Accountant Blog | Emerald Accounting

As a Business Owner, Do You Really Know Your Monthly Profit Margins?

By admin|2023-07-17T10:18:41+10:00July 17, 2023|Accounting|

As a business owner, it is important to have a clear understanding of your monthly profit margins. However, when working on multi-month projects, calculating profit margins can be challenging.We will explore the concept of work-in-progress (WIP) and its significance in providing accurate financial information. We will also discuss the importance of making business decisions based on reliable data and leverage Emerald Accounting as a partner for business owners beyond tax compliance.Understanding Work-in-Progress (WIP): WIP refers [...]

Navigating New Financial Year Changes: A Guide for Small Businesses

By admin|2023-07-11T12:47:40+10:00July 11, 2023|Accounting|

Small and medium businesses in Australia are urged to keep informed of the significant changes that will impact operations as the new fiscal year gets underway. We will examine important changes taking effect on July 1 and their ramifications for small businesses. Super Guarantee: The superannuation guarantee rate will increase from 10.5% to 11% for eligible employees. Small-business owners must use the new rate to calculate superannuation payments made to employees from 1 July, regardless [...]

Do you own a rental property and prefer to avoid being audited by the ATO?

By admin|2023-06-27T21:21:54+10:00June 27, 2023|Taxes|

Each year the ATO communicates the key areas they plan to audit. For the 2023 financial year rental properties are top of that list. As the housing shortage continues to be a political topic and cost of living impacting our day to day lives, it is not surprising that the government and ATO are looking closely at landlords. Now is a critical time to ensure all your paperwork is lodged correctly. Ruchika from Emerald Accountants [...]

Maximizing Your Business Performance: Insights from Management Accounting

By admin|2023-06-27T21:21:48+10:00June 27, 2023|Accounting|

Many business owners still measure business performance based on cash in the bank. The first surprise comes when their BAS or superannuation payment arrives. The major shock is when they must pay PAYG Instalment tax in their second year of trading as they paid nothing towards their first-year tax bill and now must start paying towards their second year too. Savvy business owners have reporting systems that provide visibility of what is really happening in [...]

Understanding the Deadline’s Implications of the Instant Asset Write-off

By admin|2023-04-03T18:38:28+10:00April 3, 2023|Resources|

The instant asset write-off (IAW) has been in place since 2015, allowing small businesses to write off assets up to $150,000. The deadline for this program is fast approaching and businesses that want to take advantage of it need to act fast before 30 June 2023. Important points to keep in mind about the IAW and its deadline: The federal government decided not to extend the IAW's deadline, making it crucial for small businesses to [...]

Practical tips to get ready for 2023 tax season

By admin|2023-03-11T16:37:34+10:00March 11, 2023|Taxes|

As a small business owner, it is important to prepare for the upcoming tax season. With the right preparation, you can reduce your tax bill and make sure that you are compliant with all tax laws. Here are some practical tips to help you get ready for the 2023 tax season: Use online accounting software Investing in accounting software can help you streamline your bookkeeping and make tax time easier. Many software programs now [...]

Best Accounting Practices to Use for an Online Business

By admin|2023-03-11T16:29:04+10:00February 19, 2023|Accounting|

Currently, companies' objectives are focused on improving or incrementing sales targets for their products or services. The desired business results require adopting excellent accounting practices, offering financial stability and the opportunity to grow under the legal regulations in Australia. Likewise, staying on top of your finances is essential to ensure that your business is profitable and sustainable. Here are some best practices for accounting in the online industry in Australia. Integrate great bookkeeping and [...]

Payroll Checklist for New Employers

By admin|2023-02-01T21:06:31+10:00February 1, 2023|Accounting|

Employers are required to report all their wages (and salaries) paid to their employees on a weekly, fortnightly or monthly basis. This procedure results in Payroll, which is mandatory according to Fair Work Act 2009 (FW Act) and Fair Work Regulations 2009 (FW Regulations). To help you better understand the payroll process, we have set up a check list to assist you with gathering the important information required as a small businesses owner. What is [...]

The benefits of using a Registered Agent

By admin|2023-01-12T20:40:55+10:00January 12, 2023|Accounting|

If you own a business or are starting one, you may need a registered agent to receive documents on behalf of the business and pass them on to the appropriate person. Having a registered agent is required by law for all formal business entities, such as a Trust, company and partnership. This is a key role in your business that will be responsible for passing along information promptly and can avoid legal and financial consequences [...]

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