What Is An Accountant?
“What is an accountant?” We often hear this, especially in the context of whether they’re any different from bookkeepers. Well, the truth is, accountants are responsible for a lot. So, in this article, we’re looking at everything you can expect yours to undertake, and how they quickly become the backbone of successful businesses in all […]
Trust vs Company: Which One to Choose?
As a business owner, an important decision is whether to structure your business as a company or a trust, a fiduciary arrangement where a trustee holds assets to benefit beneficiaries, as what you decide will have significant financial and legal consequences. Choosing the appropriate business structure will directly influence tax, personal liability, and costs. Therefore, […]
Types of Accountants (& Which One You Should Choose)
Are you in the process of finding an accountant in Australia, but feel overwhelmed by the multitude of titles and specialties? You’re not alone! The accounting profession has evolved into a diverse and specialised field. To assist you in this, we’ve compiled the ultimate guide to the different types of accountants in Australia and how […]
What Should You Include in an Employment Contract (Australia)?
In every successful business, there is a fundamental piece of the puzzle: the employees. These individuals, with their unique skills and contributions, form the beating heart of your operation. They drive your business forward, infusing their talent and passion into your products and services. One of the pivotal tools that serves to guide this dynamic […]
How to Pay Off HECS Debt Early?
HECS-HELP debt is the collective term for all the educational loans in Australia, which includes: HECS-HELP FEE-HELP VET FEE-HELP OS-HELP SA-HELP VET Student Loans Students regularly use these interest-free loans where the Australian Government pays the course fees for their education with a higher education provider. Once you finish studying, get your degree and start […]
Types of Trusts in Australia: A Side-by-Side Comparison of the 8 Structures
In Australia, trusts come in all shapes and sizes, with limitations and advantages. These individual differences also make up the finer details you must weigh when deciding on the right trust for your circumstances. It’s also important to note that a trust is not a legal entity or person but a relationship recognised and enforced […]
Import Tax Australia – Everything You Need to Know
Import tax may apply to goods brought into Australia from overseas to be sold in Australia. While personal goods and software downloaded from other countries don’t require a formal import declaration, goods valued at over 1000 Australian dollars require an import declaration, and Australian customs duty and taxes are charged at the border. Understanding the […]
Buying a Car as the Business Tax Write-Off in Australia: 2024 Update
Some people buy a business vehicle to receive a business tax write-off, but the process isn’t necessarily straightforward. When a business owner buys a vehicle, they need to consider various things before committing, such as depreciation, whether they’ll use it for personal trips, and how often. It’s also crucial to note where the car will […]
What is the Tax Deductibility of Interest in Australia?
Interest payments can be a big expense for individuals and businesses alike, so the tax deductibility of interest in Australia is key to maximising your tax benefits and ensuring compliance with Australian Taxation Office (ATO) regulations. This guide will walk you through the key principles, types of deductible interest, limitations, and practical tips to help […]
How to Maximise Your Tax Return
Tax season always seems to be “just around the corner”, and the biggest question we hear is always about how to get more back. With some clever strategies and good record-keeping, you can maximise your tax refund by claiming all the deductions and offsets you’re entitled to. Let’s find the best ways to get the […]
