Tag: tax return

Working with a Lawyer

This article, crafted for business owners from a business advisor’s perspective, outlines the key benefits of collaborating with a lawyer in the business setting. It covers areas such as legal compliance, contract management, intellectual property protection, employment law, dispute resolution, business structuring, and the value of preventative legal care. The emphasis is on viewing legal counsel as a strategic business asset rather than just a necessity for resolving issues.

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Doing reference checks in business

This article, written from a business advisor’s perspective, highlights the importance of reference checking in the recruitment process for Australian businesses. It covers verifying candidate information, understanding work ethic and compatibility, identifying red flags, gaining a holistic view of the candidate, legal and compliance aspects, tailoring reference questions, and the overall contribution to building a quality team. Emphasising these aspects underscores the value of reference checks in making informed hiring decisions.

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Guide for Preparing your Return

This article, written from an accountant’s perspective, provides practical tips for individuals preparing their tax returns for the 2024 tax year in Australia. It covers staying informed about tax changes, document organisation, utilising technology, reviewing deductions, considering superannuation contributions, optimising investments, the importance of accuracy, seeking professional advice, and planning for future tax years. These tips are aimed at making tax preparation more efficient and accurate, thereby enhancing potential tax benefits.

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How does a mortgage work?

This article, intended for individuals and written from an accountant’s perspective, provides an easy-to-understand overview of how mortgages work in Australia. It covers key aspects like the definition of a mortgage, its components, types, repayments, features, associated costs, application process, tax considerations, and the value of professional advice. Understanding these elements is crucial for anyone considering taking out a mortgage for property purchase.

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Who owns the Shares?

This article, tailored for business owners and written from an accountant’s perspective, provides insights into share ownership in a company. It covers the basics of shares, types of shares, identifying shareholders, issuing shares, rights and responsibilities of shareholders, share transfers, tax implications, and the importance of understanding the company’s structure. This understanding is crucial for managing business ownership, financial responsibilities, and legal compliance effectively.

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Basics of MYOB

This article, written from an accountant’s perspective, provides a basic overview of MYOB software, highlighting its key features, cloud-based convenience, integration capabilities, customisation, user-friendly interface, and tips for choosing the right product. MYOB is presented as a comprehensive solution for simplifying and streamlining business accounting practices.

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Fixing a prior year return

This article, written from an accountant’s perspective, provides a comprehensive guide on amending a prior year tax return in Australia. It covers the possibility of amendment, reasons for doing so, the process, timeframe, potential outcomes, record keeping, impact on future tax returns, and the importance of professional advice. This is key information for taxpayers who need to correct or update previously filed tax returns.

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FAQ Tax Return

This article, intended for individual taxpayers in Australia and written from an accountant’s perspective, addresses frequently asked questions about tax return deductions. It covers a range of deductible expenses, including work-related expenses, home office costs, car expenses, phone and internet costs, self-education expenses, medical expenses, charitable donations, investment-related expenses, union fees, professional subscriptions, and personal superannuation contributions. Understanding these deductions is crucial for taxpayers to effectively manage their tax obligations.

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How does a commercial lease work?

This article provides an overview for business owners on how equipment lease agreements work. It covers the basics of leasing, differences between operating and finance leases, key components of a lease agreement, benefits of leasing, considerations before signing, and the importance of professional advice. Understanding these aspects is vital for business owners considering leasing as a financing option for equipment acquisition.  

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What is an annual ASIC Statement?

This article provides a detailed overview of the contents and significance of the annual ASIC statement for business owners in Australia. It covers aspects such as company details, officeholders and members, review date, compliance, fees, updating company information, solvency resolution, and the importance of maintaining accurate records. Understanding and managing these details is crucial for legal compliance and effective corporate governance. 

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