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The process of running a business, whether big or small, is no easy task. Statistics actually show that many small businesses fail within the first 18 months. This is because of poor financial management. Due to these dire consequences, small business owners realize the importance of a tax accountant. Must Read: How to Choose an … Read more

While common questions will be about tax deductions, your tax goals will be different as an individual and as a company owner. Common Questions to Ask When Hiring a Tax Attorney for Personal Claims These are general questions you should ask when interviewing for a new tax attorney: What their availability is throughout the year … Read more

Introduction For most people who hold full-time work positions, much of the information for their tax returns is pre-filled based on information that the Australian Taxation Office (ATO) receives from employers or from financial institutions such as banks. However, one’s employment income isn’t the only one that needs to be declared when filing time rolls … Read more

As the current COVID19 situation has changed the income situation of many Aussies, the Australian Taxation Office (ATO) has implemented new policy changes to help everyone cope. A majority of tax deductions now deal with expenses incurred while working from home. Businesses that have also been impacted by the pandemic will also get some assistance … Read more

What is a Tax Accountant?  A tax accountant is someone who studies tax law and assists clients and businesses with their income tax and financial statements.  Tax accountants usually have a degree in accounting as well as an extensive job description that comes with a lot of responsibility. Primarily, a tax accountant’s job is to … Read more

In Western Australia, we are blessed to have so many great holiday spots within driving distance. Many people choose to purchase holiday homes, partly as an investment, but also for the freedom of knowing they don’t have to worry about booking a resort as they know they can go whenever they want. Unfortunately, tax still … Read more

Inherited land generally is disregarded in terms of Capital Gains/Losses when it is passed; To the deceased person’s executor or other legal personal representative To the deceased person’s beneficiary –- such as next of kin or a person named in the will From the deceased person’s legal personal representative to a beneficiary. These exceptions don’t … Read more

It is vital to keep receipts. You will want to claim absolutely everything you are entitled to, and to do so you will need every receipt. You will also need to keep track of all income generated along with all the expenses relating to the rental property. Also note that repairs and maintenance are separate … Read more

Investments in Real Estate are complex and can take time. However, the possibilities are endless. Unfortunately, this brings tax complications into the picture. If you are renting property out, then your income increases and this results in you paying more income tax. Sub-dividing land and selling property can also be classed as additional income and … Read more

What Questions to ask before hiring a Small Business Advisor? Unsure what way you should steer your business in? Need advice and insights into your industry before you spend your life savings on a business? Want to get the most out of your small business advisor, but not sure how to? We at Perth Tax … Read more

What questions to ask your Tax Accountant in regards to your Small Business? Do you get overwhelmed when going to the tax office? Unsure what to ask? Don’t really understand taxes and your tax obligations as a small business owner? We at Perth Tax People understand that meeting with an Accountant can be quite daunting … Read more

When it’s time to lodge the tax return one starts to think of the expenses incurred over the financial year. Some of the expenses may fall under the category of work-related expenses. Some of which may be claimable as a tax deduction. To present tax deduction expenses you must know all the nitty-gritty involved. Here’s … Read more

Want to make the most out of your tax refund? Want to get the biggest refund possible? Below are 3 Helpful Tips to maximise your tax refund and get the best results possible: Tip 1: Claim as many work-related expenses as you can No matter the occupation or profession you are in, there are many … Read more

Work-Related Tax Deductions For Self-Employed If you are a self-employed professional who takes care of their own taxes, there are certain common expenses concerning your income and work that you may claim during tax time. Generally, expenses can be claimed when the money was spent for something work-related, your employer didn’t reimburse you the money … Read more

7 Tips To Get The Most Out Of Your Accountant A good accountant should be able to offer advice on virtually every facet of your operations. Below are 7 tips to get the most out of your accountant: 1. Ensure You Get Service Beyond Tax Return If you only engage your accountant during tax season, … Read more

What Is The Role Of A Tax Accountant? The tax accounting profession is challenging but is rewarding as well. The career of the tax accountant necessitates following a precise education and career path. It is vital to understand the job requirements. Tax laws, apart from being complex, often undergo changes. Tax accountants make sure that … Read more

How Online Networking groups increase the digital footprint of your business? Online networking groups in any form of group or community created on social media accounts and websites, where individuals interact and discuss ideas with others. These groups are usually formed based on a similarity of interests or activities. For businesses, their personal Facebook Page … Read more

