Imagine you’re running a marathon. You’re about to turn that last corner and head for the finishing line. Parts of the race now seem like a blur. To get you over the line, you’re already thinking about what your next event will be. Do you feel like you have run a marathon this financial year? […]
The ATO require businesses to undertake a stocktake to work out the value of trading stock at the end of the income year. This means you must work out the physical quantities of stock on hand and assign a value to each item of stock.
As a business, you’re probably bombarded with all sorts of business advice. Much of this advice arrives as a never ending stream of paperwork that you have to wade through, comprehend and put into action in a timely manner. If you’re not vigilant in this area you could see yourself missing important changes and wasting […]
I encourage you to take some time and reflect on the year that was. Write down a list of all the areas in your business that you had “wins” – celebrate these accomplishments and successes, give yourself and your team a pat on the back! Also write down a list of all the areas that you […]
Similarly, with the process that you followed last week of reviewing income accounts, you need to ensure that expense figures on your Profit & Loss Statements are accurate. It is these expenses that you are claiming a tax deduction for, so if you have items on the Profit & Loss Statement that are not tax […]