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Cloud Storage of Electronic Records a Productivity Boost

In Australia, the end of the financial year occurs on 30 June, and with this date fast approaching, all taxpayers – individuals and businesses – should be preparing to close off their financial records for 2016/2017. Tax laws require taxpayers to keep certain records for a specified period, generally five years from the time they receive an assessment related to that year. This may be longer for some businesses, depending on circumstances. Filing before Computers Before computers, keeping these documents

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Just Starting Work? Take Your Superannuation Seriously

To young people who have just entered the workforce, the prospect of setting aside part of their income for retirement is usually the furthest thing from their minds. After years of financial dependency, they can finally make their own decisions. Buying a reliable vehicle, the latest fashions and electronic devices, socialising with friends and saving for holidays are their current priorities. It is usually not until they are completing employment forms that they think about superannuation, and often because an

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Technical Skills and Personal Attributes Make a Great Bookkeeper

It is hard to imagine in 2017 that the origins of double entry bookkeeping stretch as far back in history as the early 13th century. This system is accepted worldwide as the most accurate way to track transactions and value assets and liabilities. It also gave rise to bookkeeping as a skilled vocation that has been in steady demand ever since. What Do Bookkeepers Do? It was the bookkeeper’s role to record all daily business transactions, reconcile bank statements and

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The Federal Budget 2017

Business $20,000 instant asset write-off extended  The popular $20,000 instant write-off for assets purchased by businesses with an aggregated turnover of $10 million or less is extended until 30 June 2018, further improving cash flow. Be mindful that this depreciation only applies to some assets and that they will need to be installed and ready for use by 30 June 2018 to qualify. Assets costing over $20,000 can be allocated to a pool and depreciated at a rate of 15%

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What Not to Do With Your Business Accounts

Keeping on top of the accounting requirements of their small business is usually the least exciting part of being a micro-entrepreneur, but if the owners do not pay it the attention it deserves, poor accounting practices will be their undoing. In fact, it is one of the key reasons why one in three small businesses fails in the first year of operation. If you are thinking about starting up a new business, you are most likely thinking more about how

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Whom Would You Trust With Your Financial Future?

With opinion polls showing that trust in our politicians is at its lowest point since 1969, it is not surprising that we have also become less trusting of other public institutions. Long-term abuse of children by some religious institutions has been laid bare and politicians with a skewed view of their entitlements have been publicly embarrassed. Are Our Business Worlds Still Trustworthy? It does not end there, as our biggest banks have just been called on to remove unfair loan

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