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Payroll Tax Changes for Medical Practices – Get up to Speed

There has been a recent change to payroll tax that applies to medical practices and practitioners, including dental clinics, radiology centres, physiotherapy practices, and other similar businesses. It comes down to the State Revenue Office’s definition of ‘employee’ and ‘contractor’. It is the employer’s responsibility to deduct a percentage of each employee’s wages as payroll…

Understanding the Impact of Fair Work Act Changes on Your Business

The federal government recently announced changes aimed at closing loopholes in the Fair Work Act that allow for intentional underpayment of employee wages and entitlements.  As an accounting and business advisory firm, we want to help our small to medium business clients understand how these changes could impact their operations. Key Changes to the Fair…

Tax Lawyer vs. Tax Accountant: What’s the Difference?

Just like choosing between a GP and a specialist depends on your ailment, picking between a tax accountant and a tax lawyer depends on your financial situation.  Are you dealing with straightforward income and deductions, or are you wrestling with complex tax-related legal issues?  This article will explore the unique skills and areas of expertise…

What Is a Tax Agent?

Just as you wouldn’t drive through unfamiliar terrain without a GPS, you shouldn’t navigate the rocky roads of taxation laws and obligations without the guidance of a tax agent!  A tax agent is a certified professional who specialises in preparing, filing, and managing tax returns on your behalf. They understand tax laws, so they’ll keep…

What to Take to an Accountant for a Tax Return: The Ultimate Checklist

Being unprepared for your tax agent at tax time can lead to delays, extra fees, and a whole lot of stress. Forget one essential document, and you can be back to square one! But there’s no need to worry; we’ve put together the ultimate checklist for what you should take to your accountant for a…

Accounting for Marketing Agencies

As a marketing agency, you know the power of a well-executed advertising campaign to boost brand awareness and drive sales. On the other hand, you also know that a poorly managed ad campaign can drain resources.  Similarly, good accounting can fuel your business’s growth, but neglect it, and you could hit a wall! According to…

Outstanding Business Tax Debt

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…

What Are Some Examples of Fringe Benefits?

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…

Property Fringe Benefits: Know the Rules

Property fringe benefits are like the icing that turns a plain cake into an enticing treat.  A standard employment package includes salary, annual leave, and standard benefits. While adequate, it might not stand out in a competitive job market.  On the other hand, property fringe benefits make your employment offer more appealing to help you…

What Are Exempt Reportable Fringe Benefits? A Guide for Employers

If you’re an employer, you’ve likely already explored fringe benefits in some capacity. But if you want to know all the details of ‘what is exempt reportable fringe benefits?’ in one location, our handy guide is an excellent place to start. By understanding what is exempt from reportable fringe benefits Centrelink, it’s a far quicker…