How can Western Australia’s Small Business Development Corporation help grow your business? The Western Australia Small Business Development Corporation core focus is to deliver and facilitate relevant, practical support to small business and advocate on their behalf. Their primary role is to encourage, promote, facilitate and assist the establishment, growth and development of small business … Read more

What is Cloud Accounting and What are its Benefits? The infamous “Cloud” is a digital platform where data and software are stored to be accessible online at any time, anywhere, from any device. Internet Banking apps are a prime example of Cloud Accounting, as it uses data previously inputted into your mobile device to make … Read more

Good Reasons Why You Should Outsource Your Bookkeeping Bookkeeping is the activity or occupation regarding keeping and recording financial matters of business. Bookkeeping can be done by the individual business owner or we recommend outsourcing bookkeeping to a qualified accountant, so your time as a small business owner can be more productive. Bookkeeping is a … Read more

Work-Related Tax Reductions are any extra costs in which you paid out of pocket for, relating to your work needs. For all work-related tax deductions you must: 1. Spent the money yourself and weren’t reimbursed by either the company that you work for by a manager/supervisor 2. It must directly relate to earning your income. … Read more

Essential Bookkeeping Tips for your Business Bookkeeping may be a hassle when you have a start-up business. Here are 5 vital tips to ensure that your bookkeeping practices benefit your business and operate effectively: 1. Separate business and personal Don’t wait until your business is booming to properly set up your bank accounts. Once things … Read more

What is Single Touch Payroll? Single Touch Payroll is a new way of reporting tax and superannuation information to the ATO. Using this new method, employers are required to report employees wages information including gross wages, tax withheld and superannuation every time they process payroll for their employees which could be weekly, fortnightly or monthly. … Read more

Hiring a Business Tax Accountant Business Tax Accountant is the most important team member for your business since he or she is responsible to advise the financial and tax affairs (ATO) of your business and in simple terms tell you whether you are making money or not. As per Warren Buffet “Accounting is the language … Read more

How Negative Gearing Can Help You Save Tax?   For those of you who do not know negative gearing in terms of real estate, it simply means the rental income from your rental property is less than rental expenses. In terms of cash flows, it may mean you are contributing more money from your own … Read more

Is it worth driving Uber after paying all the expenses and taxes? This post is not to discourage Uber drivers who are really working hard and uber has become the main source of income for them, but it is to encourage people to know the bottom line and become more knowledgeable of how much money … Read more

Starting a new business can be very challenging and 90% of the new businesses do not last for more than 1 year. So if this is your second year in the business, welcome to the new and much stronger group of entrepreneurs. If you are a new business, managing business overheads and your personal expenses … Read more

Best Bookkeeping Softwares/Tools Bookkeeping simply means tracking your business transactions on a regular basis and is considered to be a crucial activity for any business. Without bookkeeping, a business can never know how much money they are making in real terms and what’s owed to their suppliers and owed by their customers. I believe if … Read more

Bookkeeping is the crucial part of a business and cannot be ignored at any time or the businesses can suffer significant losses and sometimes not even sustain for a longer period of time. Starting a new small business or running an existing business can be very overwhelming, where the small business owners are responsible for … Read more

As the restaurant owner you require real time financial information, to operate your restaurant smoothly, to make effective, forward thinking business decisions. Managing the bookkeeping is a tough task, as your knowledge is limited to managing the staff, tables, staff and ensuring a wonderful experience for your restaurant’s clients. Operating a busy restaurant is just … Read more

Taxes can be confusing for a lot of business owners. One form that constantly proves to be one of the most complicated for those who need to fill them out is the Business Activity Statement (BAS). All registered businesses in Australia must fill out the form to submit to the Australian Taxation Office, but people … Read more

Come tax season, many Aussies all across the country are constantly trying to track their tax refund. Since many individuals and families rely on that money, which can sometimes be quite a bit, it is understandable that people want their exact refund amount shortly after tax filing. So how can everything be tracked? The best … Read more

If you drive for Uber, here’s some Uber tax advice you should pay attention to. INCOME REPORTING ON TAX RETURNS The money you make from being an Uber driver is taxable income and should be listed on your tax return. The costs you incur while working for Uber are tax-deductible. This could include costs that … Read more

If you own a home and plan to go on vacation, listing it on Air BnB can be a good way to earn extra income. Similarly, that unoccupied room in your house can be a source of income if you lease it out for some period. Some people even re-rent part of their rental apartment … Read more

The Australian government offers numerous resources to help support your small business. While there are many aspects to running a business, not all are as enjoyable and simple. Making sure that part of your business structure includes accounting and reporting and tax planning is an important strategy to have in place. Small business owners have … Read more