Accounting for Medical Practices

Running a medical practice is no small feat. From diagnosing ailments to offering life-changing treatments, your plate is always full.  But amidst the hustle of patient appointments and the commitment to improving lives, another aspect demands your attention- the health of your medical practice’s finances. The challenges of accounting for medical practices can be as …

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Accounting for Retail – How an Accountant Can Help

The cha-ching of the cash register or the ping of an online sale is music to every retail store owner’s ears. But as the symphony of a thriving business plays, the accompanying notes of receipts, invoices, and financial statements can sometimes strike an off-key tune.  When those complexities threaten to disrupt the harmony of your …

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How Does Fringe Benefits Tax Work?

Fringe Benefits Tax (FBT) is tax employers must pay on non-cash benefits provided to their employees, their families, or associates. Reportable fringe benefits include company cars, low-interest loans, private health insurance, and entertainment expenses. Are you an employee or employer in Australia wondering- how does fringe benefits tax work? Read on for more information. How …

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Who Pays Fringe Benefits Tax?

Fringe benefits tax (FBT) is paid by employers on certain benefits they provide to employees. These benefits include non-salary ‘payments’ to employees – such as gym membership payments, discounted loans, or reimbursements for expenses incurred by the employee. Sometimes these benefits may also be given to the employee’s family or other associates. FBT is payable …

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What Is a Fringe Benefit? A Guide

A fringe benefit is a form of compensation provided to employees that goes beyond their normal salary or wages. These benefits can include things like health and dental insurance, life insurance, disability insurance, housing allowances, education assistance programs, childcare programs, employee discounts, and more. Fringe benefits are usually provided by employers to attract and retain …

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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 …

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Changes to GST Exemption

Starting from the 1st July 2018, the changes to GST exemption mean that all online goods bought from overseas will now carry a 10% goods and services tax. The previous rules meant that all goods worth less than $1,000 were exempt from the GST, but that is no longer the case. Goods becoming more expensive …

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Tax On Imported Goods – What You Need to Know

Whether you’re an individual privately importing goods or an organisation doing so as part of your business, it is essential you understand how these goods are taxed and your obligations regarding these taxes. Studies have shown that individuals, small businesses and medium sized businesses are the most likely to make what can be very costly …

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Why Do I Have to Pay GST (Tax) When I’m Not Making Money?

Small businesses often have a love-hate relationship with the Goods and Service Tax – and with good reason. If you ignore it, the Australian Taxation Office can demand more tax from you regardless of whether your bottom line can take the hit. What is GST? Why do you sometimes have to pay it even if …

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