by Swot Accoountants | Nov 12, 2020 | Business Training
A balance sheet is a financial statement, also known as a “statement of financial position” that report a summary of all business assets (what the business owns) and liabilities (what the business owes) at a particular point in time. The balance sheet is one of three...
by Swot Accoountants | Nov 12, 2020 | Business Training
A profit and loss report, also known as an “income statement” summarises business profitability over a specific period of time. Commonly used to show business performance on a monthly, quarterly, or annual basis. A profit and loss report shows the total income and...
by Swot Accoountants | Oct 9, 2020 | Business News, Tax & Compliance
Personal income tax cuts from 1 July 2020 Personal income tax cuts backdated – The ATO has clarified that it will not adjust the over-withheld taxes from 1 July 2020, but instead, these over-withheld amounts will be included in the taxpayer’s tax assessments at the...
by Swot Accoountants | Sep 12, 2020 | Business News, Business Training, Companies & Trusts, Tax & Compliance
If you are starting a new business or your existing business is paying too much in tax, it is essential that the business owner/s seek expert accounting and legal advice concerning the business structure and asset protection. Running a business as a sole trader or in...
by Swot Accoountants | Aug 27, 2020 | Tax & Compliance
If you use your own car for work-related travel (excluding travel between home and work), you may be able to claim a deduction for your car expenses. The deductions can be claimed using “cents per kilometre” method or “logbook” method. You can claim deductions for...
