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Tax NEWS BLOG

Troubleshooting Common Issues with MYOB

Troubleshooting Common Issues with MYOB

MYOB, or ‘Mind Your Own Business’, has become a popular accounting software and online services platform used by businesses all around Australia. It is cost-effective and user-friendly, but like any software, there may be times when things don’t work as they should....

Benefits of Hiring an MYOB Accountant in Perth

Benefits of Hiring an MYOB Accountant in Perth

Businesses in Perth have a wide range of options when it comes to accounting. Finding the right accountant for your business can be a difficult decision, but hiring an MYOB expert can bring many benefits to your business. Here, we take a closer look at the advantages...

A Guide to Income Tax in Perth

A Guide to Income Tax in Perth

For those living in Perth, Western Australia, understanding the rules and regulations around income tax can be a complicated yet necessary task. To help make the process easier, this blog post provides a comprehensive guide to income tax in Perth. When and How to File...

Which Types of Businesses Use MYOB?

Which Types of Businesses Use MYOB?

MYOB is a popular accounting software used by many Australian businesses. It provides a range of features that make it easy to manage finances, track sales and expenses, and generate valuable business insights. With its wide range of features, MYOB is suitable for a...

Can a Bookkeeper Be a Tax Agent?

Can a Bookkeeper Be a Tax Agent?

Bookkeeping and tax services are two separate professions in Australia, and the qualifications and licencing requirements for each profession are different. While it is possible for a bookkeeper to become a tax agent, it is not as easy as many people may think. This...

What to Expect From a Bookkeeper

What to Expect From a Bookkeeper

Bookkeepers are an important part of any business. They ensure that businesses have accurate financial records and provide accurate financial information to management, shareholders, and other stakeholders. Bookkeeping services are especially important in Australia,...

Differences Between Bookkeepers and Accountants

Differences Between Bookkeepers and Accountants

In Australia, there are two distinct roles in the world of finance and accounting that are often confused with each other: bookkeepers and accountants. While both roles involve managing financial records, there are several key differences between the two job roles....

Get Your Perth Business Ready for Tax Season with the Help of Xero

Get Your Perth Business Ready for Tax Season with the Help of Xero

Tax season is an unavoidable part of owning a business, so it’s important to make sure your finances are in order so that you can complete your obligations successfully. Regardless of the size of your business and the number of records you need to keep, Xero can help...

The Benefits of Engaging a Small Business Advisor in Perth

The Benefits of Engaging a Small Business Advisor in Perth

If you’re a small business owner in Perth, chances are you’re looking at ways to stay relevant and get ahead of the competition. A professional small business advisor in Perth can provide the guidance and advice you need to get your business to the next level. Here,...

Is QuickBooks Used for Accounting or Bookkeeping?

Is QuickBooks Used for Accounting or Bookkeeping?

Keeping track of finances is vital for the success of any business. Both bookkeepers and accountants help monitor and manage finances, but their roles are different. With the availability of software such as QuickBooks, it can be difficult to distinguish between...

What Is Dext and How Can It Help You With Accounting?

What Is Dext and How Can It Help You With Accounting?

As a business owner, good financial organisation is essential to ensure you keep on top of your finances and comply with legal requirements. Dext is an exciting new software product that can help streamline and improve your accounting process – from invoicing to...

QuickBooks vs. An Accountant: The Right Choice for Your Business

QuickBooks vs. An Accountant: The Right Choice for Your Business

In a world where technology is taking over a large part of our lives, it can be hard to decide whether an accountant or a financial app is the right choice for running your business. QuickBooks, an online financial management application, makes bookkeeping more...

Do I Still Need an Accountant if I Use QuickBooks?

Do I Still Need an Accountant if I Use QuickBooks?

When it comes to organising and tracking financial information for small businesses, QuickBooks has long been thought of as the go-to choice for accounting software. But the question still remains: does this presence of accounting software mean that owners of small...

What Are the Benefits of Using Dext?

What Are the Benefits of Using Dext?

Dext, formerly known as Receipt Bank, is a cloud-based bookkeeping and accounting software designed to streamline and automate the financial processes of businesses. With its user-friendly interface and advanced features, it has become increasingly popular among...

Does QuickBooks Work for Australians?

Does QuickBooks Work for Australians?

As technology continues to advance and businesses evolve in today's digital world, it has become increasingly important for companies to have efficient and reliable accounting software. QuickBooks is a popular option for many businesses around the world, but the...

Is Dext the Same as Xero?

Is Dext the Same as Xero?

When it comes to managing your business finances, having the right software can make all the difference. In Australia, two of the top contenders in the market are Dext and Xero. Both of these software offer solutions for automating financial processes, but are they...

How to Transfer Your Dext to an Accountant

How to Transfer Your Dext to an Accountant

As a business owner, managing your finances can be challenging. From tracking expenses and income to preparing financial statements, being on top of your financials is crucial for the success of your business. And when it comes to tax season, things can get even more...

