As a business owner, you’re required by the Australian Taxation Office (ATO) to keep records for a minimum of five years, in plain English, and in a way the ATO can access if they need it. Find out what records you should keep, and evaluate how well your business is keeping records by using the ATO’s record keeping evaluation tool.   Keep track of your procedures Make note of the procedure you use

Less time doing bookkeeping means more time running your business! When do you need a bookkeeper? These are some of the signs you should look for when deciding to hire a bookkeeper: Doing the books is taking you away from working on your business. The business transactions have substantially increased since you first started. You’re not sure that records are being kept correctly. Your tax and/or other compliance is getting

Fuel tax credit rates increased on 4 February in line with fuel excise indexation. Find out more about what it means for your business.

Great online accounting software is one of the most important tools for businesses today, so it’s important to a take a moment to check if you are getting the most out of your subscription.

Why change? Xero have channelled over $100 million into their cloud accounting platform over the last two years, made hundreds of product updates, and added powerful new features and integrations. Because Xero lives online, these updates and new features are delivered automatically (unlike the clunky and expensive upgrades required for desktop software), and so many of them may have gone unnoticed by many. And it’s not just talk – Forbes ranked Xero as the World’s

The length of time your business needs to retain documents depends on what they are. Some may even need to be retained indefinitely!

Following the Federal Governments recent budget announcement regarding the $20,000 immediate asset write-off, there has been a lot of interest in the details. In this post we address some of the more common queries.

From 1 July 2015 taxpayers will only have two methods available to calculate and claim their work-related car expenses – the cents per kilometre and log book methods. Additionally, the sliding scale of deductions available under the cents per kilometre method based on vehicle engine size will be removed and replaced by a flat rate for all vehicles. The change is expected to result in budget savings over the forward

In the early stages of owning a small business, many people find they also have to be the bookkeeper. This can mean less time spent doing what you love. Even if you have a dedicated bookkeeper, finding a way to stay on top of the latest numbers can be tricky. Your bookkeeping software plays a huge role in determining whether the process is quick and fun, or tedious and time

The National Tax and Accountants Association have prepared a video summary of tax changes from the budget handed down last night.