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dinosaur accountant

Top 10 technologies for Australian accountants

  Accounting technology is rapidly evolving, enabling accountants to streamline processes, improve efficiency, and provide better services to clients. Here are the top 10 ...
business meeting

Navigating business strategy amidst shifting government policies, budgets, and tax policies

Navigating business strategy amidst shifting government policies, budgets, and tax policies can indeed pose significant challenges. However, there are several approaches businesses can take ...
competition

15 different ways to compete in business

Competing in business involves various strategies and approaches depending on factors like industry, market conditions, and company goals. Here are fifteen different ways to ...
business people

Tax planning and business advisory services

Tax planning The primary goal of tax planning is to optimize a business's financial situation by minimizing its tax liability within the legal framework. ...
meeting with accountant

What questions should I be asking my accountant?

When meeting with your accountant, it's important to ask questions that can help you understand your financial situation, make informed decisions, and ensure compliance ...
exit plan

Business exit planning

Business exit planning prepares for a business's eventual sale, transition, or discontinuation. It involves creating a comprehensive plan to maximize the value of the ...
location

Location, location, location

Choosing a business location is crucial for several reasons: Visibility and accessibility: The location of a business can significantly impact its visibility and accessibility ...
business premises

Benefits of buying your business premises.

Buying their premises can offer several benefits to businesses, including: Stability and control: Owning your premises provides stability and control over your business location. ...
small business

How does inflation affect small business

Inflation can have various effects on small businesses, and these impacts can be both positive and negative. Here are some ways in which inflation ...
agreement

What is a buy-sell agreement?

A buy-sell agreement, also known as a buyout agreement, is a legal contract that outlines the terms and conditions under which the ownership interest ...
bar

10 reasons to buy your business premises

Buying their premises can offer several benefits to businesses, including: Stability and control: Owning your premises provides stability and control over your business location. ...
Business valuation

Why should you get a business valuation?

Business valuations are the process of determining the economic value of a company or business. The valuation process involves analysing a wide range of ...
business meeting

Key Factors Influencing Business Saleability

Financial performance: Revenue growth, profitability, and a well-maintained financial record can positively influence saleability. Market position: Brand reputation, customer base, a strong market presence, ...

Work on the business, not in it

The phrase "work on the business, not in it" comes from Michael E. Gerber's book, "The E-Myth Revisited." Its core message revolves around the ...
decide

Binding death benefit nominations

A 'death benefit nomination' is a legal document that allows a superannuation fund member to specify who should receive their superannuation benefits in the ...
flying jets

Measure and compare performance with benchmarking

Benchmarking is a systematic process organisations use to measure and compare their performance against that of their peers or industry leaders. The primary goal ...
burnt matches

Avoid underpaying employees

  Underpaying employees occurs when workers are paid less than the minimum wage or are not provided with their correct entitlements and benefits as ...
three people

Avoid penalties with an ATO payment plan

An ATO payment plan allows you to break down your payment into smaller amounts made via instalments and spread over a fixed period. Within ...
red car

Safeguard your assets with an asset protection plan

Asset protection refers to the strategies used to safeguard wealth and assets from potential risks, such as lawsuits, creditors, and financial downturns. Asset protection ...
insurance costs

Navigate the complex world of insurance with an insurance broker

Insurance brokers act as intermediaries between individuals or businesses seeking insurance coverage and insurance companies. Their primary role is to help clients navigate the ...

Discretionary trusts – ensure trust distribution resolutions are signed before 30th June

Discretionary trusts (often referred to as family trusts) must ensure that by 30th June of each financial year, the trust income is appropriately distributed ...
witchcraft

Witchcraft tax deductions

Witchcraft is the practice of magical skills, spells, and abilities. In the Netherlands, witchcraft expenses are tax-deductible if they are likely to increase the ...
sushi roll

Chopstick Tax

In 2006, China introduced a 5% tax on disposable wooden chopsticks to reduce demand for wooden chopsticks to preserve their shrinking forests. This is ...
adventure man

The Isle of Man has a tax cap of £120,000

The Isle of Man, also known simply as Mann, is a self-governing crown dependency between England and Northern Ireland in the Irish Sea. Under ...
neon lights

Webcam strippers tax

In 2009 Sweden introduced the webcam strippers tax to tax online sexual services. Although prostitution is illegal in Sweden, online or offline, stripping is ...
girls partying

Transgender Pakistan tax collectors

Avoiding paying taxes is a way of life in Pakistan. Less than 1 per cent of its 180 million citizens currently pay any income ...
sumo wrestling

Metabo Law to decrease Japan’s obesity rates

In 2008 the Japanese Ministry of Health, Labour and Welfare introduced the ‘Metabo Law’ to decrease Japan’s obesity rates. The ‘Metabo law’ is, in ...
cow

Have you heard of the cow flatulence tax?

In 2009 the Danish Tax Commission proposed introducing a cow flatulence tax of $110 per cow per year. For the average farmer with 120 ...
cowboy

TeaPot party

Willie Hugh Nelson (c1933-) is an American musician, singer, songwriter, author, poet, actor, and activist. The critical success of the album Shotgun Willie (1973), ...
girl book

The UK has a bedroom tax!   

In 2012 the United Kingdom (UK) introduced the bedroom tax to free up public housing (1 million spare bedrooms) and reduce the Government’s public ...
Hot air balloon

 Tethered hot air balloon tax

Kansas (in the United States of America) taxes sales of admissions to any place providing amusement, entertainment or recreation services. Hot air ballooning squarely ...
tea party

China’s mooncake tax

In 2011 China introduced the ‘mooncake tax’ which taxes employees on any employer-provided allowances and benefits. Previously, employee allowances and benefits were tax-deductible to ...
Marijuana

Marijuana tax

In the United States (US), the possession of cannabis is illegal under the Federal Controlled Substances Act of 1970. In contrast to the Federal ...
Fair Tax Mark

The Fair Tax Mark was established in the UK in 2014

Community attitudes to tax avoidance vary from approval through neutrality to outright hostility. Opinions may differ depending on the steps taken in the avoidance ...
sun

Solar Tax – A tax on the sun!

In 2015 Spain introduced a solar tax (‘impuesto al sol’) which taxed owners of solar panels on their consumption of electricity. The solar tax’s ...
tourist Balearic

Sustainable tourism tax

In 2016, the Balearic Government introduced the ‘Sustainable tourism tax’ which applies a levy on all overnight stays in tourist accommodation on the Balearic ...
Jim Chalmers

Federal Budget 2023-24 Tax Changes

The key tax and superannuation changes announced on Tuesday, 9 May 2023 by Treasurer Jim Chalmers are: Small business instant asset write-off: For 2023-24 ...
pet dog

Pet Tax

In 2017 the Punjab government, a state in Northern India, introduced a tax for keeping domestic animals. People owning a dog, cat, pig, sheep, ...
Tanzania

Blogging Tax

In 2018, Tanzania introduced a USD 900 per year tax on bloggers. A blog is an informal discussion or informational website published on the ...
social media tax

Social Media Tax

In 2018 the Uganda government introduced a 'Social media tax' to censor online speech. Yoweri Museveni, the president of Uganda, stated that 'the tax ...
France

Digital Services Tax

In 2019 France introduced a Digital Services Tax (DST), which imposes a three per cent tax on the French revenue of large multinationals that ...
seasteading

Seasteading and the world’s first floating nation

Seasteading is the concept of creating permanent dwellings at sea, called seasteads, outside the territory claimed by any government. Proposed structures include modified cruise ...
illegal early access super

Illegal early access to super

To access your super legally, you must satisfy one of the twelve conditions of release. Generally, you can only access your super when you: ...
Zeno of Citium

Stoicism – The 10 Most Important Practices

Stoicism is a school of Hellenistic philosophy founded in Athens by Zeno of Citium in the early 3rd century BC. The Stoics taught that ...
super fund tax

30% tax applies to super fund balances greater than $3m

From the 1st of July 2025, the future earnings of super fund balances greater than $3m will be taxed at 30%. Currently, these earnings ...
cloud

Cloud accounting software

Cloud accounting software is a type of accounting software hosted on remote servers and accessed via the Internet, as opposed to traditional accounting software ...
Australia

What does the Australian government spend your income tax on?

Percentages vary from year to year based on changes in government policy and the economy but most recently, the highest percentage of funds from ...
director duties

Directors duties and the Corporations Act 2001

The Corporations Act 2001 outlines directors' duties and responsibilities in companies' management and operation. These duties ensure that directors act in the company's and ...
4 day work week

Increase productivity and reduce costs with a four-day work week

A four-day workweek is a workplace arrangement whereby employees work four days per week rather than the customary five. Typically this involves having Monday ...
pedigree trust

Protect your assets with a pedigree trust

A pedigree trust (also known as a linear descendant's discretionary trust) is a type of discretionary trust established to ensure that the property of ...
Education FBT Exemption

FBT exemption for retraining and reskilling staff

Employer expenditure on retraining and reskilling redundant (or soon to be redundant) employees is exempt from FBT. The education or training is not required ...
working from home

5 advantages of staff working from home

Having staff work from home reduces office space requirements and reduces rent. Additional advantages include: Increased talent pool - companies can hire the best ...
crowd

Crowdfunding for fast growing businesses

Innovative fast growing businesses needing to raise additional capital. Crowdfunding involves using the internet and social media to raise funds for specific projects or ...
credit card hacking

What is credit card hacking?

