In the lead up to the end of the financial year, Xero has shared a handy EOFY Payroll Checklist to help you remember what to review, report on and reconcile to lodge your STP finalisation declaration on time. This is a great resource, which we encourage you to download to make your EOFY Payroll Processing as stress free as possible.
Tax planning plays a vital role in both personal and business finance, yet it is often neglected until tax season approaches. However, understanding and implementing effective tax planning strategies can make a significant difference in your financial well-being. In this guide, we’ll explore what tax planning entails, why it’s essential, and when you can leverage it to your advantage.
In this blog post, we’ll explore strategies to enhance your business cashflow, systemise your accounts, and make informed decisions with confidence. Let’s dive in!
In Australia, gifts and inheritances are generally not considered taxable income. This means that if you receive a gift or inheritance, you do not have to declare it on your tax return or pay any Australian tax. However, there are some situations where tax may apply, particularly when assets are involved.
The accounting profession is built on trust, ethics, and compliance. As accountants, we have an obligation to act in the public interest, ensuring integrity and professionalism in everything we do. Recent changes to the Tax Agent Code of Professional Conduct introduce new requirements that reinforce these principles. At Lemonade Beach, we fully support ethical business practices and see well-structured legislative updates as an opportunity to further strengthen client trust and industry standards.
