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In the world of business accounting, two critical practices stand out for ensuring clarity, accuracy, and long-term financial health: monthly balance sheet reconciliations and profit and loss (P&L) comparisons. We’re looking to answer a few questions: are your assets and liabilities accurate and complete? are your income and expenses accurate and complete? are you consistent and correct with your bookkeeping? what can you do with this knowledge to improve your…  Read more

Your Business Activity Statement (BAS) is a form submitted to the Australian Taxation Office (ATO) by registered businesses to report their GST obligations, Pay As You Go (PAYG) withholding (PAYGW) and Pay As You Go (PAYG) instalments (PAYGI). Many business owners and their bookkeepers do a good job of preparing and lodging their own BAS, however recording the BAS payment back into the accounts is where things go astray. When…  Read more

Taxpayers earning up to $126,000 will get smaller tax refunds or tax payable in 2023. The low and middle income tax offset (LMITO) ended in the 2022 tax year. The LMITO, introduced in 2018-19, provided tax relief to help balance the tax creep which forces workers into higher tax brackets. The temporary tax cut was designed to support those earning up to $126,000. The greatest benefit of $1500 went to…  Read more