accounting

Category: accounting

Cloud accounting software

Cloud accounting is accounting data and software accessed online and available anytime from any device. Cloud-based accounting, where the program and data are housed ...

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 ...
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 ...
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 ...
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 ...
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 ...
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, ...
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 ...
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 ...