Often when startups organise the setup of an employee share options plan (ESOP), the legal matters are set in place, but the tax accounting is left by the wayside. Don’t be left out of the compliance loop – read to find out what’s your ESOP tax accounting requirements.  Don’t be left out in the cold with tax, in this article we show you how to meet your ESOP Tax accounting obligations. But if you don’t understand how an ESOP works checkout our overview. ESOP NTA Valuation This is usually a startup’s first piece of work regarding tax and accounting for the ..read more

Companies with a fiscal year ending June 30, 2023, that intend to register R&D activities must do so through the customer portal by 11:59 pm AEST on 30th April 2024, 11.59 pm AEST If R&D entities are unable to meet this deadline, they can seek an extension using the R&D portal. Extension applications should be filed before the deadline; however, extension requests submitted after the deadline will be considered. According to AusIndustry’s website, “A request for an extension of 14 days (or less) made before the deadline will be approved.” Other extension requests will be consider ..read more

Financial statements are crucial for businesses to share financial information, ensure transparency, and hold senior management accountable. Australian Accounting Standards direct the General Purpose Financial Statements (GPFS) to meet diverse stakeholder information needs. The Difference Between Special Purpose and General Purpose Financial Statements General purpose financial statements are designed for users who cannot directly request information from a business and are standardised to cater to broad user needs. In contrast, special purpose financial statements (SPFS) are tailored for spe ..read more

One issue that sometimes generates confusion is the distinction between salary sacrifice to receive a fringe benefit and making an employee contribution to the value of that fringe benefit. This post will give you a guide. Giving up a salary to receive a fringe benefit A salary sacrifice arrangement (SSA) must be negotiated and signed before the employee is entitled to the income (that is, before the person begins to perform the services for which they will be paid, etc.).Employees who have pre-tax pay sacrificed toward a given fringe benefit, such as a laptop, automobile, etc., have consente ..read more

Financial statements are crucial for businesses to share financial information, ensure transparency, and hold senior management accountable. Australian Accounting Standards direct the General Purpose Financial Statements (GPFS) to meet diverse stakeholder information needs. The Difference Between Special Purpose and General Purpose Financial Statements General purpose financial statements are designed for users who cannot directly request information from a business and are standardised to cater to broad user needs. In contrast, special purpose financial statements (SPFS) are tailored for spe ..read more

  The success of your startup in Australia hinges on choosing the appropriate co-founder. This article will guide you in finding the ideal partners to support your startup venture. Seeking a Co-Founder? Maybe you’ve heard the myth that solo-founded start-ups are destined to fail. Whether due to these challenges or others, you find yourself in search of a compatible co-founder. Adding to the complexity, financial resources are limited, often making it impossible to hire a developer from the beginning. While securing investor funding would be ideal, investors are often hesitant to c ..read more

Tax Audit Insurance in Australia offers financial protection to businesses facing audits by the Australian Tax Office (ATO). We cover the important elements in this guide. Why Tax Audit Insurance? Big enterprises and the wealthy are no longer the only groups targeted by tax audits. The ATO may examine and probe small to medium-sized businesses, SMSFs, people who own rental properties, and trust arrangements. Particularly, taxpayers who possess bitcoin assets and those who have a high amount of work-related deductions may be targeted for examination. Benchmarks are another tool the ATO uses to ..read more

This initiative funds small to medium-sized businesses to develop innovative solutions to government policy and service delivery issues. This round is centered on renewable energy and low-emission techniques. In this article, we can help you know the process and eligibility. What do you get? Grants range from $50,000 to $100,000 for renewable and low-emissions feasibility projects. If your Feasibility project is successful, you could get up to $1 million to create a proof of concept. Overview We are looking for creative solutions to government policy and service delivery concerns. The three ..read more

High growth companies often underinvest in the financial planning & analysis (FP&A) function, viewing it as a back-office function. However, an effective FP&A team assembly can drive strategic value for the business. FP&A teams must focus on efficiency and elevate their status from back-office scorekeepers to strategic business partners. Expectations for FP&A teams have changed significantly in the last five or ten years. While the responsibilities are largely the same, you’re now expected to run planning cycles and execute analyses faster and more proactively than ever b ..read more

CSIRO’s National AI Centre, Google Cloud, and Stone and Chalk are launching ‘Australia’s AI Sprint’, an AI challenge for entrepreneurs. The program provides resources, tools, and guidance to refine AI concepts for national issues. The winning participant will be chosen based on the commercial viability of their ideas and will earn $300,000 in research and development (R&D) funding. Second and third place will receive $100,000, respectively. The CSIRO’s SME Connect Team will connect the winners with an Australian research institution based on the type of AI technology being developed, the ..read more