A superannuation fund is a type of pension plan that is paid through an employer in Australia. It's a legal requirement for most companies to pay into this fund and it offers a number of benefits for employees. If you're not sure of how a superannuation fund works or why it's beneficial for you, note a few factors about the plan. Remember that you can also research how the plan works through the Australian government or ask your employer to explain its details to you.
A financial planner is different than an accountant in that a planner will work with you to create a plan or structure for your finances. This may be done to pay down debt, plan your retirements, grow your finances, and so on. An accountant may help you with money you already have, whereas a planner will help you to make plans for money you'll need for the future or for how to deal with money you owe.
If you are a small business owner, you know how important it is to keep on top of your expense claims to provide adequate data for end of year tax returns and quarterly BAS statements. Here are some tips to help you manage your personal expense claims and any claims from your staff.
Digitise your receipts and expense claim procedure
The ATO now accepts scanned receipts as evidence for claims. Many of the cloud based accounting software packages for small business even have smartphone apps so that your staff can submit claims from the road.
If you own a business, chances are that you probably have a good tax accountant to ensure that you are in compliance with all tax regulations and to file your taxes. But business tax accountants don't just do taxes and help you stay on the right side of the Tax Office, they also offer some other services that could benefit your bottom line. To help you out, here are some of the lesser known things they can do.
Running a small business can prove to be quite arduous as you try to make a name for your business and increase your bottom line. However, what most small business owners do not realize is that simple accounting mistakes can go a long way toward impeding the growth of that business. To avoid the risk of losing your business due to bad accounting, it is always best to enlist the services of tax accountants.