Tax is part of doing business… but being prepared helps leaders know they’re compliant, not paying too much and will avoid unpleasant surprises. Here are some best practices to guide leaders and their Accountants. 

Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.

One expense that can grow out of control in many businesses is Information Technology (IT). Tweaking investment in IT increases performance and profitability and sometimes major cutbacks are necessary. Either way, it’s best to be systematic. Here are some ways to economise on IT spending.

All businesses should review their expenses periodically. Prudent expense management helps ensure that valuable cash resources are used wisely. And sometimes, a business may NEED TO reduce expenses as a matter of survival.

You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications.

The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’