You don’t have to spend big on your hospitality business to generate significant tax deductions this EOFY, writes Renae Smith.
With just under two months until the EOFY, SMEs around Australia are starting to get all their ducks in row in preparation for tax time. Here are some things they’re doing this year and the reasons behind them.
If you run a business that makes payments to contractors, you’ll want to stay ahead of changes to the Taxable Payments Reporting System (TPRS) no matter what industry you’re in.
An increase in the Instant Asset Write-Off from $25,000 to $30,000, extra funding for export reimbursements and personal tax cuts are the biggest takeaways from this year’s Federal Budget.
With End of Financial Year (EOFY) right around the corner, you’re probably starting to think about who to get onboard to assist with processing and lodging your tax. Here are the top questions to ask an accountant before you hire them.
Review your expense accounts three weeks prior to submitting your tax to ensure your Profit and Loss statement is accurate in a timely fashion.
Welcome to the fourth week before tax is due. Now is the time to review your income accounts, refund expenses and check for any deposit errors.
Tax audit doesn’t always mean you have done something wrong sometimes it’s just the luck of the draw. Reduce the risk of raising a red flag with these tips.