ChatGPT revolutionised the technological world almost overnight. Its potential to do great harm and great good was quickly recognised and Artificial Intelligence (AI) quickly became a topic of discussion and debate. Many industries, throughout the world, began to consider the implication of AI for their practice and the field of accounting was no exception.
The Coalition Government legislated amendments to personal income tax in the years 2018, 2019, and 2020. Collectively these changes are called the Personal Income Tax Plan. The plan was divided into three stages. The Stage 3 cuts are the third and last stage of the Turnbull and Morrison Government’s policies for tax reform.
When considering opening a business, the first and most important consideration is what business structure you will operate with. Here, you’ll learn about the different business structures in Australia, and which one is best suited for you.
Estate planning is crucial to managing your finances and ensuring the future well-being of your loved ones. From protecting your family to preserving your business, estate planning allows you to control how your assets are distributed and used after death. The process plays a significant role in providing security for your family, minimizing your tax…
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Fringe Benefits Tax (FBT) is essential to Australia’s tax structure. Understanding its implications is vital for both employers and employees. This article will delve into the crucial aspects of FBT, from defining what it is to explaining how it’s calculated and its effects on your tax obligations.
Grant applications can be complex affairs requiring special knowledge and abilities. If done right, they can open doors of funding opportunities that propel businesses forward.
Tax compliance is an integral component of running any business. Being familiar with corporate tax, accounting and tax services, tax planning, lodgement due dates, and compliance with the Lodgment Program Framework is crucial to avoid penalties at the end of the financial year.
Running a successful business requires more than hard work and having a great idea; it also demands an in-depth knowledge of market forces, financial management practices, strategic planning techniques, and decision-making processes. These challenges may seem only possible to small and medium-sized enterprises with experience or resources to draw upon.
Accounting software has made significant strides over the last two decades or so. Accountants had to endure working with notebook ledgers for a long time before enjoying the luxuries of technological advancements. Today, accounting methods have drastically improved thanks to computers, smartphones, and the Internet.
If you want to gain control and be more involved in your retirement, setting up a self-managed superannuation fund may be appropriate for you. An SMSF allows you to manage your retirement investments during your working life, giving you control of creating your retirement nest egg.