When you embark on the journey of entrepreneurship, one of the fundamental decisions you’ll face is determining the structure of your business. Whether you’re a sole proprietor, a partnership, a corporation, or something in between, your choice of business structure lays the groundwork for everything from taxation to liability to management. In this article, we …
In a world where financial decisions can shape our future, having the right guidance is paramount. Melbourne, known for its vibrant culture and bustling economy, offers a myriad of opportunities for individuals to grow their wealth. However, with this abundance of choices comes the challenge of finding a trusted financial advisor who can navigate you …
In the fast-paced and competitive world of sports, success isn’t just about what happens on the field or court; it’s also about what happens behind the scenes. One of the critical players in this behind-the-scenes action is the accounting team. Their strategic insights and financial expertise are instrumental in driving the success of sports organizations. …
Maximizing Your Accounting Game Plan for Sports Industries Read More »
In the heart of Melbourne, a city bustling with innovation and entrepreneurial spirit, lies a vital component of Australia’s economic backbone: primary producers. These individuals or businesses play a crucial role in supplying food, materials, and resources to both local and global markets. However, navigating the financial landscape can be challenging for primary producers, given …
How Melbourne Accountants Drive Prosperity for Primary Producers Read More »
In the ever-evolving landscape of the legal profession, law firms and practitioners are faced with a myriad of challenges, from navigating complex regulations to managing financial intricacies. While attorneys focus on delivering exceptional legal services to their clients, the role of a business accountant becomes increasingly vital in ensuring the financial health and success of …
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications. A case before the Administrate Appeals …
Getting back what you put in:Loans to get a business started Read More »
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution caps …
How to take advantage of the 1 July Super Cap Increase Read More »
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed. The ATO can only release a taxpayer from a tax debt in limited situations (e.g., where payment …
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax (FBT) on private use. …
In the dynamic world of business, accurate financial management is crucial for long-term success. One of the key aspects often overlooked is business costing. If you’ve been scratching your head wondering why your business costing isn’t adding up, it might be time to turn your attention to the expertise of an accountant, especially in a …