Influences promise a lifetime of luxury and free travel anywhere in the world! What is credit card hacking and is it all it’s cracked ...
fraud

Beware of fraudulent BAS clients

Sophisticated criminals are now targeting accountants and registered tax agents to lodge fraudulent business activity statements on their behalf. In some cases, the accountants ...
pub

Top 5 financial resolutions!

Quit the pub – Some of us spend up to $200 on a Friday night at the pub. There were 52 Fridays in 2022 which ...

Five ways to keep your budget in check this holiday season

More than any other holiday, the festive season places financial pressure on our budgets. This year will be a real challenge considering inflation and ...
ESSTs

Did you think you could outsmart the Australian Tax Office?

The Australian Tax Office (ATO) raided 35 Australian businesses in 2022 suspected of using electronic sales suppression tools (ESSTs) to delete business transactions, reduce sales ...
end of year function

Top 10 reasons to have an end of year function for your business

It’s no secret, small businesses face incredible headwinds going into 2023. You may be tempted to save money and forgo your 2022 end of ...
Christmas tax

Don’t pay tax on your Christmas party this year with our FBT hangover cure!

Cutting your tax bill for this year's Christmas Party can be accomplished simply by having your bash on business premises as opposed to an ...
scam

Phasing out written authorisation for agent linking

Agent linking between tax agents and clients is carried out through written authorisation. The ATO will be phasing agent linking out in the wake ...
new business

Are you ready to start a new business?

Starting and running a business requires a lot of work and a huge time commitment. Is self-employment the right choice for you? Do you ...
Phoenix company

Director identification numbers to mitigate illegal phoenixing 

The Australian Business Registry Services (ABRS) has introduced director identification numbers (director IDs) to cut down on phoenix companies (liquidating a company to avoid paying ...
Houshold spending

Why is household spending going up?

Talkback radio will have you believe Australia is in the grips of an affordability crisis. Interest rates keep rising and inflation is at 7.6%. ...
small business advisory

Free small business advisory services

Let’s face it, running a business is expensive and many small businesses can’t afford professional advice. So where can small Australian businesses go when ...

Cash flow will make or break your small business

A cash flow statement shows the ins and outs of your business in real-time. Cash flow is the food and water for your small business and ...
China

Why is China slashing interest rates?

As the rest of the world tightens monetary policy by hiking interest rates, China is slashing rates. Two rate cuts in August and a ...
supply chain shortage

Challenges for Australian businesses in 2022

2022 is a tough triple whammy year for small, medium and large businesses in Australia. Businesses, already shaky as they pull themselves out of ...
simple tax returns

Simple tax returns to disappear within 3 to 5 years

Chris Jordan, the Commissioner of Taxation, has advised tax agents that 'if your business model is high-volume, low-margin, simple tax returns, your business will ...
country accountant

The Pros and Cons of a Country Accounting Practice

There are many benefits to moving your accounting practice to the country. Rural accounting also comes with a lot of risk and potential downside, ...
employee performance

How to manage poor-performing employees

Human capital is often the biggest cost to a business. Employees must perform at their best for your business to succeed. But what if ...
stock buyout

Why don’t stocks trade at their buyout price?

When a company announces they are being bought out by another company at an exact price, say $10 per share, often the share price ...
spam emails

How to protect yourself from malicious spam emails

Spam emails are unauthorised electronic messages sent in bulk from outside parties. The intent varies, some promote legitimate products or services whilst others link ...
Tesla Bot

Consumer robotics

Consumer robotics is the practice of developing robots for households, individuals or end consumers rather than commercial outfits. Robotics is very successful in a ...
Unconventional monetary policy

Conventional vs unconventional monetary policy

Conventional monetary policy is a central bank tool that changes the cost to borrow money (official cash rate/interest rate) to increase or reduce demand. ...
beer or wine

Is it time to switch to wine?

I love a good beer. I’ve got a soft spot for craft ales. Yes, I must confess, I’ve become a beer snob and it’s ...
myTax Accountant

Should I use myTax or an accountant?

If you’re an individual with a simple income from an employer and nothing to claim, you may decide to lodge your tax online through ...
Annual wage growth

Wage Price Index, Australia (WPI)

The Wage Price Index Australia (WPI) is a measure of the cost of labour not considering compositional changes in the workplace such as part-time vs full-time employment. ...
tax automations australia

Top five tax automations in Australia in 2022

Tax time doesn't need to be arduous. Here are the top 5 tax automations for Australians in 2022: Lodge your tax return online with myTax. ...
home loan repayments

How much extra will my home loan repayments be?

In Australia and abroad, we have become used to falling interest rates. Now that interest rates are heading back up again, it’s important to ...
Food shopping

Sharp rise in Living Cost Indexes (LCIs)

 The Selected Living Cost Indexes (LCIs) in Australia have risen sharply over the last 12 months (3.8%-4.9%). The sharpest LCI rise in a decade.  Living Cost ...
market crash

Financial markets are crashing, what should I do?

  If you have a share portfolio, you might not be sleeping very well as you watch billions disappear from the Australian Stock Exchange ...
online shopping

How can you guarantee safe shopping online?

A Current Affair has been made aware of an Australian shopping site Home Appliances Plus which has been accepting payment but not sending the products ...
bread

$31.65 for a loaf of bread baked at home

An article in the ABC demonstrates that whilst you may assume that baking bread at home is cheap, if you put a price on labour, a ...
AI

Am I human or computer?

What you’re reading right now is written by me. But am I human or computer? Chances are, you’ve read multiple articles this year written ...
Melbourne tax reform

The Howard government was the last to make any real tax reform

The Howard government’s incentive based GST tax policy was Australia’s last substantial tax reform that stood the test of time. Why? Because it increased ...
strawberries

Offset inflation with better money habits

There is no denying that the cost of living for Australians is on the rise with inflation at 5.1%. But whilst we can’t control ...
prison

Prison! The consequence of failing to lodge tax returns and BAS

A Western Australian doctor, has been sentenced to seven months in jail for failing to lodge 18 income tax returns and business activity statements ...
toilet

If you’re worried about government tracking, stop using the loo!

Fake news such as government tracking chips in vaccines is everywhere these days. Of course, the government is tracking you, but they don’t need ...
champagne

What costs more than champagne and Chanel No.5 perfume? Ink!

At $8296 per litre, standard black HP ink for your home printer costs more than champagne, designer perfume and human blood according to Choice. ...
easter bunny

The cost and benefit of Easter

  Easter, Pascha or Resurrection Sunday is a ‘Christian festival and cultural holiday commemorating the resurrection of Jesus from the dead, described in the ...
Petrol price

The double-edged sword of inflation

  We are experiencing record inflation (3.5% in Australia) (7.9% in the US and similar in Europe) resulting from the pandemic, global unrest, supply ...
tech

The government wants you to spend big on tech!

The 2022/23 government budget allows small businesses to claim a 120% tax deduction on tech investment. For example, if you bought a $100 software ...
flag

Australia has spent more than it earns since 1901

A budget deficit is when a government spends more money than it earns through tax and non-tax revenues. The Australian government with a few ...
accident insurance

Do I really need insurance?

For most of us, our human brain optimistically assumes bad things will happen to others but not to us. This survival wiring allows us ...
petrol prices

Think petrol prices will only affect you at the pump? Think again!

When the cost of crude oil goes up, every industry that uses fuel to run their business or produce their products must increase prices ...
coal prices

Coal prices blow the roof off!

The invasion of Ukraine by Russia has shot the price of thermal coal to record highs. Why is this happening? Sanctions on Russia include ...
RAT tests

Are RAT tests tax deductible?

COVID‑19 tests are an important tool for mitigating transmission risks and absences from Australian workplaces. The federal government has promised to make all COVID-19 ...
metaverse house

Is virtual real estate a good investment?

The metaverse has taken the world by storm. Whilst it’s been in the gaming community for years, advancements in virtual reality and the explosion ...
oil

If oil is a dinosaur, why is the price so high?

For years now, the consensus has been that oil is on its way out and renewables are in. Yet, the price of oil continues ...
rental

How to turn your rental property into your first home

If you love your rental property and wish you owned it, you may be able to make it happen. Here are five tips to ...
panic buying

‘Just in time’ inventory model doesn’t work in a pandemic

The ‘just in time’ inventory model (JIT) has become the gold standard in distribution. Touted as the most efficient distribution model, JIT is defined ...
Tesla

Tech companies like Tesla have a monumental competitive advantage over traditional companies

Tech companies like Tesla have a monumental competitive advantage over traditional companies Tesla has a monumental competitive advantage over traditional car companies, and it's ...
new year

New Year resolutions that kill two birds

Most of us set resolutions for the New Year, but very few achieve them. We often envision our perfect selves and set goals too ...
Santa

12 days of Christmas finance tips

12 days of Christmas Finance Tips On the 1st day of Christmas, I set out my financial goals for the New Year. On the ...
Christmas party

5 reasons to have an end of year bash for your employees

Here are 5 reasons why the benefits of an end of year party for your business will outweigh the costs: Strengthens staff cohesiveness and ...
COVID burnout

How can accountants avoid COVID burnout?

Over the last two years, COVID has affected people’s income, business, freedoms, travel, health, relationships, financial future and mental health. COVID has impacted almost ...
fast

Fastest growing Australian companies for 2020-21

In order of growth acceleration, the top 10 of the Australian Financial Review’s Fast 100 (fastest growing companies in Australia judged by their compound ...

House prices to crash by 10%

Gareth Aird, the head of economics at the Commonwealth Bank of Australia, has predicted a 10% correction for Australian house prices when the Reserve ...
inflation

Why are things getting more expensive around the world?

