by Swot Accoountants | Jan 31, 2021 | Tax & Compliance
Medicare Levy The Medicare levy helps fund the Australian public health system. The levy pays for public hospitals, doctors, nurses, and other health-related costs. Most Australians pay the Medicare Levy, which is 2% of their taxable income, in addition to the...
by Swot Accoountants | Dec 3, 2020 | Business News
In Australia, as much as 97% of all businesses fail. According to the Australian Bureau of Statistics, more than 60 percent of small businesses fail just in the first three years of their operations. That’s a scary statistic for hard-working individuals that are...
by Swot Accoountants | Nov 12, 2020 | Business Training
A statement of cash flows shows how much cash is moving in and out of a business over a particular period of time. Understanding the cash availability to pay debts and purchase materials is a very critical aspect of every business. The statement of cash flows is one...
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...
by Swot Accoountants | Aug 16, 2020 | Business News, Coronavirus (COVID-19)
JobKeeper 3.0 Adjustments to Decline in Turnover Test and Employee Eligibility On 21 July 2020, the government announced that the JobKeeper Payments will be extended until 28 March 2021. In addition, on 7 August 2020, the government announced adjustments to JobKeeper...
by Swot Accoountants | Aug 7, 2020 | Business News, Coronavirus (COVID-19), Tax & Compliance
To be eligible for the JobKeeper Payments from 28 September 2020, businesses will be required to meet a decline in GST turnover for each period of the extension. From 28 September 2020, businesses seeking to claim the JobKeeper payments will be required to demonstrate...
