Since its launch on 29 March 2022, the Australian Taxation Office’s (ATO) Small Business Skills and Training Boost has stood as a beacon of opportunity for eligible small enterprises, providing a pathway for skills enhancement and sustainable growth. The initiative, available until 30 June 2024, opens avenues for businesses to invest in upskilling and training employees, aligning their workforce with the evolving demands of the market. Eligibility for the Small Business Skills and Training Boost extends to businesses with an aggregated turnover of less than $50 million, ensuring a diverse rang ..read more

The post April 2023 Practice Update appeared first on Cairns Accountants ..read more

The post March 2023 Practice Update appeared first on Cairns Accountants ..read more

Managing your audit risk – a practical guide for Cairns small business   Tax audits come in a variety of shapes and sizes. They can range from a simple enquiry such as a request for additional information to an in-depth analysis of a complex transaction or arrangement. If you’ve been in business for any period of time then you may have already experienced them in some form or manner. The Australian Taxation Office (ATO) are quite transparent about who they target and how they target their audit activity. There is extensive information on their website about how they conduct their audit a ..read more

Here’s a quick skim of the 2022-2023 Federal Budget. Released on 29th March 2022, you’ll notice the obvious political spin on the content, given the election is fast approaching. This information is based on Commonwealth of Australia data, further details on the budget can be found on their budget summary page. BUDGET 2022-2023 Budget Snapshot With higher rates of Australians employed and fewer on welfare, the fiscal outlook suggests a significant improvement and strengthening of the economy. A stronger economy, coupled with improved near term commodity prices has motivated upward revisions t ..read more

Is my business in the right structure? What are my options? These are some of the questions I get asked a lot as a business advisor and a Cairns tax accountant. In deciding whether it’s best to operate as a sole trader, partnership, trust or company or a combination of these you need to consider the legal and regulatory environment your business operates in, the taxation implications, how much control you will have, your personal liability, asset protection and the ongoing costs and administration. There are many other considerations and sometimes it is not about finding the perfect structure ..read more

With nearly 14,000 businesses operating in the Cairns region, it’s no wonder that accountants have been inundated with calls about the new requirement for directors in 2022. The word has been out for a short while now about the new requirements for all Australian directors to apply for a director ID. For those yet to apply, be aware of your legal requirement to obtain your ID before a certain date. As notified by the Australian Securities & Investments Commission (ASIC): All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait I ..read more

Cairns tax agent says – “Know your allowable deductions”   Love it or hate it, many of us have been working from home during COVID-19, either voluntarily or as a business requirement. In fact, over 40% of employed Australians worked from home on a regular basis in the first half of August 2021 (data from Australian Bureau of Statistics). Prior to COVID-19, the rate of employed people working from home was increasing by approximately 1 percent every two years. Recent stats indicate that has increased 8.4 percent to 40.6. Post pandemic working trends have been forecasted by many reputable ..read more

Is it time to shift to a mobile Cairns tax accountant?   A mobile accountant is a qualified tax accountant who truly understands the importance of your time, particularly in business. While still considered ‘normal’ practice for business owners to visit their accountants periodically, it’s no longer a necessity in real world terms. Once upon a time, everything was paper-based and obviously required an appointment with your tax agent. With the combination of cloud based documentation and reporting, coupled with the changing of the traditional bricks and mortar business structures to virtu ..read more

How’s your Chart of Accounts The post How’s your Chart of Accounts? appeared first on Cairns Accountants ..read more