Tag: rescue bookkeeping

Bookkeeping advisory for SMEs gives business owners accurate financial information, practical guidance and clearer insights for making informed decisions. When records are incomplete, inconsistent or several months behind, it becomes difficult to manage cash flow, monitor costs, meet compliance requirements or understand whether the business is moving towards its financial goals. Reliable bookkeeping supports more…

Accrual vs cash accounting affects when your business records income and expenses, which can significantly change the results shown in your financial reports. Cash accounting focuses on actual payments, while accrual accounting records revenue and expenses in the reporting period in which they are earned or incurred. The appropriate treatment for income tax and Goods…

Individual tax rates affect how much income tax a sole trader may need to pay based on their taxable income for the financial year. Because a sole trader is taxed as an individual rather than as a separate company, accurate bookkeeping is important for estimating tax payable and setting aside enough money. Your taxable income…

Who pays Medicare levy in a blended family or split-income household depends on each person’s taxable income, family income, residency, dependent child details and personal circumstances. Each Australian resident for tax purposes is generally assessed separately, although combined taxable income may affect a Medicare levy reduction. A Medicare levy exemption depends on whether the person…