What Happens if You Haven’t Paid Taxes in 3 Years? | Australia
Before the COVID-19 pandemic hit, nearly $34 billion in tax was not paid in Australia. The Australian Taxation Office (ATO) estimated a 7.3% gap between the collected tax and what was expected in 2018-19, amounting to about $33.5 billion, which was an increase from the previous year. Most of the missing tax dollars were […]
What Income Statements Reveal About Your Business
You didn’t start your business to become an accountant. You started it to do what you love and make a living out of it. However, just like the “Terms and Conditions” we often ignore but shouldn’t, understanding income statements is one of those non-negotiables in your entrepreneurial journey. So what does an income statement show? […]
How Much Profit Should a Business Make?
Profitability isn’t a simple equation. It’s a comprehensive measure of the health and success of your business. It’s a multifaceted concept that extends beyond just the bottom line. You’ll need to factor in your business model, industry norms, and overall operational efficiency, among others. So how much profit should a business make? We recommend […]
A Comprehensive Guide to Tax-Deductible Bank Fees
We live in a world where every dollar counts. Financial literacy entails an elaborate understanding of personal circumstances, tax regulations, and of course, banking experiences. That being said, are bank fees tax deductible? Personal bank fees in Australia aren’t tax deductible. However, if you own a business, bank fees tied to business accounts may […]
The Bookkeeper’s Playbook: How to Stand Out in the Industry
Bookkeeping is like a puzzle. Each piece – every debit, credit, balance sheet, and income statement – contributes to the bigger picture of a company’s financial health. The thing is, if you’ve been doing bookkeeping for some time, it can feel like you know your software like the back of your hand. This career can […]
Tax Hacks for Tradies: Keep More of Your Hard-Earned Money
Being a tradie is a demanding gig. You’ve got to deal with all kinds of uncertainties – weather conditions, tricky clients, fluctuating materials costs, the list goes on. But when it comes to taxes, there’s one question that can really throw a spanner in the works: “So what can tradies claim on tax without receipts?” […]
7 Proven Strategies to Become a Bookkeeping Client Magnet
Often, as bookkeepers, we pigeonhole ourselves into a box labelled “number-crunchers” and forget about what we bring to the table. We’re not just keeping ledgers. We’re financial professionals that bring genuine value to businesses. But between the spreadsheets, income statements, and balance sheets, we all dream about the day clients will come knocking on […]
The Bookkeeping Time Dilemma of Small Business Owners
To all my fellow entrepreneurs, let’s get one thing straight: Bookkeeping isn’t anyone’s idea of a wild Saturday night. But it’s an unfortunate reality we have to deal with if you’re not outsourcing it to anyone else. Despite its charm (or lack thereof), bookkeeping is as essential to your business as oxygen is to, well, […]
The Complete Guide to Getting a Business Loan
In the challenging world of business, few things induce as much stress and worry as the search for adequate funding. This scenario might seem familiar: You have a vision, a well-thought-out business plan, a motivated team, and an insatiable passion to succeed. Yet, all these seem to be held back by one significant hurdle – […]
The Duties and Responsibilities of a Business Consultant
No one ever said that running a business is easy. When things aren’t going well – when profits are stagnant or dwindling, your team seems demotivated, or your competitors always seem to be two steps ahead – you start questioning your ability to lead. Is it your fault? Could you be doing things differently? It’s […]