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Accounting
Changes to Fringe Benefits Tax (FBT)
March 3rd, 2017A reminder that another FBT year comes to a close on 31 March 2017. There have been several minor changes in the FBT arena this year, the most notable include changes in the treatment of some electronic devices and meal entertainment for not-for-profit organisations. Limit on Electronic Devices Lifted Since 1 April 2016, employers of smallread more
5 Steps in creating a personal budget that works
February 12th, 2017One of the most important foundations to Financial Success is getting control over your finances to pay down debt faster, and/or accelerate your savings capacity. The first and most vital step towards this is creating a personal budget. A budget allows you to gain visibility with money in (income) and money out (expenses) and makeread more
ATO Simplifies BAS for Small Businesses
January 23rd, 2017Good news to start the new year! The Australian Tax Office (ATO) has announced that they are working on making the Business Activity Statement (BAS) simpler for small businesses. The ATO said that they have “listened to the concerns of entrepreneurs, tax professionals, and software providers that BAS has too many GST labels,” making recordread more
5 Reasons Why You Need an Accountant for Your Business
July 6th, 2016Entrepreneurs are often lauded for their "jack-of-all-trades" approach to starting their business - doing what they can themselves in the early stages to keep costs down and stamp their mark on their new business venture. One service in particular that is overlooked, however, is that of an accountant. Aside from needing someone to take careread more
Common Tax Deductions You Didn’t Know You Can Claim
June 13th, 2016As a smart taxpayer, it would be helpful to know some of the deductions you can claim against your tax. An Australian accounting firm surveyed their senior accountants to know what the most forgotten deductions are on individual returns and have come up with the list below: 1. Expenses on Managing Taxes If you usedread more
8 Invaluable Skills of CFOs that SMEs Need
March 23rd, 2016Most SME business owners hesitate at the thought of hiring a CFO for their growing company, believing that only large businesses need and can afford a CFO. However, there’s lots of reasons why every business, even SMEs, need the expertise of a CFO. A CFO is a highly competent and experienced financial executive that helpsread more
Make the Most out of the Christmas Party and Keep it Tax-Free
October 21st, 2015The Christmas season is fast approaching and with this comes our festive moods and celebration preparations. As the holidays are getting near, companies are also preparing for their respective festive season parties. It is important to celebrate and enjoy the festivities but it is also important to keep in mind a few pointers in orderread more
Trading on eBay? Learn if You Have Paid Your Appropriate Tax Dues
October 18th, 2015Last year, McKinley Plowman reported that the ATO will be watching over business transactions held in eBay. It will now be making good on its promise. Are you selling or planning on conducting business on eBay? If yes, then it is important to know the rules mandated in order to avoid penalties and complications. Theread more
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