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Profit vs Cash

There’s a massive difference between Profit and Cash. Let’s explore the differences to make a better plan to increase both. 1. Sales: Profit increases when you increase sales; cash increases when you collect the money from customers. To increase both your profit and cash from sales: Delight your customers Generate more leads and referrals Convert

5 Steps to Make Income Tax Easier

The end-of-financial-year period isn’t really a time most people relish, but it does offer an excellent opportunity to review your finances and possibly free up funds for more important and enjoyable pursuits. Below we’ll show you, in five easy steps, how to streamline the income tax return process and possibly free up funds for the

ATO “puts the brakes” on dodgy car claims

The ATO is making work-related car expenses a key focus again during Tax Time 2019. Assistant Commissioner Karen Foat said over 3.6 million people made a work-related car expense claim in 2017/18, totalling more than $7.2 billion. “We are still concerned that some taxpayers aren’t getting the message that over-claiming will be detected and if

Employee Payment Summaries Are Due For The Last Time

Once you start reporting under Single Touch Payroll, you will no longer be required to issue a Payment Summary. Your final payment summary to employees is due 14th July. After this date your employees can access their income statement through the ATO via myGov. This is what you will need: Payroll Checklist ·        Make sure you

Are You Self Employed? Keep Your Tax And Expenses In Check

Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to

Is Your Business Ready For Single Touch Payroll?

Are you ready for Single Touch Payroll? For employers with 19 or fewer employees, single touch payroll (STP) legislation comes into effect today. Are you ready? What is Single Touch Payroll and what do the changes mean for your business and who does it affect? What will you need to do to prepare, so that

Prepare for EOFY with Single Touch Payroll

If you are already reporting Single Touch Payroll (STP) to the ATO, there is a different process for issuing payment summaries from now on. Employers must provide payment summaries to employees by 14 July. In the STP reporting system, employers must make a finalisation declaration by this date, in order that the employee’s information will

Three Hot Tips to Boost Your Super before June 30

June 30 brings a lot of deadlines with the end of financial year. But that doesn’t mean that there isn’t anything you can do to boost your super before we are hit with the end of the month. The best thing about super is the little extra effort you put in today will make a

Are you ready for a TAX-education? – Tax File Number Declaration Form

I have completed 3 consecutive tax seasons now and some of my most frequently asked questions revolved around what my clients filled out when they put in their Tax File Number Declaration with their employer. The humble Tax file Number declaration form, it holds so many mysteries for our taxpayers. Well 2 really, Q8 and

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