From property to cars to petrol to the price of your morning coffee, prices are going up. Why are we seeing global inflation in ...
Kangaroo Australia

Domestic demand continues to drive growth in 2021

Household (+1.1%) and public (7.4%) spending in Australia are responsible for our rise in GDP in 2021 over a 7% drop in 2020. Our ...
Wealth Effect

Australia’s labour shortage and the ‘wealth effect’

Pre-COVID, Australia was ripe with the rhetoric of foreigners stealing the jobs of hard-working Australians looking for a fair go. But if the pandemic ...
work from home

Is the 9-5 workweek entering the age of dinosaurs?

The COVID-19 pandemic has changed our lives in many ways but none more so than how and where we work. From lockdowns to restrictions, ...
smartphone

Flagship phones are essential for small business

Here are 3 reasons that make a fast capable flagship smartphone essential for running your small business. Camera – You don’t need expensive equipment ...
salary sacrificing

What is salary sacrificing and is it for me?

It sounds like some sort of sacrificial ritual for your paycheck, but don’t worry it’s neither complicated nor sinister. Salary sacrificing is simply asking ...
travel

Australia opens to the world in November – Get your business ready!

The Morrison Government plans to open Australian borders for vaccinated international travellers in November. Getting your business back to full capacity can be a ...
Retirement

How much money will I need each year of my retirement to live comfortably?

Most of us don’t know how long we will live. As a result, it’s best to have a passive annual income in retirement rather ...
questions

Top 5 questions to ask your accountant at tax time

Here are the top 5 questions that you should be asking your accountant, tax or business advisor during tax time. Are you a registered ...
lockdown

3 tips for small businesses in lockdown

Whilst many large corporations in Australia have arguably benefited from a COVID economy, the bread and butter of our country, small business has been ...
COVID Vaccine

Can employers mandate vaccination in Australia?

Vaccinations are free and voluntary under Australia’s current policy. There is no government mandate for vaccines. However, the federal government strongly recommends that all ...
Commercial aircract

Boeing and Airbus lose their duopoly

For decades, Boeing and Airbus have enjoyed an uninterrupted duopoly in the large commercial aircraft segment. New competition from the East threatens to burst ...
disaster reovery

Disaster Recovery Payment vs Disaster Recovery Allowance

The Disaster Recovery Payment (AGDRP) is a one-time federal government payment for people affected by disaster ($1,000 per eligible adult and $400 per child). ...
vaccine

Not taking a risk can sometimes be the biggest risk

Sometimes, choosing not to take a risk can pose the biggest risk. This rings true with the COVID-19 vaccine in Australia. Many who can’t ...
tiger

The dangers with share buy-backs

Many businesses find operating through a company structure is attractive as the profits are taxed at a flat rate of 26% (if turnover is ...
dog in camping chair

Australians don’t support high taxes

Following successive election losses, Labour has done a complete 180-degree flip on tax. They now support tax cuts for individuals earning up to $200,000 ...
Sydney

Federal Government increases NSW COVID-19 Disaster Payment

The COVID-19 Disaster Payment in NSW will increase to a maximum of $750 per week for those who have lost over 20 hours of ...
Facebook

How to post on your Facebook business page

Facebook has over 3 billion monthly active users. 12 million in Australia. 2.2 billion use it through their phone. Women between 18 – 24 ...
JobKeeper

The $90b JobKeeper wage subsidy ended and the zombies fell

The JobKeeper Payment supported businesses significantly affected by the coronavirus (COVID-19) and finished on 28 March 2021. There were just over 1 million workers ...
globe

15 per cent global minimum corporate tax rate

A new proposal for a 15 per cent global minimum tax rate by 2023 has been approved by the G20 finance ministers. The objective ...

NSW COVID-19 business support package – What you need to know!

A new grants package and Dine & Discover Program extension (vouchers for takeaway delivered to your home) has been created to support NSW business. ...
Sydney

Get a $500 lockdown payment if you live in Sydney

Don’t have access to paid leave or the Pandemic Leave Disaster Payment? You can still get a $500 lockdown payment. If you live in ...
car tax

My car and tax, what can I claim as a business owner?

As a business owner, you can deduct the following expenses for a vehicle carrying less than one tonne and fewer than 9 passengers: fuel ...
House

 Property tax reform

The states are asking the Australian federal government to adopt a new property tax system offering flexibility to home buyers. A buyer would be ...
Melbourne train station

Victorian Government Small Business Digital Adaptation Program

The Victorian Government announced some grants late last year but did not open them up for application until earlier this year. The Victorian Government’s ...
cryptocurrency

Accounting for cryptocurrency transactions for tax purposes

Cryptocurrency is a digital asset in which encryption techniques regulate the generation of units and verify transactions on a blockchain. Cryptocurrencies are usually independent ...
smal business

$2,000 Small Business Lockdown Assistance Grant – WA

Lockdowns, even short ones can have a huge impact on small business. If you are a small business, it is essential to understand what ...
backup

How can a small accounting practice back up their data on a budget?

Backing up your practice data is essential. Loss of data can cause irreparable damage to a small accounting practice.  The rule of thumb is ...
Bitcoin

Intrinsic value, a measure of volatility and risk

Intrinsic value is a measure of what an asset is worth. This measure is arrived at through an objective calculation or complex financial model, ...
helping hand

Emergency finance

Your financial wellbeing is intricately linked to your personal health. Our finances can rapidly spiral out of control without warning and in turn our ...
shopping

Apply principles of business management to personal finance – Prioritise, assess, restrain

  Appy the 3 principles of business management to your personal finances - prioritise, assess and restrain. Prioritise – Take a good look at ...
Time

Invest long term for predictable high returns

Share and bond markets go through cycles. It is exceedingly difficult to predict the bottom and tops of these cycles. The share market is ...
self control

Using self-control to increase wealth

Self-control is defined as the ability to regulate behavioural, emotional, and attentional impulses to achieve long-term goals. Self-control early in life is a strong ...
home

Can you afford a rise in the cash rate?

With the Reserve Bank of Australia (RBA) keeping interest rates at historically low levels (currently  0.1 per cent) and competitive mortgage rates as low ...
Ferrari

Debt servicing costs should not exceed 30 per cent of income

Debt is useful for buying assets and leveraging to increase our wealth. But how much debt is too much? For the average Australian, debt ...
eat leftovers

Eat your leftovers

The average grocery spend per week in Australia is $140. That equates to $6,720 per year. On average we throw away 20% of our ...
sparkler

No interest loans

No interest loans can be accessed by those who need an immediate cash boost to get their heads above water. Individuals struggling with money ...
Successful people

Surround yourself with success

Whether in your personal life, or business, you are only as good as the people around you. Choose successful friends and circulate with high ...

Have the money conversation with you partner

  If it looks like your relationship is getting serious, have the money talk as early as possible. Whilst it might not seem romantic ...
records

Keep good records of your expenditure

  Keeping good records of your expenses is essential to building wealth. For example, keeping your purchase receipts is critical for recording any claimable ...
save money

Save money before you get it

The 'save money before you get it' strategy helps those who find it difficult to meet their weekly or monthly savings goals. It prevents ...
new car

Here’s why you shouldn’t buy new!

  When purchasing big-ticket items like cars and furniture, it’s tempting to go for the latest model or fashion trend. Whilst marketing campaigns are ...
cosign loan

Do not cosign a loan

At some point in your life, a relative, friend or colleague will ask you to cosign a loan. A cosigner ‘agrees to be responsible for a ...
scared robot

Automate your savings

Putting your personal finance on autopilot can help you achieve your long and short-term financial goals. Implementation and cost Set up auto deposits into ...
insurance

Triple check your insurance

Insurance is an ongoing expense that must be justified. It is therefore important to triple check the fine print every year to ensure that ...
upskill

Upskill while employed

Don’t wait until your out of work to upskill. Speak to your current employer about paying for you to upskill right now. Benefits of ...
financial counselling

Get free unmotivated advice from a financial counsellor

Unlike financial advisors, financial counsellors offer free confidential financial advice and support through community, government, and legal centres. The benefit of financial counselling, aside ...
student loan

Pay off your student loan

When you attend university or an approved higher education provider, you can get a HECS-HELP loan to pay for your studies. Once your studies ...
track spending on app

Tracking your spending is the first step to financial control

  The first thing we must do to take control of our personal finances is to find our how much we spend each month ...
MyTax

The rise of MyTax and the fall of tax agents

In 2013/14, 74.2% of all individual tax returns were prepared by tax agents. Fast forward six years to 2019/20 and that figure had fallen ...
emergency

How to setup an emergency fund

It is important as part of your monthly savings strategy to set aside a specific amount to build up an emergency fund.  Life is ...
hiker in mountains

Build wealth with compound interest

The old saying 'time is money' really is true. Compound interest is defined as interest on a loan or deposit calculated based on both ...
technology

Technology can help you manage your personal finances

Managing your personal finances can be complicated and time consuming. It doesn’t have to be this way. Technology offers many free tools, apps, and ...

Exchange traded funds (ETFs) – Growing your money in a zero interest economy

Exchange traded funds (ETFs) offer a low cost, hassle free method to grow your savings with less risk than owning ordinary shares on the ...
Mortgage

Renegotiating your mortgage could save you thousands!

A mortgage rate is the rate of interest charged by your lender or financial institution for your mortgage. A mortgage is defined as a ...
Budgeting

Budgeting – A simple guide for everyone

Overview A spending plan called a budget allows you to determine how much you should be spending each week or month to reach your ...
12 apostles australia

Forget about tax and take a holiday in Australia!

