Many small business-owners experience this feeling when they look at their books. You work hard, money comes in but it all just seems to disappear. Why?
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An accountant will often say this ‘problem’ is hard to explain and understand, but ...
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10 Accounting News
Completing the Sale of a Business
Selling a business involves several steps, moving parts and legal documents.
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Once you negotiate and exchange a business sale agreement with the other party, parties must transition to the completion process. This broadly involves the buyer ...
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Using the cents per kilometre method for claiming car expenses
The cents per kilometre method is a simple way to work out how much you can deduct for car-related work or business expenses.
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Only individuals, including sole traders, or partnerships (where at least one partner is an individual) can use th...
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Scams by numbers – 2022–23 scam data is now available
Did you know that your clients aged between 35-44 are the most likely to pay money to a scammer?
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Scams are becoming increasingly harder for the community to identify. The 2022–23 scam data results are now available and they reflect a shift ...
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Australian Taxation Office (ATO) motor vehicle data matching program extended
The ATO has extended its motor vehicles data matching program for 2022–2023 to 2024–2025 financial years.
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For each financial year, the ATO will acquire information from all eight of the state and territory motor registries regarding where a...
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Most powerful countries throughout time.
Check out the most powerful countries in every century.
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Directors on the hook for cyber security, ASIC warns
Repelling attacks is just the start – businesses must demonstrate an ability to respond or the board will be held accountable, the regulator says.
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Directors are duty-bound to ensure their company has “adequate” cyber security and the abilit...
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Business owners are seeking exits without a plan, survey finds
Accounting firm William Buck warns most owners are “flying blind” when it comes to maximising the value of their business at the point of sale.
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Small business owners are planning to sell up without having exit strategies in place, leaving t...
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Super tax concession changes: consultation
As flagged earlier in the year when the announcement was made, the Federal Government recently released a consultation paper on its proposal to reduce super tax concessions for individuals with super balances over $3 million, including those with sel...
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$20k instant asset write-off to get 1-year extension
The amendment will hold off the threshold reverting to $1,000 until June 30 next year.
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Small businesses will be able to claim an immediate deduction for assets less than $20,000 under amendments to the Income Tax (Transitional Provisio...
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