The ATO is really stepping up its game, taking a much tougher stance on unpaid tax debts and keeping a close eye on property transactions. This crackdown is having a big impact on small and medium-sized businesses (SMEs) and property owners, who now face stricter regulations and need to be extra diligent about their tax obligations.
Is that client coffee deductible? What about the lunch meeting at a restaurant or the bottle of wine you gifted as a thank-you? The ATO have specific rules regarding what’s considered a deductible expense and what falls under the category of entertainment, which can get a bit tricky…
What we have been noticing here at Freshwater are that lots of clients are tracking their car costs, BUT not necessarily keeping the appropriate records / receipts not a log-book.
When it comes to claiming motor vehicle expenses, maintaining accurate records is KEY. One of the most effective ways to do this is by using a logbook.
When it comes to managing your business finances, you might think a bookkeeper and an accountant are interchangeable. However, each has a unique role in keeping your business on track – and, trust us, you need both!
While accountants often get the spotlight, it’s the bookkeepers who work tirelessly behind the scenes, providing the essential groundwork for your business’s financial success. In this blog post, we cover the difference between these two roles and why in our opinion, solid bookkeeping is the backbone of any successful small business.
One of Xero’s many standout features is the ability to use tracking categories. Tracking categories can provide SIGNIFICANT benefits to your business, ultimately enhancing your financial management, decision-making processes and profitability.
Note: Tracking categories are not just unique to Xero, plenty of other online bookkeeping software have this capability including: MYOB, Quickbooks Online, Zoho Books, Sage Business Cloud Accounting, and Wave.
I’m Sarah Clayton, the director of Freshwater Tax, and I’m so excited to share a little bit about what we do here. Freshwater Tax is more than just an accounting firm—we’re a team that’s genuinely passionate about helping you feel confident and empowered in your financial journey, regardless of if you’re an individual, a business owner, or just starting out on your entrepreneurial adventure. Here’s a peek into the key services we offer and why we absolutely love doing what we do…
Hot desking is like the casual dating of office setups—you show up, use a desk when you need it, and leave without any long-term commitment. It’s flexible, cost-effective, and perfect for freelancers, remote workers, and anyone tired of the traditional office grind. But can you actually claim your hot desk expenses on your tax return? Let’s break it down…
The accounting landscape in Australia is going through a major glow-up—whether we like it or not. From ever-changing client expectations (because, of course, everyone wants to maximise their refund!) to the constant technological upgrades that seem more like level-ups in a video game, us accountants are juggling more than just numbers these days. Add in the regulatory roller coaster and the struggle to find qualified staff: the struggle is real!
When aiming to expand your small business, the thrill of boosting sales and customer numbers is unmistakable! It’s a clear sign of success right? Greater sales – mean more revenue? Wrong!
The TPAR is a report that some businesses need to send to the ATO each year. It details payments made to contractors for their services. The goal? In short, to make sure everyone is playing fair and reporting their income correctly.
Imagine PAYG instalments as your trusty sidekick in the epic quest to conquer your tax obligations. PAYG stands for “Pay As You Go,” and basically, these are all about making regular prepayments towards the tax on your business and investment income. Think of it as paying off a lay-by purchase – by the time you pick up your item, most of the payments are already made, and you avoid a big lump sum payment at the end.
Join thousands of other clients on our mailing list. Each month we’ll send out a newsletter with important tax information, key dates and links to new articles on our website.
"*" indicates required fields
All Rights Reserved.
Tax Agent Number: 26068859
Privacy Policy
Website design by MartinGibson.
Liability limited by a scheme approved under Professional Standards Legislation
Important Note: During our peak season from July to October, we prioritise maintaining our signature high-quality service. As a result, we may not always be able to take on new clients, however we’re happy to add you to our waitlist.