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...The secret to success
After years of telling myself that if I just tried harder, believe in myself more, and work smarter that I could do and have it all. I have since realised that all I have been doing is setting myself up for failure. Don’t get me wrong – I haven’t given up, I’m not throwing in the towel or crying into my doona – I have just had the epiphany...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....5 ways to set yourself up for a prosperous 2016
If you’ve come back from the Christmas break feeling motivated and ready to hit to 2016 hard here are a few suggestions to help you ensure 2016 is indeed a prosperous one.
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...July 2015 Newsletter
Legally BAS tax tips and strategies Newsletter
5 things you can do in accounting software, not Excel
One of the most common questions I’m asked is when should I move from Excel to accounting software? My answer is quite simple – when you can’t quickly and easily manage the day-to-day business using Excel then it’s time to move. Trust me, if you’re there, you’ll know it.
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.
3 tips to get your finances straight in the new financial year
Financial advisors and accountant experts are calling for businesses to seize the opportunity presented by the new financial year to set goals and sort out their finances. Accounting software provider MYOB has released some steps for start-ups to take in the new financial year.
Don’t Pay More Tax Than You Need To
No-one wants to pay more tax than they absolutely have to yet all too often I see people paying unnecessary tax that could have been quickly, easily and legitimately reduced. Here are 9 simple tips to ensure you don’t pay any more tax than you need to.
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.
June 2015 Newsletter
Legally BAS tax tips and strategies Newsletter
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...Debra Anderson panellist ATO webcast on the future of the tax industry
If you missed Debra’s recent appearance as a panellist on the ATO’s webcast about the future of the tax industry grab a coffee and here it is. Share Tweet...Sky Business News Interviews Debra Anderson about EOFY tax tips
Click here to watch Debra Anderson on Sky Business News sharing some EOFY tax tips Share...David Koch interviews Debra Anderson about EOFY and tax tips
Click here to watch Kochie talk EOFY tax tips with Debra Anderson. Share...Maximising your tax or BAS agent fees & claim as a tax deduction
You can be flexible in terms of which entity (person/company) is invoiced for managing the tax affairs and therefore who can claim the tax deduction.