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Setting Up Your Bookkeeping System for Success
How to Reconcile Your Bank Accounts Properly
The Benefits of Outsourcing Your Bookkeeping
Navigating the End of Financial Year Tax Obligations The end of the financial year (EOFY) can feel overwhelming, especially when it comes to tax obligations. This blog post will help you navigate the complexities and ensure you're prepared. Understanding Key Dates The Australian financial year runs from July 1 to June 30. Knowing the key dates is crucial for planning and avoiding penalties. June 30: End of the financial year. July 1: Start of the new financial year. October 31: Deadline for most individual tax returns (unless lodged by a registered tax agent). Gathering Your Documents Before you start your tax return, gather all necessary documents. This will streamline the process and minimise errors. Here are some essential documents: Payment summaries from employers Bank statements Investment records Receipts for work-related expenses Health insurance details Claiming Deductions You can claim deductions for expenses related to earning your income. Keep detailed records and ensure the expenses are directly related to your work. Common deductions include: · Home office expenses · Self-education costs · Work-related travel · Tools and equipment Seeking Professional Advice If your tax situation is complex or you feel overwhelmed, consider seeking advice from a registered tax agent. They can provide personalised guidance and ensure you meet all obligations
Understanding Tax Deductions for Small Businesses
This threat has been highlighted by cyber security experts for years, but it wasn’t until May 2022 that the Australian Federal Court made a decision to place the responsibility of cyber security defence on companies that operate in financial services. The court ruled that an Australian financial services company failed to meet its obligations by not mitigating its cyber security risks thoroughly.
When starting, most businesses handle their accounting tasks using Excel. While efficient, it may not support the needs of your growing business. Since 2000, it has been mandatory for all Australian businesses to add and report GST. As such, many business owners find it much more convenient to record their financial data digitally. However, some are still struggling. To help make the transition to online reporting, this blog outlines:
Most of us consider Outlook as the industry standard for email, but it’s also an incredibly powerful business tool which encompasses contacts, calendars and all sorts of other organisational instruments. To increase productivity, save time and allow your day to become a little less cluttered, why not try incorporating some of these Outlook tips and tricks into your working regimen?
Deputy is a powerful piece of software renowned for making businesses smart, quick and simple. With more than 290,000 happy clients that continue to advocate for the software, Deputy is transforming the landscape of Australian business operations.
Why wouldn't you want to make your life and job easier? As a small business, using all the resources and tools available to you is the best way to stay ahead. There are dozens of handy apps out there designed for various purposes, from taking payments and handling your accounts to keeping productivity high and communicating with your team. Here are a few of our top picks for must-have apps that any small business should try:
