ATO Audit Targets
ALL BUSINESS – THINGS TO BE WATCHFUL OF As the Covid19 pandemic sweeps across the globe, the Australian government has provided emergency support to the Australian economy. The underlying cash deficit for 2022 has been forecasted to be $106.6 billion. The Australian tax office is now back in full swing to conduct audits to ensure…
Read MoreVictorian COVID assistance as of August 2021
The COVID-19 pandemic and recent lockdown orders have continued to place Victorian businesses in compromising and challenging situations. Both State and Federal Governments have announced they will be providing further economic assistance to help businesses navigate these uncertain circumstances. Whilst the support is certainly welcome, keeping up with the latest assistance packages has placed…
Read MoreDo you need a hand with accounting? Let us make things easy!
Have you noticed yourself ever feeling the pressure of getting your tax returns lodged on time? Are you concerned about where you will find the time to complete all your tax obligations? At Zimsen Partners, our small business accountants aim to create long-lasting relationships by helping you accomplish your goals and adding value to your…
Read MoreHow Does Hiring a Professional Accountant Help Your Business?
An accountant is a huge part of any organisation. A good accountant in Melbourne can provide unimaginable benefits. These can benefit your business in unimaginable ways and can lead to a detailed financial plan that is effective and practical. There are various ways in which an accountant will benefit your business. These are as given…
Read More5 Effective Tips to Help Ease into the Tax Process in 2021
With the tax filing deadline getting closer everyday, more and more individuals and businesses are making elaborate plans to get maximum returns and file taxes on time. While this seems fairly simple, the process includes many intricacies. There are most likely various everyday financial things that affect your tax filing process. Nonetheless, it is not…
Read MoreCircuit Breaker Business Support Package
In the advent of the current health situation and its ongoing uncertainty, The Victorian Government has launched the Circuit Breaker Business Support Package- Allocating $250 million in support for the assistance of small and medium businesses that are bearing the brunt of the recent occurrences. The Support Package includes: Business Costs Assistance Program The Government…
Read MoreHighlights of The 2021/22 Federal Budget
The new Federal Budget highlights the retention of ‘LMITO’ (Low and Middle Income Tax Offset). The LMITO is a vital tax rebate for Australians that offers relief to low and middle income taxpayers. This scheme has been an add on to the ‘LITO’ Low Income Tax Offset that’s already in place. Government’s intention is to…
Read MoreQR Codes
As of Friday 23 April 2021, The Victorian Government has updated its COVID Safe requirements, to be followed by business establishments across a large board of categories. To be able to effectively trace any occurrences all patrons visiting these establishments must check in from their smartphones with the Victorian Government QR code service. Alternatively, for…
Read MoreHow to Avail Tax Refunds for Working From Home?
Following the COVID-19 debacle, many employees and business owners have shifted to a work from home model, either permanently or temporarily. However, many of them are unaware of the fact that one can avail a deduction on their tax returns or lucrative refunds when working from home. ATO has rolled out a number of guidelines…
Read MoreTips to Get the Most Out of Your Accountant
As April 15 looms over, every person is scrambling to find the right professionals for tax preparation. While each firm can appoint an in-house accountant or take the financial books into their own hands, hiring a professional accountant who charges optimally and has experience is always more lucrative. However, the job of an accountant is…
Read MoreAccounting Trends of 2021
Technology has brought on significant changes in the world. Most professions have adopted this in order to make services more efficient. One such profession would be accounting. In today’s day and age, there are several trends in accounting that rely on comfort and technology. Some of the latest ones are described below in order to…
Read MoreEffective Bookkeeping Tips for Your SMSFs
If you are looking for a way to secure constant income once you are retired, a Self Managed Super Fund is the right choice. However, managing a SMSF is real work. It includes keeping your transactions recorded. This process of keeping your accounts in order is called bookkeeping. Since its inception, Australians have embraced SMSFs…
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