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If you are in the market for a financial professional to help you out with your taxes and other financials, you have probably come across accountants and certified public accountants (CPA) in your search. Understandably, you are probably wondering what the difference is between a public accountant vs CPA and how much their jobs or…
The differences between bookkeeping and accounting are often quite subtle, but they are very distinct for anyone looking to enter either career. In a nutshell, bookkeepers keep a record of a business’s day-to-day financial transactions while accountants emphasise the big picture of those finances. Bookkeepers have to pay close attention to the minute details as…
Good accountants are essential to any business, and it is important to know how much they cost. Not all accountants are created equal, so you need to do your due diligence to find one that offers great value for their services. Accountants can vary in price depending on the type of accountant you need. There…
Hiring an accountant is a valuable step for any business to take. Whether you’ve been handling finances solo or you’re planning a start-up, and you need someone with financial know-how, an accountant can provide the exact services you need. If you’re curious about accountancy, whether you want to know ‘what does an accountant do on…
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.…
At the beginning of each financial year, the Australian Taxation Office (ATO) announces a Tax Ruling. This outlines any changes made to the effective lives of assets – typically plant, equipment, and commercial property assets. This year, however, in tax ruling (TR) 2019/5, the ATO detailed several changes to residential property assets. These changes are…
Federal Court Upholds Tax Credit, Despite Non Reporting of PAYG Withheld Amounts It is commonly understood that all PAYG amounts classed as “withheld” from the salary or wages of a taxpayer, must be reported to the ATO. This is a standard element of tax compliance, and is something that the vast majority of Australian tax…
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…
If you have invested in Bitcoin or other cryptocurrencies, you need to stay ahead of some changes which are coming from the Australian Tax Office. The ATO is keen to crack down on cryptocurrencies to ensure that investors are paying taxes on their earnings. New crackdown initiative The ATO has a number of different ways…