Tax NEWS BLOG

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...

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...

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...

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...

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,...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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....

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...

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....

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...

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...

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...

Running a small business in Perth requires you to be industrious and innovative. With strong competition and market dynamics, it is crucial to adopt effective strategies that can foster growth and sustainability. Here we present a consolidated guide comprising the...

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...

Navigating the complexities of tax returns can be daunting, especially if you're aiming to maximise your refund. From understanding what deductions you can claim to avoid common pitfalls, there are many ways to boost your tax returns. Here’s a comprehensive guide...

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...

Effective tax planning is essential for small businesses in Perth to maximise their returns and reduce their tax burden legitimately. With proper planning, your business can utilise beneficial tax-law provisions such as applicable breaks, tax credits, and allowable...

Businesses in Western 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...

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...

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...

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...

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...

The Australian tax system, while comprehensive, requires precise attention to deadlines to avoid fines from the Australian Taxation Office (ATO). Below, we've summarised the most critical deadlines for individual taxpayers in Australia, specifically for Perth...