How to Track Small Business CGT Concessions requires meticulous record-keeping and understanding of the eligibility requirements to maximize tax benefits when selling or restructuring your business. Small business owners in Australia have access to valuable CGT small business concessions that can significantly reduce assessable income from the sale of business assets. However, it is important…
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Which GST Method Works Best for Your Business?
Selecting the appropriate Goods and Services Tax (GST) reporting method—whether cash or accrual based—requires careful consideration of your business structure, transaction patterns, and operational capabilities. Whether you report annually or through quarterly BAS submissions, understanding how GST instalment amounts reported, and the GST component of your transactions affect your obligations is essential.Understanding GST in AustraliaThe…
The Dangers of DIY Bookkeeping
Some business owners fall into doing bookkeeping by themselves to save on cost. This may seem like a quick solution, especially for entrepreneurs who find hiring a full time bookkeeper too expensive for their business. They feel like their profits are not on the level where they can afford to hire a full time employee…
Common Bookkeeping Errors
Commom Bookkeeping Errors Discovered in Many of Xero, Quickbooks and MYOB Files In recent years, many business owners have shifted to Cloud booking. Not only do these accounting software store lots of data, they can also perform quicker operations, saving business owners a lot of time. Inputting data has also become easier with Cloud bookkeeping.…
