Accounting

Companies fail essentially due to poor management, poor financial control and in some cases fraud. What chance do small businesses have to avoid financial failure or mediocrity?

Bad debts can be bad news for small business. Chris Ridd, managing director of small business accounting software provider Xero Australia, explains how you can deduct them from your tax – and how you can avoid them.

One of the keys to shake-up your business in the new financial year is to keep your records up to date. Doing this increases your business’ value, provides easier access to finance and allows a better insight into how you are performing. Business policy advisor at CPA Australia, Gavan Ord, told Dynamic Business that too […]

Did you know you can claim for cleaning costs and wear-and-tear on your furniture at your home business?

It’s that time of year again when small business owners are preparing their tax returns and going over their paperwork with a fine tooth comb. To help you with your EOFY preparations, Dynamic Business, spoke with Tax Counsel at the Tax Institute, Stephanie Caredes and Senior Tax Adviser at the Institute of Public Accountants, Tony […]

With the end of financial year just around the corner, it’s a great time to consider the results for this year and what you want to achieve next year.

As the end of financial year approaches, the Australian Taxation Office (ATO) is expected to data-match over 640 million transactions to tax returns this year.

The end of the financial year is fast approaching and small businesses need to get their tax affairs in order.

The Tax Institute says a new inquiry into improving the tax system for small businesses must look at streamlining eligibility rules for key tax breaks like capital gains tax concessions.

Only a few years ago, you would have most likely paid for your morning coffee with cash. And why not? Who would pull out a card, swipe, wait for it to be processed and sign a receipt when they could just use a $5 note?

The end of the financial year is an exciting time and a time to introduce fresh new business ideas as well as implement well tested, but perhaps forgotten, sound business management principles.

A change to the Australian Accounting Standards is on the way, and once finalised will likely see all of a business’ leases accounted for on balance sheet.

One of the most common issues faced by small businesses is keeping control of the businesses finances and ensuring that the business continues to be profitable.

A report by the Australian Retail Credit Association (ARCA) has found that Australians are largely positive about the new credit reporting system set to be introduced next month.

New figures reveal poor financial management practices caused one in 10 small businesses to lose money through unnecessary fines and penalties last year.

The debate may seem won, but desktop accounting software is hanging around longer than many cloud-converts would have thought.

Half of Australia’s small business owners will fall short on retirement savings, and one in four anticipate they will need to rely on the government pension in later years.

Small business has found itself smack bang on the national agenda this year, with the federal small business portfolio upgraded to cabinet status at the last election.

Not paying ATO debts is a dangerous game. The reason being, the ATO have powers far greater than other business creditors.

With Renminbi (RMB) payments growing each year amongst Australian businesses, it is little surprise that Australia’s annual exports to China last year totaled over $92 billion.