BAS Due Dates: A Comprehensive Guide for Western Australian Businesses

BAS Due Dates: A Comprehensive Guide for Western Australian Businesses

Business Activity Statements (BAS) are a fundamental aspect of operating a business in Australia. For businesses in Western Australia, understanding the intricacies of BAS due dates and lodgements is crucial to maintaining financial health and compliance with the...

What Is Pay as You Go Tax?

What Is Pay as You Go Tax?

The pay-as-you-go tax system involves paying taxes in advance of filing a tax return. It’s also referred to as “pay-as-you-earn” tax, PAYG or PAYE. PAYG instalments and PAYG withholding are two processes administered by the Australian Tax Office (ATO) for Australian...

Can You Claim Financial Advice in Your Tax Return?

Can You Claim Financial Advice in Your Tax Return?

Many people are curious as to whether the fees their financial advisor charges can be claimed in their tax returns. Financial advice's tax deductibility has long been a significant concern for investors, and the majority of individuals want clear guidelines on which...

Tax Deductions Available to Musicians

Tax Deductions Available to Musicians

For musicians, managing taxes might seem out of tune, especially when your main harmonies are rooted in creativity and improvisation. Nevertheless, understanding and utilising tax deductions is the crescendo to a wisely choreographed financial performance. It affords...

Why You Should Consider Outsourcing Your Accounting Services

Why You Should Consider Outsourcing Your Accounting Services

Let’s be honest - getting hold of a top-notch yet reasonably-priced accountant is a bit like trying to catch that last piece of fruit as it falls from the tree these days. Despite the often-heard myth that accounting should always be done in-house, you seriously need...

Why Your Small Business Needs an Accountant

Why Your Small Business Needs an Accountant

In Australia, tax laws for small businesses are complex and ever-changing. Keeping up with all the obligations is a challenge and takes time that could be better spent on running the business. Aside from your tax obligations, you'll also need to ensure that your...

Key Features of MYOB

Key Features of MYOB

MYOB is a powerful and versatile accounting software system that helps businesses manage their finances, track their performance, and create reports.  With MYOB, businesses have access to a suite of tools to help with the tasks of accounting, bookkeeping,...

Do You Need an Accountant If You Have MYOB?

Do You Need an Accountant If You Have MYOB?

MYOB is revolutionary in helping small businesses manage their finances and accounting. It’s an all-in-one software solution that offers bookkeeping, invoicing, payroll, and tax preparation. The software is easy to use and helps business owners save time and money....

How to Pay For Super in Xero

How to Pay For Super in Xero

To meet your legal obligations of making superannuation payments for your employees, you'll need to set up a superannuation fund and then make regular contributions to it. The easiest way to do this is through Xero. Xero is an online accounting software that offers a...

Should I Hire an Accountant for My Small Business?

Should I Hire an Accountant for My Small Business?

Many small business owners try their hand at accounting when they start off, assuming that it will be simpler and less expensive than hiring a professional. This is often not the case. Accounting can be complex and time-consuming, and even the slightest mistake can...

Why Xero Is Perfect For Small Businesses

Why Xero Is Perfect For Small Businesses

Doing business in the current economy requires you to have control over your finances at your fingertips. Just as mobile phones and the internet have redefined the way we do business, so too has Australian-owned Xero transformed small business accounting and...

Tax Brackets in Australia for 2022

Tax Brackets in Australia for 2022

Australia’s tax system is complex. As an Australian resident, you must pay taxes to the Australian Tax Office (ATO). The government just introduced a seven-year Personal Income Tax Plan. It aims to provide tax relief for Australian residents with lower personal income...

What to Look for in a Tax Agent

What to Look for in a Tax Agent

The advent of tax season often feels like a looming mountain waiting to be scaled. To avoid the daunting task of handling personal or business tax returns, many individuals in Perth resort to seeking the assistance of a professional tax agent. This ensures not only...

How to do a Bank Reconciliation in Xero

How to do a Bank Reconciliation in Xero

A bank reconciliation is when you compare your record of sales and expenses against the record your bank has. It's how you balance your business accounting numbers. It is one of those tasks that most small businesses do once a month, but it doesn't have to take hours...

How To Improve Cash Flow for Your Small Business

How To Improve Cash Flow for Your Small Business

Cash flow is easy to understand - it refers to the net amount of cash coming into and going out of your business over a specific period. Yet it is one of business owners' biggest problems, given the current economic climate.  Why is Cash Flow Important for a Small...

How Much Tax Does a Small Business Pay in Australia?

How Much Tax Does a Small Business Pay in Australia?

Every business must pay tax (unless below threshold) on its income, or more specifically, on its net profit. For many small business owners, the subject of income tax makes them want to rip their hair out! Tax is complex if you are not a professional in the field, yet...

Small Business tax deductions and what to claim

Small Business tax deductions and what to claim

As a business owner, you would look for various ways to save money so that you can increase your annual profit. One area that you may neglect or not know about is tax deductions. Small businesses are eligible for various tax deductions, provided you know how to claim....

