Take the Stress Out of Getting Your Startup Ready for Tax Season

As a small business owner, you probably don’t get excited about tax season. At best, prepping your taxes feels like a hassle, the least fun of all your business activities. At worst, it has you pulling your hair out in a state of distress and confusion. Tax season doesn’t have to be painful. With the following tips, you can take the sting out of tax-related tasks and save your...

5 Startup tips to give your business a headstart

As a startup it’s easy to get so caught up in the excitement, the product, the service and the marketing that you forget to focus on some of the fundamentals of beginning a business.  Getting these foundations right though from the start, will serve you well as you progress on your business journey and down the track you’ll thank yourself for it.

Demystifying the difference between accountants, tax agents & bookkeepers.

You see accountants are like doctors – they’re everywhere but just as there are many different types of doctors – such as general practitioner, paediatrician, psychiatrist, oncologist, ophthalmologist, etc – in the accounting profession there are also different types of accountants too – such as in-house company accountants, management accountants, tax accountants, financial accountants, cost accountants, forensic accountants, and the list goes on.
If we go back to my previous analogy of Accountants and Doctors we can go a step further and say that bookkeepers are like nurses, and they do the day to day work such as raising invoices, paying bills and processing payroll but it is the accountant who ensures the allocations are correct, prepares and interprets reports and ensures all the compliance requirements are being met.

The Key To Business Partnership Success

As an accountant I see many Small Business partnerships go pear-shaped and whenever a client asks me about going into partnership, my most common recommendation is don’t do it.

You see money brings out the absolute worst in people and makes even the nicest people turn ugly. Although we can anticipate and even plan for differences, it’s often not until we are faced with very real money decisions or when money really becomes tight that those very ugly traits surface.

Improving your cash flow is as easy as 1 2 3

  Cash is the life blood of our businesses. It’s no secret, it’s not rocket science but cash flow is consistently one of the biggest pain points for Small Businesses everywhere. So what can you do to improve cash flow? Invoice your customers. Yes that’s what I said – just invoice your customers. Sounds too simple I know but I see many Small Businesses who are ‘too busy to...

8 tips to pay less tax

No-one wants to pay more tax than they absolutely have to, yet all too often I see people unnecessarily paying more tax than they should have. Here are 8 very simple tips to ensure you don’t pay any more tax than you need to – they’re quick, simple and totally legitimate: 1. Keep your receipts If you’re paying cash for business or work related expenses make sure you keep...

Is an Accountant the same thing as a Tax Agent?

Despite common belief no they are not the same thing. Just like there are numerous different types lawyers e.g. criminal lawyer, family lawyer, property lawyer, there are also lots of different types of accountants too. The title accountant is a broad term for anyone who has a qualification in accounting. In the accounting profession there are management accountants, tax accountants, financial accountants, cost accountants and the list goes on....

What is the difference between an accountant and a bookkeeper?

There are quite a few differences between bookkeepers and accountants however there are also a few similarities/overlaps so often it can be hard to understand where the line between them starts and finishes – especially because sometimes they can actually be the same person…..OMG this is getting confusing now…..so back to basics. In very general terms an accountant is degree qualified, whereas a bookkeeper isn’t. Bookkeepers do the day...

September 2015 Newsletter

Happy Spring and welcome to our September Newsletter. In this newsletter I will cover a few things such as – what happens if you leave our lucky country and decide to work overseas for a while? what can you do if you realise you forgot to put something in your tax return or worse still put something in you shouldn’t have? what can you do if you think the tax...

5 signs you might need a bookkeeper

Most people start a business because they are good at something – be it plumbing, photography or designing – and not because they’re good at paperwork. So when exactly does it become worth hiring a bookkeeper? This is different for everyone and every business. The answer is not how much you turnover, but rather it’s about your situation, your level of financial expertise and the complexity of the business.

5 ways you’re losing money

Let’s face it, being a woman can be very expensive. Unlike men, we can’t wear the same suit every day just with a different shirt; we have to pay for cosmetics, hair styling — and let’s not forget shoes and handbags — in order to appear professionally groomed.

So we need to be a little bit smarter than the guys with our money. Here are my 5 tips to helping you save some money in areas that you may not know you’re wasting it or don’t want to admit it.

2015 Federal Budget wrap up

Here’s our 2015 Budget wrap up. Overall we are pleased to see that small business has come out a winner finally (after some of the relief introduced by the previous government that had been squashed by this government have come back).  Looks like the Minister for Small Business is either doing his job or our politicians are realising that Australia no longer rides the on the back of the sheep...

Tax and relationships…..not quite as romantic as ‘bride and groom’ or ‘champagne and strawberries’ but important non the less

I’m sure the last thing you’re thinking about when you move in together or are getting married are the tax implications but for those of you lovebirds looking at taking this next big step in your relationship it’s important you have a general understanding of what it means to be a “spouse” under tax law because that can change the approach taken to certain financial arrangements, clarify any potential pitfalls...

Frequently Asked Questions

Can you help me with my bookkeeping too?  Absolutely if I do your tax returns I can also do your bookkeeping however I do not provide bookkeeping only services to the general public.   I’m a bit behind in my BAS and tax.  Can you help me get up to date?  Absolutely I can and I assure you that you are not alone – in fact we do this all the time.  I know...

To GST or not to GST? What is the difference?

First things first – GST is not a cost – if you are registered for GST. By registering for GST it means you must charge GST on all your sales (if they are in Australia) but it also means you can claim back the GST on any purchases you make that have GST in them. If you are not registered for GST you cannot charge GST nor can you...

The income tax implications of property lease incentives

Lease incentives are commonly used by landlords to entice tenants to enter into a lease. The most common type of lease incentive relates to new tenancies in commercial buildings. These inducements can take many forms, including upfront cash payments, non-cash items such as motor vehicles or boats, expensive paintings, holiday packages, rent-free or rent-discounted periods for the leased premises or for premises in other cities, free fit-out of the...

What to look for in a great bookkeeper

A bookkeeper is a bit like a GP – there’s one on every corner but great ones are hard to find but when you find a great one you never let them go. But how do you know if your bookkeeper is a good bookkeeper or even better a great bookkeeper? Well let’s start with what every bookkeeper should be so we get the basics right then look at...

12 common myths – Employee or contractor?

There are several myths and assumptions by both workers and employers when it comes to trying to decide whether or not someone is a contractor or an employee. Here are 12 common myths that often get both businesses and workers into hot water. Having an Australian business number (ABN) Myth: If a worker has an ABN they are a contractor. Fact: Just because a worker has an ABN does...

It’s Fringe Benefits Tax time

FBT — your business basics If you own a business that employs staff, and provide remuneration to your employees in a form other than straight salary, you may be up for fringe benefits tax (FBT). The upside for your workers is that they do not then have to pay income tax on the value of the benefits provided to them. FBT is separate to income tax.  The FBT regime...

SuperStream is here. 5 steps to ensure you’re ready.

The government wants to improve the superannuation system and bring it into the modern electronic world through the introduction of SuperStream, and this includes for SMSFs. Under the new system, employers must interact electronically using approved software. Employers with 20 or more employees should have already started using SuperStream from July 1 last year, but smaller employers (those with 19 or fewer employees) have until July 1, 2015 to...