are […]
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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.
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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.
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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.
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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.
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Buying an existing proven business can be easier than starting from scratch – an established business has brand awareness, a (hopefully happy!!) customer base, regular suppliers and immediate cash flow.
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The sharing economy describes an emerging social concept that connects people via the internet to those who will share services for money.
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Directors are legally responsible for ensuring that their company meets its pay as you go withholding, GST and superannuation obligations. If a company fails to comply with their obligations, company directors are held personally liable for the amount the company should have paid.
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Negative gearing is one of the most misunderstood concepts in tax and is something commonly said in the media without any real explanation. Simply, gearing is “borrowing to invest”.
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The chief reasons for the popularity of SMSF’s include control over assets,
tax benefits associated with superannuation, flexibility in funding retirement, potential cost savings by eliminating trustee and portfolio fees & estate planning opportunities.
Bookkept offers expert accounting, compliance, and business advisory services to small and medium businesses in Melbourne & Australia-wide, specialising in Xero/MYOB and strategic growth solutions.
Call: (03) 8568 3606
Email: info [@] bookkept.com.au