Tax, Accounting and Bookkeeping

Small business Minister Bruce Billson has announced red tape reductions to ease tax compliance costs for SMEs by up to $56 million a year.

Have you ever left money sitting in a bank account for more than three years? If so, watch out. According to media reports, the government has seized a record $360 million from 80,000 idle bank accounts in the year to May.

A new system will soon remove the complexities for business owners when they make employee superannuation contributions.

The Australian Taxation Office is increasingly concerned at the growth in crypto-currency Bitcoin. It will soon release a ruling on how the digital currency is to be treated for tax purposes. The decision may have significant consequences on the usage of the currency in Australia. The ATO was initially unconcerned by the emergence of the […]

The Commonwealth Bank has urged small to medium sized businesses to better prepare for the end of the financial year and begin their tax preparations. Figures released by the bank suggest that nearly one third of SMEs (29 per cent) have not even started the groundwork to fulfill their tax obligations. The research suggests that […]

With one month to go until the end of financial year, around one third of SMEs are making inroads into their financial reporting obligations – the majority will leave it to the last minute.

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.

Cashflow has once again rated as the chief concern for SMEs in a new report released today.

It’s the unsexy topic we love to avoid. Superannuation gets filed in that box of life admin tasks right alongside insurance and phone plans.

A professional body of accountants has slammed the current tax arrangements of employee share schemes (ESS), saying the regulations are building an anti-competitive environment for entrepreneurs.

The common question we’re asked by many clients is, “how much of client Christmas entertainment can I claim as an income tax deduction?”

In case you missed it, here is some great news for anyone feeling discouraged about Australia’s small business sector: the head count is in and it is on the rise. In further (unsurprising) news, the sector continues to carry the local economy.

Debtors can suck the cash out of your business and leaving you struggling to pay your bills.

You’d be surprised how many business owners sign a personal guarantee with the bank without fully understanding the risks, which can be as extreme as loss of the business and the family home.

A majority of Australian SMEs will consider replacing their accountant if they fail to make the transition to cloud-based computing software, according to new research by CCH.

Latest Bibby Barometer survey found that small businesses are pessimistic about the outcomes of next month’s Federal Budget, with many hoping, but not expecting, reduced taxation and a cut in red tape.

The expression “cash is king” has been around for years. Now, more than ever, as times are more difficult for business, business operators must ensure that they protect this critical asset of their business structure.

Here’s a great lesson from June 20 on what sacrifices you might have to make as a business owner.

Recently, the Australian government acknowledged the importance of innovation by offering a new research and development tax incentive for innovative businesses, which allows business owners to claim up to 150% of their research and development expenses on their 2012 tax returns.

The Federal Treasurer has released the Mid-Year Economic and Fiscal Outlook (MYEFO) for 2012-2013, and it won’t come as any great surprise to SME owners that the economy, whilst not going backwards, is certainly not moving forwards as swiftly as the Treasurer would like. Here’s how the MYEFO announcement will impact small businesses over the foreseeable future.