Business accounting, often referred to as management accounting or corporate accounting, plays a vital role in the strategic management and financial health of an organization. Unlike financial accounting, which focuses on external reporting and compliance, business accounting is primarily concerned with internal processes and decision-making. Here are the key roles and responsibilities of business accounting: […]
The Role of Business Accounting Read More »
In the world of accounting, two key roles often come into play: financial accountants and business accountants. While both are crucial to the financial health of a company, they have distinct responsibilities and functions. Understanding the differences between these two roles can help businesses optimize their financial operations and ensure regulatory compliance. Financial Accountant Role
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With the financial year ending soon, there are still plenty of ways to reduce your tax and boost your superannuation before July 1. Here are some last-minute tips to help you optimize your finances. Working from Home You are entitled to deductions for costs incurred while earning income and working from home. Items of capital
Last-Minute Ways to Boost Your Finances Before EOFY Read More »
Transitioning from the accumulation phase of superannuation to the retirement phase can seem daunting, but understanding the process can help you effectively manage and enjoy your retirement savings. Here’s a comprehensive guide to spending your superannuation in retirement. Opening a Retirement Phase Account When you retire and are ready to start using your retirement savings,
How Do You Actually Spend Your Super? Here’s All You Need to Know Read More »
So you’ve decided to join more than one million Aussies with a self-managed super fund (SMSF). Congratulations! Having your own SMSF can be a personally and financially rewarding experience, provided you’re sure DIY is right for you and your fund is set up correctly from the get-go. Attention to detail now will avoid penalties and
SMSF Setup Guide: 9 Steps You Need to Follow Read More »
For the majority of us, we’re perfectly happy having our super paid to our chosen fund, which will invest it as directed and, generally, get us a good return by the time we retire. But there is a growing cohort, worth some $900 billion, of Australians who instead opt to have full control over their
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Investors now believe there is a one-in-three chance of an August interest rate rise after inflation surged to its highest rate in six months in May. Economists have warned that underlying price pressures remain too strong. According to the Australian Bureau of Statistics, annual inflation rose to 4% in May, up from 3.6% in April.
Inflation Hits Six-Month High, Raising Risk of a Rate Rise Read More »
Develop a Solid Business Plan for Your Aussie Home Business You’ve found your perfect home-based business idea. Congrats! You’re on the right path to realizing how to set up a home business in Australia. Now, it’s crucial to develop a detailed business plan – your trusty companion on this exciting journey. It’ll be your guide,
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Managing Your Business Finances and Seeking Funding Want your Aussie home-based business to thrive? Focus on smart money moves. Create a rock-solid financial plan, hunt down the best funding options, and always keep a sharp eye on your cash flow and financial records. Here are some essential tips to consider when managing your money. Create
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SMSF trustees can invest in overseas property, but they must adhere to compliance rules both domestically and internationally, according to a legal expert. Daniel Butler, director of DBA Lawyers, notes that while overseas property may seem like an appealing investment, SMSF trustees must navigate several compliance pitfalls. “SMSF trustees can purchase property outright using SMSF
Full Compliance with Rules Required for SMSF Trustees Investing in Overseas Property Read More »