Why Should Start-Ups/Small Businesses Outsource Bookkeeping Services?

Why Should Start-Ups/Small Businesses Outsource Bookkeeping Services?

Bookkeeping provides accurate information regarding the business. Start-up founders and small business owners can use the information to make better decisions and plan for the future.  However, it is challenging to keep track of all the business's financial...

Everything You Need To Know About Bookkeeping

Everything You Need To Know About Bookkeeping

To run a business successfully, you must be familiar with with the aspect of bookkeeping. Generally, bookkeeping is keeping a record of all financial transactions relating to a business. That way, the business owner can track every coin in or out of the company....

What to take to the Tax Accountant for Tax Return?

What to take to the Tax Accountant for Tax Return?

Many people miss out on cash because they do not have the necessary paperwork and are not organised. You can get the best tax refund this financial year; however, you need to have the required documents and receipts. It is even better to hire a tax accountant, and...

3 Mistakes to Avoid During Tax Filing

3 Mistakes to Avoid During Tax Filing

It is challenging to sort out your finances during the tax period. The process is complex for most people. Therefore, you are more likely to make mistakes during tax filing. It is imperative to talk to a tax agent. Your tax agent can reduce your chance of making...

Differences Between Quickbooks,  Xero and MYOB

Differences Between Quickbooks,  Xero and MYOB

Choosing accounting software that is the best fit for yourself and your business is not easy. Three applications are popular among small business owners: Xero, QuickBooks and MYOB. Let's compare their software features to help guide you in selecting the one that best...

5 Tips From a Tax Accountant to Grow Your Small Business

5 Tips From a Tax Accountant to Grow Your Small Business

There are so many small businesses in Australia. In fact, they are a big part of the Australian Economy. However, it is difficult for small businesses to succeed since the competition is tough. If you’re a small business owner focusing on growing your small business,...

What Is a Tax-Free Threshold And How Can I Claim It?

What Is a Tax-Free Threshold And How Can I Claim It?

A lot of people pay unwanted taxes every year. This is because they do not understand the Australian tax system. You need to understand the Australian tax system to avoid paying unwanted taxes, such as the tax-free threshold. It is even better to hire a registered tax...

3 Top Tips to Get Bigger Tax Returns

3 Top Tips to Get Bigger Tax Returns

It is stressful to file your tax returns. You may hurry to submit your information, so you may end up making some mistakes. In fact, if you do your tax submissions wrongly, you may miss on tax claims. It is much better to let a professional file your tax returns....

Do Tax Accountants And Tax Agents Perform The Same Duties?

Do Tax Accountants And Tax Agents Perform The Same Duties?

The financial sector contains many roles - the most common of which are accountants and tax agents. Although these terms are often used interchangeably, they are not the same. So what is the difference between tax accountants and tax agents? Here we provide you with a...

7 Tax Planning Strategies for Small Businesses

7 Tax Planning Strategies for Small Businesses

A tax planning strategy for small business can maximise the returns of the business and legitimately reduce the amount of taxes the small business owner has to pay the Government.  The tax planning works on reducing the taxable income and uses beneficial tax-law...

Tax Accounting Terminologies: Basics for Small Business Owners

Tax Accounting Terminologies: Basics for Small Business Owners

Businesses in West Australia may primarily see accounting as mathematical, but there is more to it. This is because owners must make sense of all the vocabulary that comes with bookkeeping and accounting. As such, a business entrepreneur must understand tax terms such...

How to Calculate Your Tax Return

How to Calculate Your Tax Return

Introduction Calculating one’s tax returns is something that many people find perplexing, as most aren’t sure what formula to use to compute their returns. Fortunately, the Australian Taxation Office (ATO) has standard guidelines in place to help you calculate your...

What Can I Claim on My Taxes in 2020?

What Can I Claim on My Taxes in 2020?

Introduction 2020 changed so many things, and these include the way we work, spend, and live. These modifications to the modern lifestyle raise several questions about whether these will change the way people pay their taxes, mainly where deductions are concerned. A...

What You Can Claim on a Tax Return

What You Can Claim on a Tax Return

If you want to claim a Tax Deduction, you need to keep records that the Australian Taxation Office (ATO) will accept as a legitimate expense. Deductions are usually expenses that are: 1. Work-related items like: utilities like phone, computers, internet...

Married Couple Tax Returns

Married Couple Tax Returns

Lodging an individual tax return as a married individual requires that you include your spouse's income when you lodge your tax return. There is no joint tax filing option for married couples in Australia, and each spouse must declare their own and each other’s income...

2020 Tax Deadlines in Australia for Individual Taxpayers

2020 Tax Deadlines in Australia for Individual Taxpayers

In this life, only two things are considered absolute: death and taxes. Certainly, we will not talk about death here. So, let's talk about tax returns. The Aussie tax system can be daunting for many people. And if you miss those crucial deadlines, the Australian...

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