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Multilateral Convention for Implementing Tax Treaty
Australia ratified the Multilateral convention to implement tax treaty-related measures to prevent base erosion and profit shifting, with depositing the instrument of ratification, approved or accepted to the organization for Economics Corporation and development in...
Understanding Substituted Accounting Periods (SAP)
To lodge the tax with the substitutes accounting period, one should work as per the entity type along with the closing date of the period accounting adopted. To make the process understood better, it is required to understand it in a better way. How an SAP Works- The...
Basic Bookkeeping vs Accounting
When one is having the thought about the bookkeeping and accounting, then it becomes hard to tell the difference between both. Both processes are quite similar as they share some common goals, but actually, support the business in different stages of the financial...
Why CFOs Are Important For Betterment of Business’ Budgeting Process
Being the CFO of the large company, came with so many responsibilities, as have to get done with the company’s budgeting as well as financial analysis to the staff as well. Along with that CFOs also have the daily tasks which they need to complete too and get done the...
Understanding the Basics of the Australian Contract Law
Australian contract law encompasses the laws and regulations that are directed towards the enforcement of certain promises. Creating a legal relationship between the two or more parties is known as a contract. English contract law, is the base of common law in...
Updated New GST Withholding Regime for Sale of Residential Properties
Treasury Law Amendment Bill 2018 came into effect on July 1, 2018. The bill made some changes for purchasers and vendors of the residential properties. The changes took place, according to the purchase and sale of off the plan units, land and house packages. Thus, one...
What Role Does Tax Accountant Play for Business
Wanted To Be A Tax Accountant? Must Look At The Below Points There come changes in law often, so with the tax laws. These changes can be complicated to understand for the people who are not having the accounts background. So, we need tax accountants in Melbourne to...
Budgeting is Necessary for Business Financial Success
Budgeting is a process of handling the expenses for a certain period of time and the profit and loss you have as a business owner. Budgeting is a highly important aspect of any of the business. It gives you the correct way to achieve the goal of success in business....
How to Make Your Payroll Bookkeeping Business Successful?
A reputable business is a reliable source to handle outsourcing payroll and bookkeeping renders. The choice needs to be smart and do after making sure that the service provider is reliable as per the below-mentioned points that you can’t ignore or compromise over....
Digital Era has started to Shape Futuristic Strategies Focusing on Customer satisfaction
In this world where anything can go viral and kill a brand's reputation in a matter of hours, businesses need to be updated and deliver innovative, with seamless experiences every time. Leading the way, e-commerce giants such as Amazon are also making the customer...
Changes to How Tax Authorities apply Penalty Relief
From 1st of July 2018, Australian Tax authorities will not be applying a penalty to tax returns and activity statements where our eligible clients have made an unintentional error by failing to take reasonable care or have not made a reasonably arguable position. If...
Modifications of Taxation on New property purchases
Australians have changed the way of collecting goods and services tax (GST) on some property transactions during the settlement. Effective 1 July 2018, buyers who purchase new residential premises or potential residential land, has to withhold an amount from the...
Implications of GST Applied on Low Value Imported Goods
Effective 1st July 2018, Australian shoppers and overseas retailers initiate changes as the $1000 GST free threshold on low-value imported goods are being removed. Overseas retailers who sell more than $75,000 in goods annually in Australia will be required to collect...
A Comprehensive Guide to Business Activity Statements (BAS)
The business activity statement (BAS) is a format issued by the Australian Taxation Office (ATO) on either a monthly or quarterly basis. Its purpose is to summarize the amounts of GST payable and receivable by you for a certain period, as well as a range of other...
$20,000 instant asset write-off if you purchased of the same worth
The new $20,000 instant asset write-off means that assets valued less than $20,000 can be claimed as an immediate tax deduction. As part of the federal budget, the Australian Government announced that small businesses with an aggregated turnover under $2 million would...
What are PAYG Installments and related to withholding variation?
Pay as you go (PAYG) installments are a regular payments making system towards your expected annual income tax liability. It only applies to you if you earn business and investment income over a certain amount. If you pay PAYG installments, you still need to lodge an...
Minimum Wage Increased by 2.4 % to $672.70 a week or $17.70 an hour for Australians
The Fair Work Commission has lifted the minimum wages for all Australians from $656.90 a week or $17.29 an hour to $672.70 a week or $17.70 an hour. It increases our Wallets by adding $15.80 more per week. Approximately 2 million people who are on the minimum wage...
Answers to Top 10 Questions on Federal Budget Modifications
Reliable Bookkeeping Services are going to dig deep into some of the common questions being asked since the 9th of May 2017, when the changes were announced in the Federal Budget. The dust has finally settled on the new legislation to the budget changes to...