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Cash or Accrual Accounting? How to Choose the Best Method for Your Business

Choosing between cash and accrual accounting goes beyond mere financial reporting; it significantly impacts your Anti-Money Laundering (AML) compliance. The accounting method you select influences how your business tracks and records financial transactions, which is crucial for adhering to AML regulations. In this article, we’ll explore the differences between cash and accrual accounting, how each […]

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SMSF Compliance: What Happens When Trustees Move Overseas

Residency Rules for SMSF Trustees Living Overseas If you’re an SMSF trustee planning to live overseas for an extended period, maintaining your super fund’s status as an “Australian superannuation fund” is crucial to keep the associated tax benefits. The Tax Office requires you to pass three specific tests to meet this requirement. Test 1: Establishment

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The Fundamentals of Accounting Principles: What You Need to Know

What Are Accounting Principles? Accounting principles are the established rules and guidelines that companies and other organizations must adhere to when reporting financial data. These principles standardize accounting methods and terminology, making financial data easier to interpret and compare. The most widely used set of accounting principles globally is the International Financial Reporting Standards (IFRS),

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How Cash Flow Management Can Make or Break Your Ecommerce Business

Managing cash flow effectively is crucial for the success of any business, but it’s especially vital for ecommerce businesses. Here’s why ecommerce cash flow management is so important and how you can improve it. Understanding Cash Flow Management Cash flow management involves monitoring, analyzing, and optimizing the flow of money in and out of your

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Effective Methods to Track Sales Tax (GST)

Tracking sales tax, also known as Goods and Services Tax (GST), is crucial for businesses operating in Australia. Accurate tracking ensures compliance with tax regulations and helps in maintaining transparent financial records. Here’s a comprehensive guide on how to track GST effectively. Understanding GST GST is a value-added tax of 10% on most goods and

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How to Minimize Capital Gains Tax with Super Contributions

No one enjoys paying taxes, and Capital Gains Tax (CGT) often tops the list of least favourite taxes. However, CGT has some redeeming features: it’s only payable when you dispose of an asset, and if you’ve held it for at least a year, you get a 50% discount to account for inflation. Additionally, death doesn’t

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Is a Family Trust Right for You? Key Insights on When, Why, and How to Set One Up

A family trust can be an excellent way for parents and small business owners to protect their children’s financial futures. However, they are not a guaranteed safeguard. So, should you set up a family trust? That’s the question we’re here to answer. There are several advantages and disadvantages of family trusts that you must carefully

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How the 15-Year Small Business CGT Exemption Can Help Boost Your Super

Throughout their careers, many small business owners reinvest all surplus funds back into their business, intending to use the proceeds from its sale for retirement. This strategy can be highly beneficial, especially when leveraging the various small business capital gains tax (CGT) concessions available upon selling. These concessions not only significantly reduce your CGT liability

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Understanding CGT Concessions: Eligibility for Multiple Business Owners

A comprehensive guide on which CGT concessions you can and can’t access when considering selling your business. Selling a business often leads to a significant capital gain, which in turn, means a hefty tax bill. Luckily, there are various CGT (Capital Gains Tax) concessions available that can reduce your CGT by 50% or more. But

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