Filing tax returns is a crucial part of financial management, and in Australia, you have the choice of either doing it yourself online or engaging a professional accountant. Both options have their advantages and are suitable for different situations. Doing It Yourself Online Advantages: Best For: Considerations: Engaging a Professional Accountant Advantages: Best For: Considerations: […]
The Fair Work Commission (FWC) in Australia has announced important updates affecting business owners starting from July 1, 2024. These changes include a 3.75% increase in the national minimum wage and award wages, as well as an increase in the Super Guarantee rate from 11% to 11.5%. Key Changes for Business Owners Wage Increases The […]
We are all feeling the rising cost of living. And we have all been hearing a lot about the tax cuts that will help us all that come into effect on the first of July 2024. But what exactly do these tax cuts involve and how do they help us? Good question! The Australian Taxation […]
It’s a couple of months out from tax time. But it’s not too early to start preparing your bookwork for the end of the financial year. Getting a head start on your bookwork before tax time can make the process smoother and less stressful. Here are some steps you can take to prepare: Organise your […]
Financial statements are essential tools that provide a snapshot of your business’s financial health and performance. While they might seem complex at first glance, breaking down the key components can offer a clearer understanding of your financial standing. Let’s take a look the fundamental elements of financial statements and how they can be interpreted. 1. […]
In the fast-paced world of Australian business, juggling paperwork might not be the most thrilling task, but it is undeniably crucial. The question on many business owners’ minds often boils down to one dilemma – should you shred it or file it away? Diverse Documents, Distinct Rules Different documents carry distinct retention periods based on […]
For small and medium-sized businesses, choosing the right accounting software is crucial for efficient financial management. Among the various options available, Xero stands out as a top choice for several reasons. Easy to use First and foremost, Xero offers user-friendly and intuitive features that make it easy for business owners, even those without extensive accounting […]
In Australia, the Big Four banks dominate the financial landscape and play a pivotal role in the country’s economy. The Big Four banks are: However, when it comes to choosing a bank, individuals and businesses often find themselves at a crossroads, debating the advantages and disadvantages of opting for a Big Four institution over a […]
On 1st August 2023, a new Australian law for small businesses (employers with fewer than 15 employees) came into effect: Paid Family and Domestic Violence Leave In this article, we explore the implications of this law on small businesses and what they need to know to adhere to the guidelines while fostering a compassionate work […]
Great news from Xero! They’ve added a smart new feature to Xero Central, their customer support and learning hub. This cool addition uses something called Generative AI (GenAI) to give customers lightning-fast, accurate answers. Why is this such a big deal? Well, Xero did some research and found out that small businesses think AI is […]
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