It's been a tough year for everyone. From lockdowns and job losses to anxiety and mental health, 2020 has been a year to remember. ...
burning newspaper

Taxing knowledge

The first tax on newspapers in Britain was introduced in 1712. Newspaper tax in the United Kingdom reached a height following the Napoleonic wars ...
Business man on elephant

Remember Twisted Tax Tales?

Do you remember our Twisted Tax Tales short story competition? You can still read over 150 crazy Twisted Tax Tales stories right here. So ...
Dell xps 13

Tech for Tax Agents in 2020

Here are our top 5 tech tools for tax agents: Logitech HD Pro Webcam C920 - Meet with your clients online with a crystal ...
Fake Google Reviews

What to do when your practice receives a fake Google review

Unfortunately we live in a world where some competitors feel the need to use dirty tactics in a futile attempt to rise above the ...
Facebook

Does my accounting practice need a Facebook page?

Facebook business pages are a great way to show the human side of your business and build trust with potential clients by: Posting pictures ...

Time to fix the Australian economy

The Australian economy has been hitting a brick wall for years, bogged down by bureaucracy and indecisiveness. Policies are bundled together only to be ...
Elite athlete

Professional accountant or elite athlete?

Would you be surprised if we told you that the makings of a great accountant are also the makings of elite athletes? In fact, ...
numbers

The origin of numbers

A number is a mathematical object used to count, measure, and label. 37,000 years ago, a Lebombo bone (part of a baboon's fibula) was ...
Business Idea Venn Diagram Test

Is my idea strong enough to start a business?

We've all had that Eureka moment when we think wow, that would make a great business. Why hasn't anyone thought of this before? But ...
monkey

3 great selling techniques

In simple terms, selling is defined as giving or handing over something in exchange for money. No matter who you are, at some point ...
secret

Success secrets from our top 10 growth practices

The average growth rate for our top 10 tax practices for 2019/20 was 45%. What were their secrets to success? "Franchisor support can make ...
lockdown

Top 5 ways professional services can support clients during a lock-down

Communicating with clients is crucial for businesses to survive a lock-down. Your staff may be temporarily or permanently working from home. Here are 5 ...
home

5 great tools to help you work from home

Victoria has gone into stage 4 restrictions and many have no choice but to work from home for the foreseeable future. Here are 5 ...
Starting a business

5 things I wish I knew when I started my first business

When I started my first business 10 years ago, I wish I knew these 5 things: Registering a business as a company instead of ...
unhappy clown

Startup companies are a lead indicator of business confidence

A business confidence index (BCI) provides information on future developments, based upon opinion surveys on developments in production, orders and stocks of finished goods ...
Working mum with child

Now is the perfect time to buy a franchise

Franchising allows a business to operate under the established brand of another business. You (the franchisee) can sell their products and/or services for a ...
Man wearing mask and protective gear

Getting the most out of your accountant during a COVID-19 lockdown

This is an incredibly stressful time for everyone in Australia and especially for Victorians who are facing yet another lockdown with no foreseeable exit ...
change career

Now is a great time to review your career or change jobs

If you are thinking about a career change but have been putting it off, now is the time to make the move. COVID-19 has ...
dressmaker

The perfect time to start a business is right now!

The best time to begin a new business venture in Australia is right now! Starting a business is never easy. A whopping 90% of ...
woman red hair

Where are Australians spending their money?

According to research by Illion, our food delivery spend is up 259% from pre-COVID-19 days. We are buying more furniture than we used to ...
Communication

Communication – the most important part of a business continuity plan (BCP)

During a crisis such as the COVID-19 pandemic, we focus on survival. Businesses strip back and place every resource they have into the critical ...
Google My Business

Supercharge your tax accounting practice on Google Maps

6 easy steps to supercharge your tax accounting practice on Google maps; Add your practice to Google My Business. Visit Google My Business. Sign ...
gambling

Emergency super spent on pokies, beer, and Uber Eats

Whilst some Australians in desperate need, have used early super withdrawal to pay bills and debts or to invest in their future, others have ...
you've been hacked

Enabling two-factor authentication for my accounting practice data

  Is my data safe? No matter who hosts your data, if it’s online, it can be hacked unfortunately. Your data is arguably safer ...
IT Security

IT security for accounting practices

If you are looking for a higher level of IT security for your accounting practice, here are some areas to consider. Your email and ...
red truck

$150,000 instant asset write-off for small business

If your business turnover is less than 500 million, you can instantly write-off any asset purchase up to $150,000. You must buy your assets ...
cup-sense double wall coffee cup

Don’t Let COVID-19 hold you back – Start a business

Thinking of starting a business? Don’t let COVID-19 hold you back. Here are some reasons why now is a really good time to get ...
COVID-19

Will business survive COVID-19

We are living through unprecedented times. Events and shocks to the health, business and financial systems are unfolding by the hour. We have never ...
coranavirus video call

Grow your accounting practice by helping your clients during COVID-19

To grow your practice, maximimise opportunities and help clients, you must do five things as accountants: Increase client communication. Send every business client details ...

Demand for accounting/tax services will grow over the next 12 months

Accounting/tax practices are fortunate to be providing an essential service during the COVID-19 pandemic. Demand for accounting/tax services will grow over the next 12 ...
barter services

Bartering free rent for services

Bartering free rent for services reduces your businesses rent costs to nil. For this transaction to occur, and be beneficial to both parties, it ...
commerical leasing

Commercial leasing principles during COVID-19

The government is introducing a mandatory commercial leasing Code of Conduct (the Code). The Code imposes a set of 13 good faith leasing principles ...
Activity Based Workspaces

Activity-based workspaces

Activity-based workspaces give employees the flexibility to work from different types of workspaces and choose the workspace that best fits their current work activity. ...
job keeper

$130 Billion JobKeeper Payments

  Background on JobKeeper payment Businesses, charities and not for profit entities impacted by the Coronavirus will be able to access a subsidy from ...
job seeker payment

JobKeeper payments

Today the federal government have announced a new wage subsidy package. The key points include: $130 billion committed over the next six months to ...
Mona Lisa with mask

Temporary relief for financially distressed individuals and businesses

On 24th March 2020, the Federal Government’s Coronavirus Economic Response Package Omnibus Act 2020 came into force. This legislation aims to provide temporary relief ...
man with mask

Tax-Free Payments of $750 to Eligible Recipients

The Government is providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession cardholders. The first payment ...
early super

Temporary Early Release of Superannuation

The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in ...
tax agent

Tax agents are considered essential services

As trusted advisers, we are being inundated with requests for information as clients and businesses turn to us to help navigate through uncertainty. The ...
Income support

Income support for sole traders

Overview The Federal Government has established a new, time‑limited Coronavirus supplement to be paid at a rate of $550 per fortnight. Payments will commence ...
Assign a lease

Assign a lease to get rid of rental expenses

Assigning a lease transfers your rights under the lease to the new tenant. As you are no longer responsible under the original lease from ...
increase sales

Increase sales to reduce rent as a % of sales

As rent is a fixed cost, increasing sales will reduce the rent cost as a percentage of sales. As a consequence, although the rent ...
coronavirus

How can a tax agent business survive a coronavirus outbreak?

Imagine this scenario - There is a coronavirus outbreak in your city during the busiest time of the year July - September. You will ...
lease incentives

Negotiate lease incentives to cut costs

Leasing incentives are financial concessions or upfront capital payments that landlords make to prospective tenants to entice them to commit to a binding lease ...
demand rent reduction

Demand a rent reduction – It’s the law

Although your lease agreement is a contract with your landlord, it will contain express (or implied) clauses regarding rent reduction in certain circumstances. If ...
open plan office

Will an open plan office suit my business?

Open plan offices make use of large, open spaces, and minimise the use of small enclosed rooms. Open plan offices have been adopted by ...
hot desking

Is hot desking just hype?

Hot desking involves multiple workers using a single physical work station or desk during different time periods. Hot desking is typically used where employees ...
Virtual Office

Would a virtual office suit my business?

A virtual office provides businesses with the advantages of a prestigious address, landline phone numbers and team support without committing to dedicated office space. ...
workspace

Maximise workspace utilisation

Maximising space utilisation involves reducing workspace inefficiencies to reduce rental expenses without negatively impacting employees. Typical strategies to maximise space utilisation include: Reducing the ...
rent

Negotiate a discount for prepaying 12 month’s rent

Subject to having the available funds, prepaying 12 month’s rent in advance has the following benefits: A 5-10% discount on the years rent expense ...
sign long lease

Sign a long-term commercial lease for rental concessions

Landlords prefer commercial tenants sign long-term leases (greater than 5 years), as this provides them with stability of income and a guaranteed ongoing tenancy. ...
buy business

Buy your business premises in your SMSF

This strategy involves purchasing your business premises in your self-managed super fund (SMSF). This has the following advantages: Your superannuation is used to partly ...
Consolidate space

Consolidate your business space for immediate cost savings!

Consolidating space involves consolidating the business over fewer floors or office locations. Consolidating staff into fewer offices reduces rent costs in three ways: The ...
employer of choice

How to become an employer of choice

A business that meets all of its employee expectations is called an employer of choice. An employer of choice attracts, motivates and holds on ...
Business Process Reengineering

What is business process reengineering and does my business need it?

Business process reengineering (BPR) is the redesign of core business processes to achieve dramatic improvements in productivity, costs, cycle times and quality. BPR aims ...
Employee survery

Supercharge productivity with employee surveys!

