Are your Christmas Gifts Tax Deductible?
Gifts are divided into those the ATO classify as entertainment and others. Implications include tax deductibility, GST claims (only if registered) and FBT (Fringe Benefits Tax ). Remember that FBT is very expensive and should be avoided by most businesses. So are Christmas gifts tax deductible when provided by a business? Let’s look at some […]
Are Christmas Parties Tax Deductible?
Certain Christmas parties are indeed tax deductible, but others are not, depending on the attendees and type of party. Are attendees employees, employee partners or suppliers? Also consider the GST implications. For GST registered businesses claiming the GST also depends on the type of party. Another consideration if Fringe Benefits Tax (FBT). A very unpopular […]
Congratulations
Emma & Venessa!
We’re very excited to announce the Graduation of both Emma & Venessa. Both have successfully completed their Diploma in Accounting with final exam scores over 95%! Emma & Venessa have been promoted to Assistant Accountants and deserve a huge Thank You for successfully completing a very difficult program at Monarch Institute.
Directors ID – Understand What you need to do.
ASIC have introduced a director identification system and all directors must have an ASIC Directors ID number. A new government agency call Australian Business Registry Services (ABRS) is administered by the ATO and will process applications and issue the Director ID numbers. A Director ID is a unique identifier and each director will have one […]
We’re Hiring – Part time Admin
This role is now taken. Congratulations Rebecca. 16 hrs per week. Great friendly professional office. School hours will be accommodated. About the business Our practice has been established in the Redlands for over 20 years We’re proactive and utilize industry best applications to deliver smart advice to our clients. Xero, XPM, Class Super, and much more. We […]
Are you Worried about your Super Fund underperforming? Check the ATO comparison tool.
Are you worried your super fund is underperforming compared to other funds in the market, or your superannuation savings are not growing quickly enough? Don’t know how much to put into your super fund each month or year, when you should start planning for retirement and what income will be needed during the next stage […]
The differences between Cash and Accrual Accounting
When it comes to your business records, there are two methods of business tax accounting, either cash or accrual. While these might sound similar, there are several differences that will affect how you report your financial information to the ATO and your bank. Here is what you need to know: Cash accounting Cash accounting is […]
Will the Strong Share Market Continue?
What influences the share market? The performance of the Share Market has surprised and delighted many advisers until late November, but now they are nervous. A number of factors influence the share market. In Australia, our market is heavily affected by the movement in markets overseas, particularly the USA. Australian government stimulus since March 2020, […]
The Benefits of an Online Accountant
The tax season can be stressful for business owners, and it’s even worse if you are not prepared. However, with a little bit of preparation beforehand, you’ll be able to avoid being stressed out later on down the road. You can prepare for your taxes by hiring an online accountant (Cloud accounting). Here is more […]
Open Banking Explained
The ‘Open Banking’ era began in July 2020, but many clients are not yet aware of it. Open Banking makes it easier for small businesses and customers of the four big banks to look for new and better options in business banking and lending. Prior to this, both consumers and business owners found it difficult, […]
