Tuesday, 3 March 2015
Australia’s income tax system works on the self-assessment principle, which means the information that businesses provide regarding income and deductions is accepted by the ATO as accurate. Businesses must lodge a tax return for any year in which they do business. Deductions may be claimed for any costs incurred for the operation of a business if they are not of a private or domestic nature. Furthermore, most money that is received during the operating of the business is an assessable income. Hiring an accountant in Parramatta can help businesses with any financial challenges if they get too great to handle by themselves. Firms such as Advanced Accounts have experienced accountants and bookkeepers that can help with their tax returns, payroll tax payments, and so forth. Choosing the right accountant is crucial since he or she would be in charge of the company’s books, records, and other information.
Monday, 2 March 2015
The R&D activities of a company are typically led by special centres or units, though they can be outsourced to contract research organizations. An R&D expenditure will most likely hit the Company Tax Return as deductible expenditure and it’s important to make sure that there are no double reductions when the numbers are given again in the Company Tax Return through the R&D Tax Schedule. While R&D expenses are relatively minor, they can rise to rather hefty sums for larger companies. For technological, pharmaceutical, healthcare, and industrial firms, R&D expenses are the highest. For companies who are in need of accounting for their R&D tax and expenses, there are experienced accountants in Parramatta such as Advanced Accounts who offer advanced levels of accounting and bookkeeping services, which can greatly aid companies with their financing issues.
Thursday, 8 January 2015
A significant number of Australian companies is found to be non-compliant and not meeting statutory requirements. According Australian Payroll Association (APA) managing director Tracy Angwin, a lot of people who are employed on payroll are not a proper fit for their jobs. They have usually fallen to that career, unlike a qualified Paramatta accountant who is highly knowledgeable of the process. Assigning internal employees for payroll may save you some money but the risks are certainly larger.
Tuesday, 6 January 2015
Businesses can reap huge benefits with a lower break-even point. They are able to focus on designing their offerings specific to the needs of smaller niches. Highly satisfied customers mean stronger brand equity, which also translates to higher margins and faster ROI. This can be done by raising price along with quality, as well as upselling and cross-selling or reducing unnecessary expenditures on fixed cost. Wrong Break-even Point Parramatta accountants remind that while reaching the break-even point may be something to look forward to, this might be hindered by miscalculation.
Friday, 28 November 2014
The ATO’s decision to ‘go digital’ is a sound one because automating the tax payment process increases efficiency, minimizes errors, and makes auditing much easier. Yet even with these features in place, experienced Parramatta accountants, such as those from Advanced Accounts, remain indispensable.
Wednesday, 26 November 2014
Although the ATO seems focused on large enterprises with overseas business dealings and assets, small and medium enterprises (SMEs) that entered agreements with the government can also expect to be reviewed. In fact, SMEs are more likely to enter an APA than multinationals as they’re responsible for 21 APAs completed from 2009 to 2010 (compared to 18 APAs from large enterprises). Therefore, SMEs have every reason to work with reliable Parramatta accountants, like those from Advanced Accounts, to ensure that their business dealings meet APA requirements in addition to those imposed by the ATO.
Thursday, 30 October 2014
Two key factors in an enterprise’s strategy are proper bookkeeping and management of accounts. Numerous business owners assume that these two are just mere data entry tasks, choosing to keep and maintain their own records instead of hiring professional Parramatta accountants such as those from Advanced Accounts. What these entrepreneurs fail to realise, though, is that meticulous records are virtually useless without the necessary skills and experience to utilise them in making good business choices. The value of a Parramatta accountant lies in what he or she does with the information gleaned from the books. Interpreted correctly, data can be used to determine the financial position of a company throughout the year. It can also aid in business growth, help owners manage debt properly, handle funds well, and transform the business into a cash-producing venture to increase profits and fuel expansion.