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News & Articles on Finance & Business, Accounting, Taxation, SMSF & more

Accountant Using A Calculator

Tax Accounting Vs Financial Accounting: Understanding The Differences

When it comes to accounting, there are two main types of accountants: tax accountants and financial accountants. Both accountants work with numbers, but there are several differences that should be considered when deciding which type of accountant you should hire for your company. In this blog, we’ll be taking a look at some of the differences between tax accounting and financial accounting to help business owners make better decisions about their finances. Table of Contents Defining Both Forms Of Accountancy

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Income Tax Return

A Step-by-step Guide To Lodging An Individual Tax Return

Every year, thousands of tax returns must be filed by resident and non-resident Australians. Australian tax law dictates that residents earning over AUD 18,200 per year – the tax-free threshold – must file a return, while non-residents earning AUD 1 or more must file an individual tax return. Australia’s tax year is a 12-month period that runs from 1 July to the 30 June the following year; if you are required to fill in a tax return according to the

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A Lot Coins In Glass Money Jar

Can You Withdraw Money From Your Super Or SMSF?

There are many legalities surrounding self-managed super funds (SMSFs) and other super accounts that it can often be difficult to know where to start. Here are the ins and outs regarding SMSF and super withdrawals to avoid steep financial penalties. Table of Contents What are the rules? What is a lump sum? At what age can you withdraw money from your super and SMSF? In what situation can you withdraw money early? COVID-19 Financial hardship Temporary/permanent incapacity Medical grounds How

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Superannuation Written On Sticky Note — Charter Partners in Gympie, QLD

How the Federal Budget is affecting women’s superannuation?

Last month we saw the Australian Government announce the 2021-22 Federal Budget, and along with many positive initiatives to take place, women’s issues were at the forefront for changes. Out of the $3.4 billion package of new measures taking place from the budget, The Australian Government committed $1.9 billion to support women’s security. The main three areas released were reforms on: Women’s safety Women’s economic security Women’s health and wellbeing The Women’s Budget Statement said: “When women are safe, economically

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It’s Tax Time – How To Be Wary Of Tax Scammers!

This might be the time of the year when we are busily getting our crumpled receipts together and trying to make sense of our accounting ledgers, hoping to get a decent refund. But it’s also the time of year scammers are on track to take advantage of you. Here’s what you need to know, so you don’t become a victim of tax fraud. Investment scammers conned Australians out of over $500 million last year, and their busiest season is about

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accountant preparing end of financial year

5 Accounting Tips To Prepare For End Of Financial Year

With the end of the financial year (EOFY) approaching, many businesses start to think about how to get ready. Checking that your accounts are in order and taking some preparatory steps in advance will save you a lot of time in the long run. Here are five accounting tips to prepare for EOFY. Table of Contents What does ‘end of financial year’ mean? 1. Ensure that your records are up to date 2. Wages: Make sure all data is accurate

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