Below are a few strategies small businesses can implement to reduce their tax obligations: Write-off bad debts. To be a bad debt, you need to have brought the income to account as assessable income, and given up all attempts to recover the debt. It needs to be written off your debtors’ ledger by 30 June. […]

Below we have outlined a procedure to help you manage the GST component of your activity statement: Where accounting software has been used by the client (such as MYOB, QuickBooks, Xero), ensure that transactions for the period (month or quarter) have been entered, and any applicable bank accounts and credit card accounts have been reconciled […]

If you are small business owner, a year end procedures can be quite overwhelming. We have listed down some of the financial ‘house-keeping’ items you should be aware about: Software Before rolling over your accounting software for the new financial year, make sure you: Prepare your financial year end accounts. This way, any problems can […]