If your business has to pay legal fees, you might be wondering if you can deduct them from your taxable income. In the last year, 1.8 million taxpayers claimed deductions on legal expenses – so the short answer is yes. However, the Australian Taxation Office (ATO) has specific guidelines on which legal fees are tax-deductible […]
Darcy Bookkeeping & Business Services' very own tax accountant Brad Reynolds recently appeared on the Your Number Man podcast. He shared his expertise with guiding small businesses with their tax structures and tax accounting best practices. In this episode, learn about business structures (like sole traders, partnerships and incorporated companies), GST, maximising tax structures and […]
Use our free Australian GST calculator tool to work out the amount of GST that must be applied in your transactions. Want to know how to calculate GST on the go? Read on for the easy formula. GST Calculator GST Calculator Enter Amount: Add GST Subtract GST Total GST: Copy result Amount + GST: Copy […]
As the director of a company, you might consider a director’s loan (also called a shareholder loan) when you need money urgently but are unable to get a loan from the bank. You may consider taking a dividend from your company but this may not be possible if your company is not profitable. You might […]
In this article, we’re going to be taking a look at the difference between cash and accrual accounting. We’ll cover the pros and cons of the two methods, and by the end of this article, you should have a clearer view of whether cash or accrual accounting best suits your needs. The main difference between […]
Tax planning is a legitimate way to try to reduce the amount of tax you pay and increase your tax deductions by making use of investments, tax exemptions, rebates and benefits as much as possible. Tax planning is not the same as tax avoidance. Tax avoidance involves the deliberate exploitation of the tax and superannuation […]
Cryptocurrency is virtual or digital money that takes the form of tokens or “coins.” Transactions are generally carried out virtually independently of a central bank, central authority or government. Cryptocurrencies such as Bitcoin can be used to purchase goods in the real world. As cryptocurrencies are becoming more mainstream, governments around the world are now […]
Unfortunately, due to Covid-19, many businesses have struggled to stay afloat. Business owners have struggled to pay staff, suppliers, and general running costs such as rent and electricity. One area which is not focussed on as often is tax debt. Owing money to the Australian Tax Office (ATO) can happen at any time, but it […]
There are numerous types of business structures and it can be difficult to figure out which one to choose when you are starting your business or expanding it. Your choice will depend on the size, type, and needs of your business and how you want to run it.
As a business person, you understand the value of hard work and dedication. Your employees are the lifeblood of your business, whether it’s a small enterprise or a large corporation. Without those dedicated people, you would have serious issues filling orders and carrying out day-to-day tasks. That’s why it’s important to keep them well paid […]
