Is Your Online Activity a Business or a Hobby?


The Internet has certainly grown exponentially since it emerged a few decades ago. It's now an integral part of most Australian lives. A huge portion of the population has a Facebook account and is actively involved in social media, while an increasing number of people have opted to use the World Wide Web to develop their business interests. Many people have grown a hobby into a commercial enterprise and some without even knowing it.

23 May 2018

How to Make Sure That You Account for Taxes Correctly When You Invest in a Holiday Home


If you have been told that you need to diversify your investment strategy, you may have decided to purchase a holiday home and put it on the rental market for additional income. This can be a great way to make some money and boost your portfolio, so long as you approach it correctly and specifically, are careful when accounting for tax. Should you be worried that the ATO may look at this critically, in light of recent developments?

13 November 2017

Tax Tips for Uber Drivers


Uber is such an easy, flexible opportunity to make some money on the side that it is tempting to jump in, start earning and leave finances for later. But tax time will inevitably come, and it will be less stressful if you plan for it from the start. Get an Australian Business Number (ABN) and register for Goods and Services Tax (GST) If you are an Uber driver, you are not an Uber employee; you are running your own business, which you need to register.

6 March 2017

Managing your bank reconciliations


If you are trying to keep costs down, it can often be tempting to do the majority of your administration in-house. However, when it comes to the bookkeeping, it can often be much better to outsource your accounting services to a qualified accountant.  Here are some ways that outsourcing bank reconciliations can save you money in the long term.  Correct allocation of items to lines If you are in a rush, it can be easy to make mistakes in the process of reconciling your accounts.

13 September 2016

Bring These Important Documents to Your Tax Preparer


When tax season rolls around, it is time to start gathering your financial records and make an appointment with your tax preparer. Here are some documents to make sure you bring with you when getting your taxes filed by a professional. Income Documents The first type of documents you need to bring to a tax preparer or accountant is any documents related to your income. If you have a regular payroll job, this is likely your W-2 forms.

19 February 2016

Reasons Why Your Business Requires An Internal Audit Function


As much as you would like to be in charge of most departments in your organization, the simple truth is that it is not easy. The best way to seize control of these departments is by having some form of vetting done from time to time. The accounting department is one of the departments that should be given a high priority as it deals with money, which is vital in the running of any business.

27 January 2016

Business Activity Statement: Selecting a Taxation Expert


The business activity statement is an important financial element to consider in every business. If you have recently registered your business, you will need to fulfil the obligation attached to this taxation requirement. Basically, the BAS is designed as a tax-reporting form that allows companies to present their taxation obligations. This requirement must be fulfilled on a monthly or quarterly business, and it is generally imposed by the Australian Taxation Office.

26 January 2016

Expert Tips to Choosing a Qualified Accountant for Your Firm


Getting an accountant for your firm is not an easy task. There's a huge talent gap in the accounting industry and successful firms need to re-strategize so as to ensure that they pick the best accountant. This process doesn't just involve looking for a guy who's good at crunching up numbers and getting maximum returns when filing taxes. So how is it done? How do you pick the best man for the job in your firm?

25 January 2016

Questions Every Business Owner Should Ask Their First Virtual Bookkeeper Assistant


Having your own business can be freeing, energizing and tiring. Finding a virtual bookkeeping assistant can be all these things and more. Finding the right one for your business can be tricky, but with the right questions you can have the right person working for you in no time.  Here are some basic questions to ask the potential employee before hiring. Experience You probably already know you don't want to hire someone with no experience or very little education.

25 January 2016

Services Offered by a Professional Small Business Accounting Firm


There is no question that as a small business owner and entrepreneur, you will wear a number of different hats. However, when you hire professional small business accounting services, you can ease some of your load and give yourself more time to focus on growing and expanding your business. These accounting firms offer a number of different services, from simple bookkeeping to a number of more complicated issues, including audits and business tax returns.

5 January 2016