Tax Returns for Small Businesses: Bookkeeping Tips for a Stress-Free EOFY starts with setting yourself up for success well before the end of the financial year. Keeping good records year round makes it easier to lodge your tax return accurately, claim all your deductions and maximise any tax refund you’re eligible for. Whether you’re a…
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Lodging a Business Tax Return: Bookkeeping Essentials for Australian Small Businesses
Lodging a business tax return can feel overwhelming for Australian small business owners who struggle to keep their income details organised and prepare to lodge your tax return on time. When tax time arrives, many find themselves racing to gather receipts, estimate deductions and understand online services offered by the Australian Taxation Office (ATO).This article…
FRCGW Clearance Certificates: Bookkeeping and Compliance for Small Business Property Transactions
FRCGW Clearance Certificates represent one of the most critical compliance requirements affecting small business property transactions in Australia today. With recent changes eliminating the $750,000 threshold and increasing withholding rates to 15%, every property sale now requires careful attention to Foreign Resident Capital Gains Withholding (FRCGW) obligations. These changes are creating significant challenges for small…
The Fixed Rate Method: How to Record Home Office Expenses in Your Small Business Books
The Fixed Rate Method offers small business owners a streamlined approach to claiming home office expenses, allowing you to claim 70 cents per hour for each hour you work from home rather than tracking individual costs. This simplified system eliminates the complexity of calculating specific utility bills, internet expenses, and other running expenses while ensuring…
