For entrepreneurs and business owners, understanding the ins and outs of GST and BAS reporting is essential not only for staying compliant but also for ensuring the process is an efficient one. So, what do you need to know? What is Goods and Services Tax (GST)? Goods and Services Tax (GST) is a tax on most goods and services in...

Are you across the latest changes in business tax? There are several business tax measures and incentives in place which your company may be able to take advantage of or may need to factor in. It’s important to be across these measures in order to be compliant and to minimise your business tax for your 2023 tax return. Here’s what...

In business, maintaining a healthy cash flow is paramount to keeping your business operating. One crucial aspect of achieving this is ensuring you’re getting paid on time. Streamlining your accounts receivable processes can significantly improve your business’ financial health by ensuring timely payments and therefore easing cash flow pressures. So, what strategies can businesses employ to improve their accounts receivable...

Accurate financial reporting is an essential aspect of running a successful business. Companies are obliged to maintain appropriate financial records that accurately record and explain their transactions and financial performance. These records should allow for the preparation of “true and fair” financial statements that can be audited. What financial records should be kept? Under section 286 of the Corporations Act...

Starting a business is hard. Growing a business is harder. But hardest of all? Surviving and thriving for the long-term. A disruptive idea or a great business model won’t hold up forever in the face of competition, economic shocks or disruption. So, how can your business remain resilient for the long-term? Foster innovation and adaptability Remaining agile and adaptable is...

Navigating the complexities of business tax can be challenging, leading many companies to make costly mistakes. Here are five common errors made by Australian businesses when it comes to business tax and how you can avoid them. Inadequate record keeping One of the most significant mistakes businesses make is failing to maintain accurate and organised records of their financial transactions....