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Could you build a structurally sound house without building plans? Impossible! The same goes for your building business- running a successful company without proper accounting is impossible! The construction industry contributed to 9% of all goods and services produced in Australia in 2022. This statistic highlights the industry’s significant role in the economy, meaning there’s…
Following the announcement of the state budget for 2023-2024, you’re probably trying to get your head around the amendments that are relevant to you. Here are the main points to note: Changes to the Land Tax Exemption for a Principal Place of Residence A minimum ownership requirement is going to come into effect so that…
Last July, over 22,000 Australian businesses received warnings from the Australian Taxation Office for having tax debt over $100,000 that is more than three months late. The ATO is on the hunt for a staggering $5 billion owed by businesses fitting this criteria. They’re setting a firm boundary to make things fair for everyone in…
As a restaurant owner, you want your financial records to be like a masterfully crafted, perfectly seasoned dish, with every number in its proper place and every expense accounted for. But let’s face it, in the fast-paced world of the culinary industry, your finances can sometimes look more like a chaotic kitchen after a Saturday…
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…
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…
If you’re running a hospitality business- a bustling restaurant, a cosy pub, a vibrant club, or an inviting hotel- you already understand the distinct blend of exhilaration and exhaustion that defines this industry. Between the hustle and bustle of pleasing patrons are daily accounting tasks you must take care of. Accounting is the silent yet…
While your expertise as a lawyer lies in arguing cases and interpreting legislation, managing your law firm’s accounting processes is a completely different matter. The good news? The right accountants have experience putting accounting systems for law firms in place to help your business. In the upcoming sections, we’ll explore the specific financial challenges law…
Imagine scrolling through a seemingly endless list of job postings, your eyes almost glazing over from the repetitiveness of them all. Each one is offering the same thing- a decent salary and standard holiday time. But suddenly, one stands out from the pack! It’s offering much more. A laundry list of perks- accommodation, a company…
If you operate any form of asset or service-sharing platform, you need to know about the recent change in tax law. This applies to ridesharing or taxis and short-term accommodation. From July 2024, it will also be rolled out to meal delivery platforms, and all other task-based services, assets and supplies within what is known…