Common Small Business Bookkeeping Challenges and Solutions

Common Small Business Bookkeeping Challenges and Solutions

Regardless of the size of the company, business books play an important role in every business. It is essential to take care of the bookkeeping process in an effective manner throughout the year. When it comes to small businesses, may experience several problems,...

Reconciliation Action Plan 2021–24

Reconciliation Action Plan 2021–24

Our Vision for Reconciliation by Chris Jordan AO Our bank reconciliation experts said that Chris Jordan AO’s aim for reconciliation is for Aboriginal and Torres Strait Islander peoples in Australia to have access to: Culturally Appropriate Support Improved Economic...

Understanding Negative and Positive Gearing

Understanding Negative and Positive Gearing

What is Negative Gearing? When the costs of owning an investment property (like interest on the loan, upkeep, repairs, bank charges, and capital depreciation) exceed the revenue it generates is known as negative gearing. Negative gearing can be a tax-efficient...

The Positives of Negative Gearing

The Positives of Negative Gearing

Negative gearing is a strategy for creating short- to medium-term tax losses (due to larger tax-deductible costs than investment income) and leveraging this to enhance exposure to prospective profits and losses. This method is popular because the resulting tax losses...

Reminders for the 2022 Income Year

Reminders for the 2022 Income Year

DIRECTOR ID REGIME The government has implemented a new director ID system with the goal of eliminating the use of false and fraudulent director identities as well as reducing illegal activities like phoenix activity. Regardless of whether they modify companies, stop...

Essential Year-End Division 7A Planning

Essential Year-End Division 7A Planning

REPAYMENTS DISREGARDED There are several options for dealing with this issue when a private corporation makes a loan to a shareholder or an associate. To begin, the shareholder can simply repay the debt in full prior to the company's filing deadline. Another...

Superannuation Opportunities for Retiree Clients

Superannuation Opportunities for Retiree Clients

The contribution changes proposed in the May 2021 Federal Budget and enacted in February 2022 are by far the most significant since the superannuation reform took effect on July 1, 2017. These, unlike other recent superannuation adjustments, provide chances for...