Dumb ways to get a tax audit !

By |2024-02-19T13:52:37+11:0017/07/2023|Categories: Blog, Taxation|Tags: , , , |

A tax audit is often a result of business owners not doing something that's the norm. Doing dumb things that alert the ATO that some things are not quite right. It is becoming imperative that you prepare your GST records appropriately to avoid unnecessary scrutiny by the Taxation Office which may lead to a tax audit for your Bas. These include:  Failure to allow for car expenses for vehicles that are used partly for business purposes.  Claiming all the GST paid on the following expenses: (similar to last year )o car operating expenses, a log book must be [...] READ MORE

July 2023 – Client Newsletter

By |2023-07-13T10:42:18+10:0013/07/2023|Categories: Blog|Tags: , , , , |

As we start the New Financial Year, this month our newsletter contains topics including: Small Business Lodgement AmnestyIs it time to restructure my Business?SGC increase to 11% for Employers to payWork-related car expenses updated Click here to download our July Newsletter

Capital Gains Valuation – often done retrospectively.

By |2025-07-10T16:33:02+10:0012/07/2023|Categories: Blog, CGT, Estate Planning, Taxation|Tags: , , |

When do you need a Capital Gains Valuation? There are several reasons why you would obtain a valuation, such as: We suggest that when selling your home or acquired property through inheritance, demolishing a home or rental for property development GST matters. You may need to obtain a retrospective valuation capital gains property report. Getting a backdated valuation! Your capital gains report is often referred to as a backdated property valuation or a capital gains valuation.Whereas a property valuation will outline the property's market value at a specific time by a certified valuer. This report will help you work [...] READ MORE

Recording obsolete stock in your accounting system

By |2025-11-12T16:05:21+11:0003/07/2023|Categories: Blog, Business growth|Tags: , , , |

Identifying and recording obsolete trading stock write-offs for a small business involves several steps. Its that time of year, when you should undertake you annual stock take. We suggest to be practical in your approach. Use scales and estimates for small items such as screws , widgets and small items. A practical approach - obsolete items. Here's a general guide on how to approach this process: Identify the stock items: Review your inventory records to identify any obsolete trading stock that needs to be written off. Look for items that are damaged, expired, obsolete, or otherwise unsellable. When doing a [...] READ MORE

2024 small business planning

By |2023-07-03T08:13:40+10:0003/07/2023|Categories: Blog, Growth tools|

Planning ahead for your 2024 small business journey is an important step toward success. “Your pathway review – never lost but on a journey – Geoff Gartly your small business Exit Navigator This week you should do yourself a favour and plan and review. Take a minute to look at: Revisiting your short-term and long-term goals for your business. Financial management: Non-negotiable - Review your financial statements, budget, and cash flow Market analysis: Stay updated on industry trends, customer preferences, and emerging technologies. Continuously assess your business processes to identify areas for improvement. Streamline workflows, and invest in technology solutions. [...] READ MORE

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