Hiring Accountants: Tips for Business Owners

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What Are Some of the Most Common Mistakes People Make When Filing Their Tax Return?

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Do you approach “tax day” with a certain amount of trepidation? Of course, nobody really enjoys submitting their return to the ATO, but if you prepare properly then there shouldn’t be too much to worry about. What are some of the most common mistakes people make when they are filling in their tax return? All That Data As they get access to new technology and gather more data, the Australian Taxation Office is able to analyse individual tax returns more efficiently and uncover anomalies.…

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Financial Planning: How to Prepare For Your Future After Graduating College

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Shortly after you graduate college, your main objective is to get a job and start living independently. While this is definitely something you should focus on, it is also a good time to plan for your future, even beyond starting your career. Here are some financial planning tips to follow after you graduate from college and enter the professional world. Start Saving Immediately No matter how much you earn or what type of job you get, it is important that you don’t spend every dime you earn.…

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Signals That You Should Hire a Tax Accountant at Tax Time

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A tax accountant can be a good choice for any individual during tax time, even if their services do nothing more than relieve you of the stress that you might experience in trying to figure your own taxes. However, there are some definite signals that you should consider hiring a tax accountant during tax time and even throughout the year, so your tax burden is lessened and so that you know your paperwork is filled out properly.…

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Small Business Owners: Why Would You Hire A BAS Agent?

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To comply with tax regulations, small business owners must regularly file a series of documents to the Australian Tax Office. The work to complete these documents is often complex and time-consuming, so most small business owners hire tax agents to help with this work. What you may not realise is that a BAS agent could also help your business become more tax efficient. Find out more about the services BAS agents can offer small businesses, and learn the difference between these professionals and registered tax agents.…

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4 Reasons Why You Should Seek Help With Your Superannuation Fund

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Superannuation funds are vital, because they signify the only sure lifeline most people have for their future retirement. To ensure financial freedom during those years, you can engage the services of a professional to help make your superannuation fund as abundant as possible. You can do so by enlisting the services of an accountant or a financial planner. By doing so, you can give your retirement plans the much-needed boost they need in regards to the following key issues:…

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Understanding PAYG Withholding and Your Obligations as an Employer

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As a business owner, it’s important that you pay all of your employees accurately and on time. Under Pay as you go (PAYG) withholding rules, you are obligated to collect tax payments from your employees and submit your records to the Australian Taxation Office (ATO). If you are starting a business, you can register for PAYG withholding through the Australian Government’s Business Portal. Keep Your Payment Records It’s important to keep accurate PAYG records so the Australian Taxation Office can ensure that you have paid the right amount of tax, your employees are receiving the pay they’re entitled to, and you are complying with government legislation.…

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Hiring the Right Accountant for Your Business

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For any business, every single cent counts. Paying close attention to your business expenditure is the first step to ensuring you are operating a successful business.  Finding qualified accountants is the way to go about this. Good accountants can ensure your business operates well within acceptable expenditures. They can be your source for advice on matters crucial to the finances of your business. Some even grow with the business to partner levels.…

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How to Qualify to Audit a Self-Managed Superannuation Fund

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A self-managed superannuation fund (SMSF) is established as a trust structure. The fund’s sole purpose is to manage retirement funds on behalf of its members, the benefits of which can also be passed to a member’s beneficiaries upon death. All SMSFs require an annual audit and only auditors who are Australian residents and who have registered with the Australian Securities and Investment Commission (ASIC) can be approved. Once registered, there are other requirements that must be met before they are eligible to be placed on the list of sanctioned SMSF auditors.…

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