If you're just starting up or running a small business, it probably doesn't make sense to have an in-house financial accountant. Outsourcing to an external partner is a good way to keep your infrastructure costs low, while ensuring that you remain compliant with regulatory requirements. But corresponding effectively with an outsourced business accountant isn't always as easy as you think, and can lead to perilous miscommunications. Follow these steps to avoid any problems, so that you build a successful working relationship together.
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It is tax return time, and every tax filer is hoping that their return is correct, that they will receive a refund and that the ATO won't select them for an audit this year. The Australian Tax Office has already announced that this year's audits will focus on those people who make "excessive tax deductions." As someone who makes a reasonable number of deductions, this does not mean you are clear of an audit.
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Most small businesses in Australia do not have the luxury of surplus cash. They may not have a sizeable bank account balance that allows them to treat cash flow as an afterthought. As a consequence, it's very important for them to handle invoicing and collections very carefully and professionally, so that no issues are encountered. How can you make it easier for your customers to pay you, by adopting some certain rules?
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Are you the type of small business owner who crosses their fingers and hopes whenever it comes to tax records? If you are, you're not alone, although it goes without saying that it is not the best course of action to take. You may have been doing this for some time and have become a little complacent, but then you receive a letter in the post notifying you that your business has been selected for a tax audit.
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Doesn't it seem as if tax time is always around the corner? This could be because there are, of course, various deadlines for paying instalments and a number of different types of tax. It pays, therefore, to have a plan to make sure that you are compliant through the year and especially if you are to take advantage of the various deductions and benefits available to you. What are some key strategies to bear in mind?
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