Employee surveys are used by businesses to gain feedback and measure employee engagement, workplace culture, commitment, employee morale, and performance. Conducting regular employee satisfaction ...
outsourcing

The financial benefits of outsourcing

The financial benefits of outsourcing include reducing labour costs, increasing efficiency and reduced capital costs. The most important business benefit is that it enables ...
green business

Is my business green and why should I care?

Sustainable businesses or green businesses have minimal negative impact on the global or local environment, community, society, or economy while maintaining a profit. In ...
Employee Agreements

All employees should sign an employment agreement

A written employment agreement is used to outline the wages and conditions for employees and will include information such as employer and employee details, ...
business fail

Is your business doomed to fail?

Although every business is started with optimism and hope, the reality is creating a profitable, successful business is tough. Statistically, 30% of businesses fail ...
Foreign controlled Australian Company

Foreign Controlled Australian Company

An Australian resident company is a foreign controlled Australian company if any of the following apply: A group of five or fewer foreign entities ...
Registered foreign company

What are your obligations as a foreign company in Australia?

A foreign company intending to carry on a business in Australia is generally required to register with ASIC as a 'Registered Foreign Company'. Registered ...
Foreign Company

How does Australia define a foreign company?

A foreign company is an entity that satisfies the definition of ‘foreign company’ in section 9 of the Corporations Act 2001 (Corporations Act) – ...
Delisted company

Delisted Company

Delisted companies are companies that have been removed from the Australian Stock Exchange (or the state-based exchanges), Newcastle Stock Exchange or the Bendigo Stock ...
ASX Listed Companies

ASX Listed Companies

The Australian Stock Exchange Ltd is an Australian public company that operates Australia’s primary securities exchange, called the Australian Securities Exchange (ASX). The ASX ...
Unlimited

Unlimited Public Companies with a Share Capital

An unlimited public company is a public company whose members have no limit placed on their individual liability to contribute to the debts of ...
not for profit

Public Company Limited by Guarantee

A public company limited by guarantee is a specialised form of public company designed for non-profit organisations. 'Limited by guarantee' means that upon the ...
no liability company

No Liability Companies

A no-liability company is a limited liability public company whose principal activities are restricted to mining or oil exploration. These companies are called 'no-liability' ...
Sexually transmitted debt

Sexually Transmitted Debt

Sexually transmitted debt is where one person in a relationship becomes responsible for their partner's financial debts usually after being convinced or misled into ...
client fee growth

How to Grow Your Fees 31% in a Year

The ten fastest growing accounting practices in the Success Tax Professionals group increased their fees by an average 31% for the 2019 financial year. ...
5 marketing strategies for growth

5 Marketing Strategies to Grow Your Fees

Here are our top 5 marketing strategies to grow your business today. These strategies will stand the test of time regardless of changes in ...
Unlimited Proprietary Company

Unlimited Proprietary Company (With a Share Capital)

An unlimited proprietary company is a private company whose members have no limit placed on their individual liability to contribute to the debts of ...
xero software

Software Review – Xero Tax

Andy Asiandi, (Payneham, SA) reviews the Xero Tax software. XERO Tax advantages: Free for Bronze Partners. Xero tax returns integrate nice and easily with ...
accountant vs tax planning

Difference Between Tax Agents and Tax Planning Specialists

Although Australia has 42,561 registered tax agents, less than 1% of these actually provide any specialist tax planning advise to their clients. Ninety nine ...
Lodge my own tax return

Should You Lodge Your Own Tax Return?

The Australian Tax Office (ATO) expects over 3 million Australians to lodge their 2019 tax returns through MyTax for free. You should do away ...
bodybuilding oil

7 Unusual United States Tax Deductions

The United States tax code allows for many unusual but legitimate tax deductions and tax credits. Here are our top 7: Clarinet Lessons: A ...
Gambling

Professional Gambler Winnings Are Tax Free

Australians are the most prolific gamblers in the world and lose over $24 billion per year gambling. Australia’s gambling losses of $1,200 per adult ...
Decision making

The Top 10 Errors and Bias We Make When Making Decisions

Decision making is the cognitive process involving judgement to make choices. We make thousands of decisions each day and their importance and effect of ...
director duties

Are You Breaching Your Directors Duties?

Australia has over 2.5 million companies registered with ASIC, of which 98% are proprietary companies. All companies have directors, with proprietary companies requiring a ...
Board of directors

What does the Board of Directors Do?

The board of directors are the individuals responsible for the governance, control, management and strategic direction of the organisation. Boards are responsible for: Appointing ...
Referral

Tax Planning Referral Marketing System

Referral marketing is a method of promoting products or services to new customers through referrals, usually word of mouth. Such referrals often happen spontaneously ...
tax planning softtware

Tax Planning Software

Over the last the ten years tax planning software has taken an adhoc, manual, time consuming process to a new level of efficiency and ...
Value pricing

Calculating the Fee – Value Pricing

With value pricing the fee is based on the value added to the client, not the number of hours you spent working on the ...
existing clients

Focus on Existing Clients – Not New Clients

When selling our services to clients we need to focus our attention, time and energy on our existing clients, not chasing new clients. Research ...
education

Educating Clients on Tax Planning

This involves educating taxpayers on the opportunities they have available to personally save tax. This step involves no selling at all, and is strictly ...
tax planning vs tax avoidance

Tax Planning vs Tax Avoidance

'The difference between tax planning and tax avoidance largely comes down to intent. Tax planning, is organising your clients’ tax affairs in the most ...
qatar

10 Countries with No Income Taxes

Australia is a high taxing country and has a corporate tax rate of 27.5% or 30%, and marginal tax rates for individuals as high ...
food truck

5 Additional Services Small Businesses Would like to Receive from Their Accountant

The NAB ‘Key insights into the Australian accounting industry’ report found that accountants are failing to provide the services their business clients demand. The ...
Tanya Plibersek Labor Party

Top 10 Tax Policies of the Australian Labour Party

Most bookmakers have the Australian Labour Party as unbackable favourites to win the May 2019 Federal election. As such, subject to successfully negotiations with ...
breast implants

7 Weird Tax Deductions

Breast implants – In the US Chesty Love (a stripper) received a tax deduction for her size 56N breast implants as they were required ...
tax deductible pets

Eight Pets That Can Be Tax Deductible

Dogs on farms for rounding up sheep, cattle and other livestock.Fish at workplaces (office and factories). Birds at the workplace. Guard dogs at factories.Dogs ...
finance broker

Finance Brokers Smashed by Banking Royal Commission

Since the Banking Royal Commission released its final report on 1st February 2019 finance brokers have not stopped crying. For Australia’s 16,000 finance brokers, ...
houses

Property Values in Freefall

A negatively geared rental property is where borrowed funds are used to invest in property and the income generated (at least in the short ...
smoking

Ten Deductions Employees Should Never Have Claimed

Adult industry workers claiming breast implants.Employees claiming cigarettes for stress relief at work.Driving instructors claiming speeding and parking fines.Prescription glasses, contact lenses and hearing ...
adult industry

9 Unusual Work Deductions

Adult industry workers can claim costumes, lingerie, fetish equipment, and adult novelties - if used solely for income earning purposes. Bar staff can claim ...
breastfeeding

Abolish the Breastfeeding Tax

With the abolition of the tampon tax on 1st January 2019, women have now started campaigning to have the breastfeeding tax removed as well. ...

Government Targets $50 Billion Black Economy

The ‘Black Economy Taskforce’ report released in October 2017 shows the black economy has grown to 3% of GDP (up from 1.5% in 2012). ...
black economy

Black Economy Grows 100%

Since 2012 Australia’s black economy has grown 100% to $50 billion per year. This dwarfs the growth in Australia’s legal economy over that period ...
Tampon tax

Tampon Tax Abolished on January 1, 2019

Eighteen years after its introduction, the 10% tax on tampons and pads was removed after states and territories agreed to make sanitary products exempt ...
fail

Accountants Fail as Business Advisors

Australia has 2.2 million businesses, of which 2,065,523 are defined as small businesses (employing less than 19 people). The ATO statistics show 96.7% of ...
self obsessed

Accountants Obsessed with Themselves

With the explosion of social media over the last decade, accountants (like a large percentage of the population), have become obsessed with themselves. A ...
dismal business performance

Business Profitability a Dismal 3.8%

Australia’s 2.2 million businesses produce an average return on shareholders’ funds after tax of only 3.8%. This paltry return is less than the risk ...

5% of Tax Practitioners are Breaking the Law

The Tax Practitioners Board (TPB) 2017/18 annual report highlights that only 95% of practitioners are compliant with all aspects of the law. For the ...
Tax practisioners board

Registered Tax Practitioner Numbers Surge to 77,749

As at 30th June 2018 there are 42,561 tax agents, 15,638 business activity statement (BAS) agents and 19,550 tax (financial) advisers regulated by the ...
innovation

Where are the Innovative Accountants?

