Since it is the holiday season, it’s a tradition for employers and businesses to present their staff, clients, associates, and suppliers with end of year parties and often, gifts. While this time of the year is the most awaited season, the year-ending expenses for businesses carry an extensive range of tax treatments. Therefore, employers must ensure that they think through…
Accounting mistakes are one of the most common yet easily avoidable business pitfalls. You need accurate numbers to make sound financial decisions, and if your accounting is off by even a few dollars, you may find yourself in the red instead of the black. But don’t worry – here’s a list of 7 common accounting mistakes that put your business…
Christmas happens only once a year. Hence, it’s fair for companies to express their gratitude to their employees by giving them a wonderful end of year party for their dedication and hard work for the whole year, and in the coming New Year. Is your company’s Christmas party tax deductible? Christmas parties are disreputable for contracting FBT, also known as…
Internal auditing improves business performance, adds value to essential business activities, and streamlines objectives by integrating a disciplined and systematic approach to analyse and boost the efficiency of control, risk management, and governance processes. The primary role of an internal audit is to provide independent assurance over an organisation’s internal controls and risk management framework. It also checks whether or…
The COVID-19 pandemic affected the world economy and still has lingering effects on corporate entities. However, due to the pandemic, thousands of employees have come to terms with a new notion: working from home (WFH). Whether employees have a dedicated space in their house or work on their laptops right from their couches, WFH has become the new normal for…
You might want to keep your crypto earnings private, but if you think the ATO’s looking over your shoulder, the point may be moot. Is the ATO actually looking over your crypto trail as you make it? The short answer is yes. The ATO can very well track your crypto information through financial institutions, banks, and information from cryptocurrency exchanges.…
The Annual Benchmark Report by Class, an SMSF (self managed super fund) software firm has reported that there is an uptick in the number of younger Australians setting up SMSFs. The 35-44 year old range is now the most popular group for setting up a fund, as key findings suggest that more funds are being set up and fewer closed,…
Without the strict COVID guidelines that we had in previous years, some SMEs are really feeling the pinch as winter hits them hard with sick leave, carers and personal leave. The sheer volume of absences has made it extremely difficult for some small businesses to keep their doors open, with Chief employee experience officer at MYOB, Helen Lea, saying that…
It’s important for businesses to be aware of some common trip-wires that could entangle them on the wrong side of ATO compliance. As actions become wayward habits due to the pandemic, and subsequent lockdowns and changes to working behaviour become the norm, there are some things to be mindful of now that we have emerged from the other side. The…
Everything you learned over the years in management and all the resources and information you can obtain that teaches you how to manage a team is irrelevant in the wake of remote working. This shift to remote working hasn’t gone away, with many employees asking for a hybrid working style at the very least. This has changed the game for…