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Maintaining accurate business records is essential, especially when dealing with personal services income (PSI). If you’re unsure about PSI regulations, consulting professional small business accountants can provide guidance. It’s important to meticulously track both expenses and income to comprehend the flow of funds within your organisation. Keeping comprehensive records detailing all financial transactions, including those […]

In response to recent security concerns, the Australian Taxation Office (ATO) has put in place new measures to enhance the safety of online services. Starting from November 13, 2023, businesses with an Australian Business Number (ABN) must select their accountants or tax agents before accessing their financial data. This blog will walk you through the

Director Identification Number (DIN) The director’s Identification Number (DIN) has become an important component. Similar to a tax file number, it is indispensable for directors across various companies, including those overseeing self-managed superannuation funds (SMSFs). The DIN system aims to enhance transparency, accountability, and regulatory compliance within the corporate sector by providing a standardised method

Introduction As the end of the financial year approaches, businesses are dealing with various responsibilities, and one of them is understanding the Fringe Benefits Tax (FBT). In this detailed guide, we’ll break down the complexities of FBT for the year 2024. We’ll explore its different aspects, look at common benefits, discuss exemptions, and take a

Introduction In 2018, the Australian Government introduced Single Touch Payroll (STP), changing how employers report payroll information. Adhering to payroll rules is crucial for businesses to operate smoothly. Recently, the Australian Taxation Office (ATO) launched Single Touch Payroll (STP) Phase 2, bringing in major changes to employer reporting guidelines. In this detailed explanation, we’ll break

Introduction Effectively handling cash flow is necessary for business owners, serving as a vital safety net rather than just a strategic move. The ups and downs in cash levels don’t just impact daily decisions; they significantly influence a business’s overall success or setbacks. A strong command of cash flow management is essential for navigating the

Extension of the Temporary Reduction in Superannuation Minimum Drawdown Rates Because of the uncertain economy, the government has decided to continue letting retirees take out only half of the usual minimum amount from their superannuation (retirement savings) until June 30, 2023. This is good news because it means retirees don’t have to sell their investments