Accounting & Bookkeeping Tips for Tradespeople

Accounting and Bookkeeping Tips for Tradespeople   Tradespeople are very busy. Working long hours and having busy schedules means that there is little time for people running a building, plumbing or electrical business to sit down and work out their tax obligations, get compliant, balance the books and organise payroll, these being just a few of the financial tasks required to operate a business today. This means is that tradespeople…  Read more

Why Paying Tax is Actually Great

Why Paying Tax is Actually Great Okay, the title is a bit over the top. But now that I’ve got your attention it’s worth reading on… It’s tax time… And so begins another year of questions around how I can reduce a tax bill to zero or phone calls complaining about the ATO. And I get it, nobody, not even me, the accountant, likes to pay tax. But with a…  Read more

New GST withholding rules for Taxpayers buying from property developers

New GST withholding rules for Taxpayers buying from property developers   Article by Michael Florio, MVP Accountant Will the new GST withholding rules affect you? New GST withholding rules mean those who purchase certain types of properties and land will be responsible for withholding and paying GST on behalf of the property developer. Why has the ATO made this change? There has been a growing number of businesses in the property…  Read more

Don’t Get Caught Paying Huge ATO Audit Costs

Don’t Get Caught Paying Huge ATO Audit Costs   Costs relating to the Australian Taxation Office’s (ATO) compliance initiatives continues to increase. In fact, in the last financial year, the ATO raised $15.6 billion (a 13% annual increase). To combat the costs of unplanned professional fees which can arise as a result of initiatives instigated by the ATO and other relevant government revenue agencies, we encourage all of our clients (and you)…  Read more