To most people, the work of an accountant is to simply do business math. As a business owner, hiring the services of an accountant can drastically improve the fortunes of your business. The accountant helps you get an accurate picture of your business’s financial position, which is critical in decision making. Below are several other reasons why you should have an accountant in your organisation.
Calculate profit and loss
The primary reason why people start up businesses is to make profits.…
Are you always on the lookout for ways to reduce your tax liability? As you may know, tax regulations are extensive and cover so many different areas and walks of life. Certainly, it can be difficult to keep up with all these rules, allowances, deductions and restrictions, but you still have to be sure before you itemise something on that all-important document. One area that seems to confuse people more than ever is an allowance for clothing.…
It is compulsory for everyone and each company to file their tax returns annually. Unless you are an expert in the field, everything can seem to be complicated. Below are critical details you should consider when you are filing your tax returns.
Total income taxable
You should know the total amount of your income that is taxable. The amount of domestic tax that is charged will depend on the amount of your income.…
There are few things more terrifying than facing the prospect of having your tax returns audited. Even if you are pretty sure that you have done all you can to record your business’s income and outgoings accurately, there will always be a lingering fear that you forgot to include something which could lead to a hefty tax bill. Thankfully, there are some steps you can take which will help to reduce the chance that the tax man will come knocking at your door.…
Poor management of the financial aspects of your business can cause premature failure of your young commercial operation. Therefore, you should be diligent in learning some accounting before launching your young or growing company. Under ideal circumstances, you should hire an accountant to help in keeping the books. However, it is possible to get organised and ensure that the finances of your business are in order. Here are some practical tips on streamlining your company’s financial information.…
Tax policies are rarely static laws. The Australian government regularly makes changes and adjustments to tax laws in response to the economic environment or political temperatures. The main sectors of tax policy that undergo regular change are tax deductions, income brackets, and tax breaks.
Since Australia operates on a progressive tax policy (where the higher your income, the higher your tax), there tend to be many different components of tax laws that individuals need to adhere to.…
If you are coming up to tax season, and once again stressing that you make sure everything has been filed on time, you are paying the right amount and no more or less, you have probably considered using a tax accountant to help you prepare and file your returns. However, even for those who do not want to engage a full time accountant, there are several, potentially surprising, ways that tax accountants can help you meet your legal obligations and make the most of your financial situation.…
If you are only paying an accountant to make sure your taxes add up and that the numbers coming in are bigger than the numbers going out, you are wasting a valuable, and let’s face it expensive, resource. Qualified accountants can do so much more than just the basics, and you might even start to think about them as a positive asset rather than an expense.
Accountants know more than just numbers.…
Managing your own financial paperwork and taxes, without the use of a personal accountant, can be a good choice if you don’t have many investments or financial interests, and if your personal finances are relatively simple. However, this isn’t always the best idea for everyone, as sometimes your own personal finances can be somewhat complicated. Paying an accountant to manage or at least explain your finances to you can then protect you financially.…
Tax planning is all about keeping track of your finances so as to remain in good standing with the tax authority and to regulate your tax burden. Most people also don’t realize that tax planning is important for helping them minimize their taxes by taking advantage of deductions and incentives offered by the tax authority.
As you start off the New Year, it is a great idea for you to take a closer look at how you manage your finances so you can identify cost saving opportunities.…
