If you run a small business and employ staff, then you do, of course, have to account for their earnings and send regular returns to the ATO. Generally, you need to deduct their tax dues at source and pay these to the authorities and make sure that each individual receives documentation that keeps them up to date with their affairs. Yet this may not be the end of your obligations as far as staff taxation is concerned, as you may need to take into account what the government euphemistically calls their fringe benefits.…
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.…
