Will AI Affect Accountants? The Future of the Accounting Profession!
Artificial intelligence, artificial neural networks, deep learning, and robots only seemed part of science fiction only a few decades ago. But today, these types of technologies are used in every industry. Industries like medicine, agriculture, healthcare centers, and customer service have … Continue reading
Do I still need an Accountant if I use Xero?
Companies like Xero invest millions in persuading users about their easy-to-use software because it’s far more user-friendly and beneficial than old-school bulky accounting software. Plus, Xero saves small-medium-businesses (SMBs) time they can spend on other, more important tasks like business scaling, increasing … Continue reading
How Do I Choose Good Accounting Software?
A good accounting software has the ability to forecast sales, predict revenue for a given period, and manage inventory. As a result, it helps to exponentially reduce the chances of human error and allows you to access critical information in … Continue reading
How to dodge rapidly evolving scams for your property in Australia
Scammers are always searching for new techniques to get what they want. Keeping yourself updated and conscious of any anomaly helps you safeguard your personal information and finances. The Changing Scams Scams don’t look like scams anymore. Their sophistication continues … Continue reading
Employee Share Schemes could be the solution to attracting and retaining the right people
If you’re interested in boosting company performance and are keen to attract and retain valuable staff, then an Employee Share Scheme (ESS) is a potential option that is worth considering. Fewer than 1% are using the scheme, yet they are … Continue reading
The risk of not declaring cash sales
ATO’s tracing technology is getting better and better each year when it comes to detecting any off-the-book transactions and side hustles that you may have thought were slipping past the radar. Cash is making a comeback post-COVID, with plenty of … Continue reading
Pandemic has blurred the line between personal and work expenses
The past few years have seen lockdowns, uncertainty for business owners and their employees and the reliance on support packages from the government designed to keep the economy going. The pandemic has completely shifted the way that we needed to … Continue reading
Why is estate planning so important?
Many people wrongly believe that creating a will and planning their estate is the same thing. Sure, a will is a key component, but estate planning encompasses a lot more to ensure that your wealth is distributed according to your … Continue reading
Environmental report delivers shake up to Australian businesses
The 2021 State of the Environment report was dire in regards to our ecosystem, and CPA Australia are imploring Australian businesses to step up and do more, starting with ‘Integrated reporting’, through which business owners can measure their individual impacts. … Continue reading
The frequently forgotten income streams that need to be included
The ATO has recently reminded tax payers, both business owners and wage earners, of a number of forgotten income streams that need to be included in assessments. Otherwise be prepared to face their wrath! Tips, compensation payouts, investment earnings, interest … Continue reading
Raising costs = raising prices
The latest Australian Bureau of Statistics has found that at least a third of businesses are expecting to impose larger than usual price hikes over the next three months. Most of these businesses, 92% of those surveyed, place the blame … Continue reading
GST fraud crackdown could hit legitimate claims
Tony Greco of the Australian Institute of Public Affairs (IPA) has stated that the crackdown on GST fraud by the ATO is going to hurt legitimate businesses that get caught in the crossfire. The $850 million of fraudulent refunds that … Continue reading
Is it a yeah, or a nah?
Are you tossing up whether to claim for doggie day care, Tim Tams and pot plants as a working from home expense this tax year? Although it might sound tempting and can be argued as a possibility, it can lead … Continue reading
Should there be levies on EV vehicles?
Statistically speaking, it is a safe bet that you said ‘yes’ to that question. A staggering 92% of those asked in a recent online poll believed that EV owners should be contributing to the infrastructure of Australian roads. CPA Australia … Continue reading
The big crypto crackdown
Don’t fool yourself into believing that your cryptocurrency transactions are going unnoticed by the ATO. Even if you are just dabbling in the world of crypto, it is important that you acknowledge the tax implications that it might have. You … Continue reading
First Home Super Saver scheme – how does it work?
From 1 July 2022, if you’re a first home buyer you can release up to
$50,000 (up from $30,000) from your voluntary super contributions
to help you buy your first home. Continue reading
Do you feel stronger post pandemic? You’re not alone!
A MYOB survey of 500 SME owners and operators in Australia has shown that 52% of those interviewed have higher business confidence than they did before the pandemic. An incredible 78% report to have the same or an increased appetite … Continue reading
Your tax planning guide for 2022
It can all get a little overwhelming when it rolls around to tax time. Paying tax happens every year, without fail, so perhaps it is time to adopt a few small strategies to make the process a whole lot less … Continue reading
Federal Budget 2022-23 Summary
There is certainly something for everyone in this 2022-23 budget. Continue reading
Reminders issued for late lodgements and payments
It’s a new year, we are all back to work and settled in now after what we hope has been a relaxing and joyful summer period for all. Now that you’re back on track and feeling fresh, it is a … Continue reading
Why does insurance matter?
The unexpected events of the past few years, have made financial protection a front of mind matter for most Australians. Continue reading
Record high job vacancies
In November of 2021, a record number of job vacancies were listed, according to the Australian Bureau of Statistics (ABS). A promising post-pandemic situation for employees, the number of job vacancies is 74% higher than they were at the start … Continue reading
Anxiety taking its toll on SMEs
With over 1000 SMEs surveyed in December 2021 through MYOB’s Business Monitor, we have found that mental health is of a significant concern to Australian business owners, with anxiety and depression having a serious impact. In fact, 45% of all … Continue reading
We are open for the new year and taking appointments
Over the last two years many people have taken stock of their life and have had a chance work out what is most important. So now is a great time to review your financial situation to ensure it still fits with your plans for your future. Continue reading
A new year is a chance for a fresh start
New year is a great time for making lifestyle changes, however, for goals and changes affecting your financial health, there’s often no better time than when starting a new job. Continue reading
Why is it so difficult to find employees?
If you’re a business owner and have been struggling to find talent for your business lately, you’re not alone. You have to have been living under a rock to have not heard of the Great Resignation that is plaguing businesses … Continue reading
How ethical is your accountant?
The sixth annual Ethics Index has been released by the Governance Institute of Australia. This is a survey that gauges what Australians think of the ethical standpoint of the professionals in many sectors of business in society. We are proud … Continue reading
Long term unemployment cause for concern
The Australian Council of Social Services (ACOSS) has recently reported some distressing figures. The levels of long-term unemployment in this country are at an all-time high, with as many as 826,000 individuals needing income support over the past year. This … Continue reading
Hard work by accountants are paying off with SME trust skyrocketing
We understand that running a business can be hard work. It is oftentimes lonely, isolating and extremely stressful. Recent years have done nothing to improve business owner’s sense of wellbeing. Interestingly, it seems as if this compassion has filtered through. … Continue reading
NSW Business Support 2022
The NSW Government has announced a $1bn support package for struggling NSW small businesses. Acknowledging the difficulty that business operators have faced, the NSW Treasurer Matt Kean has announced a package of measures to support small businesses impacted by COVID-19 … Continue reading