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How to Find a Good Tax Accountant

Finding the right tax accountant can be more challenging than you might think. While you may be tempted to go with the first name you find on your search engine results or the first company you come across, knowing how to find a good tax accountant is a skill of its own. Pick well, and…

4 types of payroll systems to consider for your business

Because one of the most important aspects of your business is your employees, choosing the proper payroll system is critical to ensuring the health and success of your business. Your payroll system is responsible for making sure your employees are properly compensated for their services, your company remains in compliance with governmental regulations and your…

Director Identification Numbers: Guide & All You Need To Know

If you’re a company director for an Australian company, you’ve probably heard about plans to phase in new legislation surrounding Director Identification Numbers. Known as the Director ID scheme, the new rules are designed to ensure directors are held accountable if their business fails. Why is the law changing? Although most company directors take their…

B2B vs B2C vs B2B2C – What is the difference?

If you run a business, online blog, or work in any industry where you commonly deal with business clients, you’ve probably heard of these three terms—B2B, B2C, and B2B2C. On the surface, this terminology may sound complicated and confusing. But thankfully, they’re all simpler than you may think. In this article, we’ll walk you through…

The advantages of being a sole trader

One of the most important decisions you’ll make when you set up a business in Australia is what kind of structure your business will have, and your choice depends entirely on you and your circumstances. Put simply, it’s a question of whether the business is a separate legal entity to you, or whether you are…

Business Accounting Terms

The accounting profession is full of acronyms, phrases and terminologies that can make it difficult for small business owners with little or no accounting experience to understand what’s going on. But while accounting sounds confusing on the face of it, once you understand a few basic accounting concepts, there isn’t all that much to it.…

Self Employment Tax Guidelines for Australia

The tax considerations of being self employed in Australia are unique. Legally minimising your tax burden and taking advantage of every available deduction requires careful and informed forward planning of tax minimisation strategies. If undertaken without professional guidance, tax management can be riddled with missed opportunities for claiming tax benefits. Unanticipated and unnecessarily large tax…

Phishing scams and how to avoid becoming a victim

Although the Internet brings many advantages, it also provides an avenue for unscrupulous individuals to attempt to scam innocent people. One of the ways this can be achieved is through phishing: sending a fraudulent electronic communication to an individual that directs them to respond with private information (often financial information or personal details). Once the…

What’s the Difference Between ABN and ACN Numbers?

ACN (Australian Company Number) and ABN (Australian Business Number) are two identifying numbers that serve very different purposes. While every Australian business needs an ABN, only businesses registered as companies require an ACN. For someone about to start up a business, or who is considering what structure is going to be most appropriate for their…