Have a read of the average accountant’s website, and the word ‘innovation’ keeps popping up. There is no doubt accountants have heard of the ...
tax planning services

Only 1% of Accounting Practices Provide Tax Planning Services

For the year ended 30th June 2018, 42,561 tax agents (RTA) and 19,550 tax (financial) advisers generated $330 million in tax planning revenue. This ...
accountant

Average Accounting Firm only has $257,625 Revenue

For the year ended 30th June 2018, 33,870 accounting firms produced revenue of $20b, a 1.5% increase over 2017. The Top 100 accounting firms ...
melbourne

Top 100 Accounting Firms Record $11.3 Billion Revenue

The Australian Financial Review Top 100 accounting firms for 2018 billed $11.3 billion revenue. Amongst the top 100 firms there is a big divergence ...
Introversion

Four Types of Introverts

It has been estimated that over 75% of accountants are introverts. This compares to the general population which has a 50/50 split between introverts ...
ducks in a row

Accountants Failing to Invest in Themselves

The Tax Practitioners Board (TPB) Code of Professional Conduct (Code) requires registered agents to meet continuing professional education (CPE) obligations. The object of this ...
role of accountant

Role of the Accountant

Accountants who are members of professional bodies are required to act in accordance with the highest professional and ethical standards. These professional standards require: ...
prison

Accountants Preparing Legal Documents

Accountants in public practice generally want to help their clients. Some accountants will do anything for their clients, even break the law. The most ...
dead people

Life Insurance for Dead People

Charging life insurance to dead people – how would that work? Just ask AMP - as highlighted in the Banking Royal Commission, AMP has ...
bad apple

Financial Planners – More Than a Few Bad Apples

The Banking Royal Commission has delivered a scathing interim report on the practices of the financial planning industry. Unfortunately, it’s not just a question ...
era

The End of an Era for Accounting Practices

Accounting practices, as they are currently organised and operate, is coming to the end of an era – in the type of work they ...
bearded man smoking

The Fat Smoker

‘Strategy and the Fat Smoker’ is a book by David Maister which has the central theme that knowing what to do is usually easy ...
inertia

Accountants Stuck in the Inertia Trap

All the professions, accountants included, realise change is occurring with the professions. Most professionals realise that change in other professions is happening, is good ...
previous tax return

Tax Return Review Services

Subject to complying with the ATO amendment periods, all tax returns can be reviewed, and amended where necessary. Taxpayers who have changed accountants, or ...
errors

78% of Tax Agent Prepared Returns Have Errors

The ATO’s ‘Individuals not in Business Tax Gap Report’ has found that 78% of tax agent prepared returns have errors. Paul Drum, CPA Australia ...
unhappy

Unhappy with Your Tax Refund?

Taxpayers are often unhappy with the size of their tax refund, believing it should be bigger. Sometimes the taxpayers are right and they are ...
tipping point

MyTax at Tipping Point

My Tax is at tipping point and accounted for 46% of all 2018 tax returns lodged up to 13/08/18. The ATO advised that at ...
Google analytics

Measuring Your Web Site Traffic

Measuring website traffic is the process of analysing the users who visit your website. Website traffic is measured in sessions or visits.  The most ...
private vehicle

Top 10 Tax Planning Strategies for 2018

Tax planning is the process used by individuals and businesses to structure their affairs to legally reduce their tax liability. For the 2018 financial ...
Referral Network

How to Build a Referral Network

Word-of-mouth referrals are the number one method professional services firms get leads and gain new business. As 82% of business owners use referrals from ...
referal accountants

How Business Owners Search for Accounting Services

Australia has 2.2 million businesses with the average business owner being over 50 years old, and 84% over 35. The over 35 business owners ...
fast cheetah

77% Fees Growth in 2018

The 4 fastest growing Success Tax Professionals practices for 2018 achieved an average 77% fees growth. The top 4 practices based on fee increases ...
business failure

Top 7 Reasons Businesses Fail

Although every business is started with optimism and hope, the reality is creating a profitable, successful business is tough. Statistically, 30% of businesses fail ...
J.P. Morgan

The 3 Most Famous Accountants Throughout History

Luca Pacioli - the ‘Father of Accounting’ Luca was the first person to publish detailed material on the double-entry system of accounting. He was ...
tax deductible dog

Top 10 Tax Deductible Dog Breeds

Dogs can be a legitimate tax deduction when used for work or business purposes. The top 10 working dog breeds are: Labrador Retriever - ...
toyota hilux ute

Top 10 Tax Deductible Utes

Utes used for work or business purposes will create tax deductions such as depreciation, lease payments, fuel, repairs, insurance, cleaning, and registration. The percentage ...
phoenix

Phoenix Company

A phoenix company is a commercial entity which emerges from a collapsed insolvent entity. The new company trades under the same or similar name ...
black economy

2018 Federal Budget Targets the Black Economy

Australia’s black economy is a growing economic and social problem. It undermines the community’s trust in the tax system, creates an uneven playing field ...
Cashless

Cashless Society

A cashless society exists when financial transactions are conducted not with money in the form of physical banknotes or coins, but rather through some ...
black economy

The Black Economy

The black economy is a clandestine market or transaction that involves illegality. This includes the drug trade, counterfeiting, prostitution (where prohibited), smuggling, illegal currency ...
Terminated accountant

Tax Agents Terminated by the Tax Practitioners Board (TPB)

The Tax Practitioners Board (TPB) regulates tax practitioners and administers the Tax Agent Services Act 2009 (TASA). They want to protect the consumers of ...
Tax Help

Free Tax Returns Through Tax Help

Low income earners can get their tax returns completed and lodged with the ATO for free through Tax Help. Tax Help is a network ...
GST tax gap

$5 Billion GST Tax Gap

The tax gap is an estimate of the difference between the amounts the ATO collects and would have collected if every Australian taxpayer was ...
Nurse

Nurses Rated Most Trusted Profession

The Roy Morgan Image of Professions Survey 2017 found that nurses topped the list of the most highly regarded professions. Over 94% of Australians ...
incorporated

Company Incorporation Costs Slashed

Australia currently has 2.5 million registered companies and incorporates another 600 new companies every day (on average). Companies are a popular business/investment structure as ...
Somber woman with Unbrella

Garnishee Notices

Garnishee notices are a tool used by the ATO to collect outstanding tax debts from delinquent taxpayers. It is normally only used by the ...
ATO debt

No Escaping ATO Debts

ATO tax debts, like all debts, are legally enforceable obligations. The ATO collects these debts on behalf of the Australian Federal Government. If taxpayers ...

SMSFs Grow in Popularity

Self-managed super funds (SMSF’s) continue to grow in popularity with 30,000 new funds being established each year. Today, Australia boasts over 600,000 funds holding ...
death

Self-Funded Retirees to be Taxed to Death

The age pension provides basic income support for Australians who are above retirement age (currently 65) but are unable to fully support themselves by ...

ATO Help for Drought-Affected Businesses

The ATO has a variety of measures in place to help drought-affected taxpayers in financial hardship to manage their tax. The ATO assistance includes: ...
unethical

Is your Financial Planner Ethical?

This is a very important question that every financial planning client would definitely like to know the answer to. But in practice, how would ...
notifable data breaches

Notifiable Data Breaches Scheme

Effective from 22nd February 2018, the Privacy Amendment (Notifiable Data Breaches) Act 2017, establishes the Notifiable Data Breaches (NDB) scheme in Australia. The NDB ...
tax debls

Disclosure of Tax Debts to Credit Reporting Bureaus

The Federal Government is legislating to allow the Australian Taxation Office (ATO) to disclose information on businesses tax debts to registered credit reporting bureaus ...
how low can you go

How Low Can Compliance Fees Go?

Compliance services are now completely commoditised. The commoditising of compliance services was inevitable really, and the only surprising thing is how long it’s taken. ...
Turkey

Five Signs Your Tax Accountant is a Turkey

Although it may be politically incorrect to say so, the reality is not all tax accountants are equal.  Just as all drivers are not ...
outsourcing overseas

Accountants Embracing Outsourcing Overseas

Over ten years ago, forward-thinking Australian accounting practices started outsourcing part of their work and processes overseas. Initially, the outsourcing started with basic bookkeeping ...
2 heads

Two Heads are Better Than One

The Australian accounting services industry is growing 1.5% pa and currently generates $20bn revenue (IBIS World Industry Report M6932). The industry is comprised of ...
accountant automation

How Long Before a Business Owner Does Not Need an Accountant at All?

Rob Nixon, in his latest book ‘The Perfect Firm’, asks this question ‘How long before a business owner does not need an accountant at ...
SMART

SMART Criteria

Specific, Measurable, Assignable, Realistic, Time Related SMART is a management acronym giving criteria to guide in the setting of objectives in project management, employee-performance ...
Melbourne CBD

Australia’s Company Tax Rate Must Fall to 20 Percent

In December 2017, the US legislated through large tax cuts which reduced their company tax rate from 35% to 21%. With the UK company ...
shop front tax practice

Shop-Front Ground Level ‘Vs’ First-Floor Accounting Practices

We often get asked as to what is the percentage of walk-ins for shop fronts compared to say first floor or upper-level offices when ...
Tendering

Tendering

Strategies for successful tendering Tendering is the process of choosing the best or cheapest company to supply goods or do a job by asking ...
Customer segmentation accounting

Customer Segmentation in the Accounting Industry

An accounting practice has six main customer segments; Salary and wage tax returns Retirees and investors Self-managed super funds Micro small businesses Medium sized ...
Google posts

Competitive Advantage for Accountants that use Google’s New Posts Feature

If you own a small accounting practice, you would know that a Google Maps listing is essential for your business to be found online. ...
effective client communication

Five Strategies for Effective Client Communication

Effective client communication will retain more customers than any other method. Here are five strategies that will help you communicate effectively with your clients. ...
Client feedback

The Importance of Client Feedback

Client satisfaction feedback is critical if we are to improve the weaknesses in our client servicing, while continuing to build-on our strengths. We need ...
consistency

