Unit trust vs discretionary trust – they sound pretty similar, don’t they? But they’re actually quite different. And knowing which one’s right for you can make a huge difference in how you protect your assets and plan for the future. In this guide, we’ll cover unit trust and discretionary trust in detail, explore the ins […]
Unit Trust vs Discretionary Trust: What’s Right for You? Read More »
Capital Gains Tax on Property in Australia Capital gains tax (CGT) is a crucial consideration for anyone buying, selling, or investing in property in Australia. Understanding how CGT works can help you make informed decisions and potentially save money. Here’s what you need to know about CGT on property in Australia. What is Capital Gains
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A balance sheet is a critical financial statement that provides a snapshot of a company’s financial position at a specific point in time. It is one of the core components of financial reporting, alongside the income statement and the cash flow statement. Here’s an in-depth look at the purpose of balance sheets and why they
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Why Do I Need a Bookkeeper or Accountant? Running a business involves managing numerous tasks, from overseeing operations to handling customer relations. Among these tasks, financial management stands out as one of the most critical yet challenging aspects. This is where the expertise of a bookkeeper or accountant becomes invaluable. But why exactly do you
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Corporate finance is a critical area of finance that deals with how corporations handle funding sources, capital structuring, and investment decisions. It involves managing the necessary actions to maximize shareholder value through long-term and short-term financial planning and various strategies. Let’s explore what corporate finance encompasses and why it is essential for businesses. What is
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Cash flow management is a fundamental aspect of running a successful business. It involves tracking the inflows and outflows of cash to ensure that a company has enough liquidity to meet its obligations, invest in growth, and handle unexpected expenses. Let’s delve into what cash flow management entails and why it is so important for
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Running a small business comes with numerous financial responsibilities, including managing the Goods and Services Tax (GST). Understanding how GST works and whether your small business can claim it back is essential for effective financial management. What is GST? The Goods and Services Tax (GST) is a value-added tax of 10% on most goods, services,
How Small Businesses Can Reclaim GST: A Comprehensive Guide Read More »
The upcoming tax cuts, effective July 1, 2024, have been generating significant buzz. Beyond simply increasing your disposable income, these cuts present an excellent opportunity for homeowners to shorten their mortgage term and reduce the total interest paid. Here’s how you can leverage the new tax changes to your advantage: Understanding the Tax Cuts The
Maximize Your Tax Cuts to Pay Down Your Mortgage Faster Read More »
When you receive your payslip, you may notice a section labeled “PAYG withholding.” This can be confusing if you’re not familiar with tax terminology. Here’s a straightforward explanation of what PAYG withholding is and how it affects your finances What is PAYG Withholding? PAYG (Pay As You Go) withholding is a system used by the
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Tax accounting is a specialized area of accounting focused on preparing tax returns and ensuring compliance with tax laws. It involves keeping records and preparing reports that detail income, expenses, and other financial transactions that affect tax liabilities. There are several methods of tax accounting, each with its own set of rules and applications. Here’s
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