Benefits of Outsourcing Accounting, Taxation & Bookkeeping Compliance
Outsourcing Tax compliance before the tax season begins will be beneficial for your proactively identifying tax-saving opportunities and developing effective strategies to optimise their financial position. Access to Expertise and Knowledge Outsourcing mitigates the potential negative consequences of financial errors. Even a small mishap from an in-house accountant can result in costly repercussions that need […]
Implementing an ESOP 5 Key Points to Keep in Mind
Introduction An Employee Stock Ownership Plan implementation can revolutionise a firm. This page explains implementing an ESOP and its benefits. Understanding ESOP An ESOP setup process lets employees control their company. It gives eligible employees a sense of ownership and financial stake in the firm’s performance by allocating company shares. ESOP advantages ESOPs benefit employers […]
From Burden to Breakthrough: Resolving Business Tax Debt Through Negotiation
For many businesses, tax debt can become a heavy burden that casts a shadow over their financial stability and growth. Unpaid taxes, mounting penalties, and the constant pressure from tax authorities can create a sense of overwhelm and hinder progress. However, there is a powerful solution that can transform this burden into a breakthrough: tax […]
Tax Accounting Basics: Understanding the Fundamental Principles
Tax Accounting Fundamentals Tax accounting is important for individuals and corporations. Tax accounting basics help people meet tax responsibilities and optimise their finances. Tax accounting concepts assist organisations comply with tax regulations and establish tax-efficient strategies. In this blog readers will learn tax accounting basics by exploring tax accounting overview, the role of tax accountants, […]
ATO Payment Plans: How They Can Help
Do you have a tax bill? Are you struggling with fines and interest? A payment plan with the Australian Tax Office (ATO) could turn everything around. What Is an ATO Payment Plan? An ATO payment plan is an effective and manageable way to get on top of personal and business tax debt. Once a plan […]
Why Cash Flow Is The Lifeblood For All Businesses
Cash flow can be defined simply as the movement of money in and out of a business. However, when analysed closely, it can be further understood as a complex relationship between income, expenses and credit terms. Positive cash flow enables business growth and is, therefore, the key to success. How Cash Flow Is Affected By […]
What To Do If the ATO Declines Your Payment Plan Request
As the world begins to ‘live with’ Covid-19, the leniency once afforded by the Australian Tax Office has now come to an end; and it will be sorely missed. For quite some time, the ATO were gladly waiving penalties and interest on tax debts, even reducing their overall debt collection activities. However, as their usual […]
What Is An FLT Penalty? What To Do If You Receive One
FLT stands for ‘Failure To Lodge’ and is a penalty charged by the Australian Tax Office (ATO) to individuals or businesses that have failed to lodge a tax related report or document on time. These documents include: Late lodgements are assessed on a case-by-case basis and penalties may not be applied to isolated cases. However, […]
The Impact of Financial Stress on Mental Health and The Importance of Healing Both
Following years of natural disasters and unforeseen world events, now more than ever, businesses and individuals must take the time to heal. The correlation between poor financial health and poor mental health is undeniable and, left untreated, the combination can worsen exponentially. Fortunately, no matter your situation, there is always help available. COVID-19 has undoubtedly […]
Do You Have A Tax Debt? Why Doing Nothing Is The Worst Thing To Do
Financial hardship is one of the biggest challenges a business can face, but one thing that is guaranteed to make it more challenging is ignoring it. Now that Covid relief payments are coming to an end, so is the leniency the Australian Tax Office was once giving when it came to chasing outstanding debts. Debt collecting activities […]