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One of the more important things to consider when setting up your new business is choosing what structure your entity will be. The main entities to be considered are sole trader, company, trust or partnership and each has its own advantages and disadvantages. more
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Keeping your business records in a logical and orderly manner can not only save you time and stress overall, but can also save you money in the long term by reducing the length of time it takes for your bookkeeper or accountant to prepare your quarterly and annual compliance requirements. more
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Many business owners panic when it comes to BAS time each quarter and it is easy to make mistakes. Many errors are the result of poor record keeping and lack of time and experience when completing their BAS. more
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Your currently bookkeeper may not even be aware that they could be preparing your BAS illegally. Section 251L of the Income Tax Assessment Act (1936) set out by the Australian Taxation Office, clearly states that anyone giving tax advice including BAS preparation is breaking the law unless they can prove that they are excluded from the provision. The means fines up to $22,000. more
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