Consistency

The key to exceptional business results is consistency. If you do nothing else, be consistent.  Consistency doesn’t mean being the best at something, or ...
client satisfaction

Client satisfaction

Client satisfaction is defined as ‘the number of clients, or percentage of total clients, whose reported experience with a business, its products, or its ...
client retention

Maximising client retention

To maximise client retention, you should do five things. Firstly, keep a record of the clients lost, and clients gained. This includes the type ...
client satisfaction

Five Factors Affecting Client Retention

The five factors affecting client retention are client satisfaction, client delight, client switching costs, client relationships, and client service standards. Client satisfaction - Unsatisfied ...
client retention

Client retention

Client retention is really any activity that a practice undertakes in order to reduce client losses. Client retention is about exceeding the client’s expectations so ...
the trouble with debt

The Trouble With Debt

The three ways accountants can get in trouble with debt financing their practice are: Using short term debt to make long term investments. Doing ...
compliance tax agent

Funding Established & Expanding Practices

Established practices have less funding needs than new practices as they are well established and producing ongoing revenue that covers the practice costs and ...
Practice investment

Funding New Accounting Practices

Accounting practices, like all businesses, require funding to start, operate, and grow. The funding requirements of practices vary depending upon whether they are a ...
Money back gaurantee

Service Guarantee

The 18th century entrepreneur Josiah Wedgewood pioneered the satisfaction-or-money-back guarantee as a marketing strategy on the entire range of his pottery products. He took ...
new services

Introducing New Services to Existing Clients

This strategy is about creating new services that you can provide to your existing client base.  It is similar to the low hanging fruit ...
low hanging fruit

Selling Existing Services to Existing Clients

For a practice wanting to achieve organic growth this strategy is best described as ‘low hanging fruit’. It is simply about ensuring that every ...
good office

The Effect of a Good Office on Productivity

Productivity studies show that the most significant factor in determining an employee’s ability to focus is their physical environment. A well-designed office can increase ...
accounting software tools

Value Adding Software Tools

Value adding software tools include modules on budgeting, scenario planning, business planning, valuations, profit improvement, tax planning, risk management, etc. There are an almost ...
Tax accountant software tools

Software Tools for Accountants

We purchase tools to make a job quicker, easier, and ensure it’s completed to a high standard. This is the case whether buying tools ...
strategic pricing

Strategic pricing

Pricing is the process whereby a business sets the price at which it will sell its products and services. In setting prices, the business ...
outsourcing compliance

Outsourcing Compliance Services

‘Do what you do best and outsource the rest,’ says legendary management consultant Peter Drucker (1989). From Drucker’s perspective, a company should outsource functions ...
Benchmarking

Benchmarking Accounting Practices

Benchmarking involves comparing your accounting practice processes and performance metrics to the best accounting practices in the industry. From the benchmarking report’s we can ...
KPI

Accounting Practices KPI’s

An accounting practice’s key performance indicators (KPIs) are the set of quantifiable measures that are used to gauge or compare performance in terms of ...
Managing Debtors

Managing the Practices Debtors

The objective of debtor management is to minimise the time between issuing an invoice to a client and collecting payment in full. A practice’s ...
Working Capital Management

Working Capital Management

Working capital management involves ensuring a practice has positive working capital so it is able to continue its operations and have sufficient funds to ...

Practice Sin 7 – Poor Time Management

Principals often spend too much time on activities that have no value. The Pareto analysis can be applied to time management. This is the ...
Delegation

Practice Sin 6 – Dreadful delegation

Delegation is one of the practice principal’s most important management skills and if done well, saves you time, develops your people, and is a ...
Confusing activity with productivity

Practice Sin 5 – Confusing Activity with Productivity

Clients are very demanding and are like baby chicks in some ways (with their constant squeaking for attention and assistance). Accountants can fall into ...
Failure to change

Practice Sin 4 – Failing to Change  

As the business environment changes, practice owners must change. The ‘old’ ways of doing things must be changed when technology makes the new ways ...
accounting hobby

Practice Sin 3 – Operating the Practice Like a Hobby or Vocation, not a Business

Operating an accounting practice can be very personally rewarding and satisfying as principals have the freedom of being their own boss plus the satisfaction ...
Training and development

Practice Sin 2 – Underinvesting in Personal Professional Development & Training

Too many practice principals do not take the advice of Stephen Covey (Seven Habits of Highly Successful People) and spend the time to ‘sharpen ...
scott morrison

Abolition of Tax Deductions in the 2017 Federal Budget?

The Federal Government is once again looking at the abolition of work related tax deductions. Why? Because there $16 billion annual cost would go ...
Sturgeon's 90 percent

Sturgeon’s Law – 90% of Accountants

Sturgeon's revelation - commonly referred to as Sturgeon's Law, is an adage commonly cited as ‘ninety percent of everything is crap’. It is derived ...
Sturgeon

Sturgeon’s 10% of Practices

If a Purple Cow practice is not achievable, then being part of Sturgeon’s 10% of practices would still be a worthy goal. This would ...
practice investment

Practice Sin 1 – Failing to Reinvest in the Practice

The number 1 sin for an accounting practice is failing to reinvest in the practice. There can be the temptation in business to run ...
strategic planning

Importance of Strategic Planning

A business strategic plan details the methods by which a business sets out to achieve its objectives. Typically a business strategy will cover a ...
buying an investment properrty

Tax Considerations with Investing in Property

When buying an investment property it is important to see your accountant first. Often buyers get a building inspection report and a pest inspection ...
SMSF options

SMSF Advice Options

At June 2015 the ATO advised that there were 556,998 self-managed super funds in Australia with 1,049,840 members. During the 2015 financial year 32,073 ...
focus strategies for accountants

Focus Strategies for the Accounting Industry

Two focus strategies for the accounting industry include narrow service line and customer segmentation. The narrow service line involves practices providing a very narrow ...
stuck in the middle

Accounting Practices Stuck in the Middle

According to Michael Porter the worst strategic error is to be stuck in the middle, or to try simultaneously to pursue all the strategies ...
purple cow in field

A Purple Cow Practice

‘Purple Cow: Transform Your Business by Being Remarkable’ is a 2003 book by Seth Godin. The book advocates that companies produce remarkable products and ...
cost leadership accounting

The Cost Leadership Model is not Profitable

The overall cost leadership model is not a profitable strategy for accounting practices for four reasons: Practices with no staff where the principals do ...
uber differentiation

Differentiating Your Accounting Practice

Differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. The concept ...
Aldi

Cost Leadership Strategy

An overall cost leadership strategy involves providing products or services at a lower cost than your competitors and then charging lower prices than your ...
Financial planning

Cons with Establishing a Financial Planning Division

The problems practices encounter once they have established their own financial planning practice include: The accountant’s personality. Most accountants are not sales people and ...
Strategies value added

Strategies for Providing Value Added Services

Accounting practices that want to grow their value added practice revenue should: Firstly, procrastinate no-longer. Just get started with one easy to implement value ...
financial planning added value

Pros of Establishing a Financial Planning Division

The removal of the accountants’ exemption on the 1st July 2016 in relation to SMSF advice provided a strategic wake-up call to many practices. ...
Morgage broker

Pros and Cons of Establishing a Finance Broking Division

According to the industry body, the Mortgage and Finance Association of Australia, in 2015 the total new home lending attributed to mortgage brokers was ...
Dwight Eisenhower

Time Management

Time management is the act or process of planning and exercising conscious control over the amount of time spent on specific activities, especially to ...
business structure

How Should I Structure My New Business

When clients come in to see me about starting a new business they have many different questions depending on the type and size of ...

Defining Value Added Services

Value added services are a large category of services which meet one test – they actually add value in some way or form to ...
Growth

Growth Pathways for Compliance Based Practices

Compliance based accounting practices that want to grow their practice revenue and be financially rewarded should: Firstly, recognise that the world has changed and ...
Body language

Body Language Secrets

Body language is the non spoken word of communication.  It is subtle in its form, but it can be recognised and understood by another ...
luca_pacioli the father of accounting

Luca Pacioli the ‘Father of Accounting’

Luca Pacioli (c.1447 – 1517) was the first person to publish detailed material on the double-entry system of accounting. He was an Italian mathematician ...
digital disruption thumbnail

Digital Disruption in Compliance Practices

Unfortunately for compliance based practices, the technology and digital disruption affecting many industries is starting to impact on the compliance accounting practice. Compliance fees ...
checklists

Checklists Save Lives and Money

Every time you visited an accountants’ office, were you daunted by their comprehensive checklist with over 50 Items on it? A few would have wondered why ...
mygov thumbnail

70% of myGov Users Are Making Mistakes

The Australian Taxation Office has introduced a simple tool for individuals (including sole traders) to lodge their own tax return electronically for free – ...
uber thumbnail

Uber: A Threat and a Lucrative Opportunity

Uber can be a tremendous opportunity, with the benefits of it derived by those who approach it with an entrepreneurial mind.  The optimum results ...
religious organisations thumbnail

Religious Organisations and Tax

Though most organisations pay tax on their taxable income, religious institutions are exempt from this liability. In addition, certain fringe benefits paid to religious ...
strategy thumbnail

70% of Accounting Practices Have No Strategy

70% of Australian accounting practices have no clear strategy for their business. The strategic error According to Michael Porter the worst strategic error is ...
business opportunity

Identifying Business Opportunities

Operating a small business is one of the most rewarding yet challenging experiences and the difference between business success and failure is sometimes marginal.  ...
accounting-industry performance thumbnail

