As the holiday season approaches, many of us are eager to spread Christmas cheer through gifts and donations! While the joy of giving is undeniable, before you dive headfirst into the festivities, it's essential to consider the tax implications associated with your generosity. This guide will help you navigate the complexities of tax deductions, [...]
In the dynamic world of small businesses, offering enticing employee benefits can be game-changing for staff recruitment and retention. From additional super contributions to providing perks like motor vehicles, phones, and concert tickets, these offerings not only enhance your employees' experience but also carry significant tax implications that need careful consideration. Let's delve into [...]
In the world of business, risk and uncertainty are inevitable factors that every business leader must confront. For the construction and manufacturing industries in Australia, these challenges can be particularly complex due to their unique characteristics. As an accounting firm specialising in business advice for privately owned businesses in construction and manufacturing, we’ve seen [...]
Are you eager to make the most of your superannuation and save on taxes? Tapping into an unused concessional contributions cap could be a savvy way for you to unlock tax savings! In this article, we will help break down what concessional contributions are, who can benefit from them, and how you can harness [...]
Facing an investigation or audit from the ATO can be a stressful ordeal for most individuals, yet it is an essential part of our taxation framework. Should you be selected for review or audited, here are some tips and recommendations that can help you achieve the best possible outcome. Step 1: Reach Out to [...]
Growing a competitive manufacturing or construction business is like training for a marathon. You wouldn't just show up and start running, right? You'd need a plan, some practice, and a bit of discipline. The business world is a lot like that marathon track, especially nowadays when costs are high and delays can really throw [...]
Maintaining a healthy cash flow is crucial for the success and sustainability of any business, particularly in the construction and manufacturing industries. These sectors often face unique challenges that can impact cash flow, such as project-based billing, inventory management, and supplier payment terms. If you operate in the construction or manufacturing space and are [...]
As a medical professional, you dedicate your career to providing quality care and saving lives. However, it's also important you remain mindful of protecting your hard-earned assets. Asset protection is a crucial aspect of planning for all those in business, but is particularly important for those who work in the medical industry. By implementing [...]
When it comes to running a business, accurate financial reporting is important. But for construction and manufacturing companies, it's even more essential. Businesses within these industries face their own unique set of challenges, like dealing with stock and work-in-progress (WIP) for projects, which often become major headaches if you’re not on top of your [...]
Are you ready for tax season? Well, whether you're excited or dreading it, there are some important changes coming to the Australian tax system on July 1st, 2023. These changes could have a significant impact on your bottom line, so it's important to be aware of them. To help you get more clarity on [...]