Accounting Industry Performance 2015/2016

For 2015/16 the total Australian accounting industry revenue only grew 3.2% or $580m to $18.7bn. In contrast the big 4 accounting practices grew their ...
shunning accountants thumbnail

Under-35s Are Shunning Accountants

A recent survey has shown that for under 35’s – 50% prepare their tax return themselves or get family and friends to do it ...
Australian accounting industry

State of the Australian Accounting Profession

Survey results of key performance indicators in Australian accounting firms over the last 12 months show: The average firm is a two partner practice ...
Client Reviews

Client Reviews Are Essential to a Successful Marketing Strategy

Client reviews affect the trust your customers have for your brand, as well as the overall credibility of your business. They are very important ...
6 hour work week

The Benefits of a Six Hour Work Day

The eight-hour day movement had its origins in the Industrial Revolution in Britain, where industrial production in large factories involved working from ten to ...
Sharpen the saw

Sharpen The Saw

Sharpen the Saw is Habit no 7 from Steven Covey’s best-selling book, The Seven Habits of Highly Effective People. Sharpen the Saw means preserving ...
Business Advisory Day

Business Lessons Learned at the Business Advisory Day 2016

I was impressed with the story of Tom Panos who is the leading Real Estate coach in Australia and New Zealand. The then seventeen ...
right office accountant

A Good Office is an Accountant’s Best Investment

Good offices have the following five characteristics: Easily to find Clients seek convenience, so choose an office that is easy to get to.  If ...
small business

What I Want from My Tax Accountant as a Small Business Owner

I run a digital marketing business, Pixelpi. As a small business owner, I don’t have a lot of time to spend on accounting. In ...
Commoditisation of accounting services

Commoditisation of Professional Services

According to a Deloitte Access Economics report in 2015, digital technologies contributed $78.8 billion to Australia’s GDP. By 2020, it’s forecast our digital economy ...
salary sacrifice

Salary Sacrifice, Super and Tax

Salary sacrifice is forgoing salary to receive another benefit (which could be a fully maintained motor vehicle, holiday, etc.).  In this case additional employer ...
Consulting an accountant

The Importance of Consulting an Accountant before Buying a Business

I believe that if you don’t consult an accountant before starting or buying a business maybe you should not be in business. Most accountants ...
wooly mammoth

Four Ways Accountants Are Destroying Their Practices

Accountants, like all business owners, can become complacent and run down and destroy their practices profitability and eventual sale value. The four most common ...
Kongo Gumi

Corporate Immortality

All businesses, like people, must eventually die and cease to exist. Ten years ago the then world’s old company – Kongo Gumi, aged 1,428 ...
line in sand

Five Strategies to Grow a Compliance Practice

Compliance based accounting practices that want to grow their practice revenue and be financially rewarded should: Firstly, recognise that the world has changed and ...
digital disruption compliance

Digital Disruption Affecting Compliance Accounting

Unfortunately for compliance based practices, the technology and digital disruption affecting many industries is starting to impact on the compliance accounting practice. Compliance fees ...
compliance tax agent

Why Have Compliance Services Been So Profitable?

Compliance services have traditionally, and currently still, account for between ninety to one hundred percent of the fees revenue of the majority of the ...
Cloud accounting

Why Every Accountant Should Be Using Cloud Accounting

Every accounting practice should be using cloud accounting for their practice for three reasons: Access to real-time (daily) accounting data showing the practices current ...
foreign resident tax australia

Tax Implications of Australian Tax Resident vs Foreign Resident

Australian resident for tax purposes: Tax payer is required to declare worldwide income earned on tax return. Tax payer on a temporary visa, being ...
business success

7 Predictors of Business Success

On average, 44 small businesses are closing their doors each day according to the Australian Bureau of Statistics data.  Approximately 80% of small businesses ...
bad employee

Nine Predictors of a Bad Employee

Good employees are the backbone of any business and are a critical factor in a business’s long term success. As such, these employees need ...
Warren Zevon

Lawyers, Guns and Money

“I was gambling in Havana I took a little risk Send lawyers, guns and money Dad, get me out of this” By Warren Zevon ...
Pareto Principle

Can Your Business Benefit from the Pareto Principle

The Pareto Principle (also known as the 80–20 rule) states that, for many events, roughly 80% of the effects come from 20% of the ...
director penalty regime

What Directors Need to Know about the Director Penalty Regime

Under the ATO Director Penalty Regime directors have a legal responsibility to ensure that the company meets its PAYG withholding and superannuation guarantee charge ...
accountant graduate

Is Your Business Accountant Still Working as a Graduate

Too many experienced accountants are still working like graduates.  That is, spending their days preparing basic employee tax returns that instead should actually be ...
code of professional conduct

The Code of Professional Conduct (Code)

The Code of Professional Conduct (Code) regulates the personal and professional conduct of all registered tax agents, BAS agents and tax (financial) advisers. The ...

Business Lessons from United Nations

The United Nations (UN) was established on 24th October 1945 after World War II in order to prevent another such conflict. At its founding ...
accountants bankrupt

Accountants in Bankruptcy

Accountants are well known as the most trusted advisors for small businesses. An accountant is often the first person a small business turns to ...
bern switzerland

Taxing Like the Swiss – Lessons for Australia

With the death of the mining boom the associated revenue windfall it brought is now just a distant memory to many Australians. It’s like ...
Tasmania Tax

Tax Havens – Turning Tasmania into Another Zug

Tasmania today is a really awesome place to holiday, but an economic wasteland. Tasmania has the distinction of ranking the lowest of all Australian ...
Accountant questions

Five Questions to Ask Your Accountant

To decide who should be your new accountant, or whether to replace your current accountant, you need to interview them. Do not accept that ...
Business Lessons from Paris

Business Lessons From Paris

Paris is the world’s number one tourist destination and receives over thirty three million visitors per year. The top three attractions for visitors are ...
women business skills

Hadel Mikho | The Special Skills Women Bring to Business

I graduated with a Bachelor of Business Administration, however, I always enjoyed working with numbers so I thought doing a Masters in Business (Professional ...
Early investor incentives

Tax Incentives for Early Stage Investors

Malcolm Turnbull’s Innovation Statement released on 7th December 2015 provides tax incentives for early stage investors. The tax incentives will encourage early stage investment ...
Tax practisioners board

Tax Practitioners Board Strikes Down Tax Agents

Over the last twelve months the Tax Practitioners Board (TPB) has cancelled the tax agent registration of over twenty accountants for failing to meet ...
Dick smith

The Sinking of Dick Smith

Two years ago Dick Smith Holdings Ltd (Dick Smith) was floated on the Australian Stock Exchange in an IPO at $2.20 per share that ...
Australian Dollar

Zero to $50,000 Fees in Five Months

After commencing practice in Alice Springs on 1st July 2015 with no clients I have now broken the $50,000 fees barrier in only five ...
Chess strategy

The Power of the Strategic Plan

A business strategic plan details the methods by which a business sets out to achieve its objectives. Typically a business strategy will cover a ...

The Death of Work Related Tax Deductions

Eliminating work related tax deductions makes a lot of sense. Since Malcolm Turnbull became Australia’s 29th Prime Minister on 15th September 2015 tax reform ...
starting a business australia

Lessons Learnt Starting a Business in Australia

It has been 13 years since I joined Success Tax Professionals and started my practice in Joondalup. In this time I have developed my ...
gold silver standards

Five Practice Growth Standards

Accounting practices, like all businesses, need to continually grow total fees each year to grow profits, increase the business sale value, and ensure the ...
Bitcoins

Is Bitcoin Right for Your Business

Should you be accepting payment of Bitcoin for your goods or services? Ed Gebert thinks so, and is the first accounting firm in Australia ...
Customer Value

What Is the True Value of a Client

Have you really considered the true value of a client? One of the first salary tax return clients I gained when starting my accounting ...
business structure

8 Reasons to Choose an Appropriate Business Structure

 One of the most important choices you make when starting a new business, is the type of legal structure you select for your business. ...
Australian Taxation Profession

An Overview of the Australian Tax Profession

The accounting and tax market in Australia is massive with over 17 billion of revenue for the year ended 30th June 2015. The industry ...
client contact

How Often Should You Stay in Touch with Your Clients?

All accountants should be in contact with their clients a minimum of 12 times per year. The benefit of doing this outweighs the cost ...
business accounting services

Tax Practice vs BAS Practice vs Bookkeeping Practice

A tax practice involves the preparation of tax returns for individuals, businesses, and self- managed super funds. It also involves the provision of accounting ...
pathway to success

Four Pathways to Your Own Accounting Practice

Essentially to own and operate your own accounting practice requires two things; experience and a client base. The four main pathways to achieving this ...
purchasing clients

Accounting Practice Acquisitions | Purchasing Clients to Speed Growth

It is possible to expand business rapidly if you have extra funds or can borrow/finance a 'fee parcel purchase' or 'practice acquisition'. Points to ...
ATO Director penalty regime

The ATO Director Penalty Regime

Under the ATO Director Penalty Regime, directors have a legal responsibility to ensure that the company meets its PAYG withholding and superannuation guarantee charge ...
six types of accounting

Six Types of Accounting Practices

The accounting and tax market in Australia is comprised of over 32,920 accounting practices/businesses and employs over 136,000 people generating $17 billion in annual ...
MyTax

MyTax | an Opportunity and Threat to the Tax Profession

Over the last 25 years between 74% to 75% of salary and wage earners have paid a Registered Tax Agent to prepare and lodge ...