Substantiation: The act of showing something to be true, or of supporting a claim with facts. “The company produced receipts in substantiation of its claim” “The criticisms were without factual substantiation” That’s all well and good… but what does this have to do with your accounting exactly? The reason is simple: many tax deductions and rental claims require evidence to [...]
As a small business owner, you’re accustomed to doing things on your own. In particular, many small business owners feel intense ownership over their businesses, and feel compelled to have a hand in all parts of its operation. In many instances, that includes doing the finances as well. It’s admirable that you’re taking such a hands-on approach to your business [...]
Can your accountant set up your self-managed super fund? More importantly, should your SMSF be handed out to someone else? It’s a self managed fund, after all - giving it to someone else defeats the point somewhat! If you ask us, the answer to both of those questions is a resounding “yes!” Just because it’s a self-managed superannuation fund, doesn’t [...]
We’ve all got our New Year’s resolutions: go to the gym more, learn a new language, repaint the living room... you know the drill. But have you thought about New Year's resolutions for your small business? If you ask us, the Christmas and New Year period is the best time to start implementing new systems and procedures at your business. [...]
Bitcoins turning into cold hard cash. Once-in-a-lifetime “business ventures”. Distant acquaintances stranded overseas. Christmas isn’t just the season of cheer - it’s also the season of scams. In addition to taking your hard-earned cash, scammers are increasingly going after your personal data. Identity theft in particular is on the rise, with scammers increasingly going after personal details. In 2014-15 alone, [...]
At Bruce Edmunds & Associates, we’re focused on getting you where you want to be in 5, 10 or 20 years time. And a key part of that is your super. Superannuation is a crucial part of your wealth planning - as such, it’s little surprise that many opt to avoid super providers and instead choose to self-manage their super. [...]
Say your car engine runs into problems. You wouldn’t take it to a smash repair centre, would you? Of course not - you’d instead take it to your local mechanic. While these two professions both work on cars, panel beaters and mechanics work in completely different ways. Accounting and bookkeeping are no different in that regard. Sure, both professions deal [...]
At Bruce Edmunds & Associates, our mission ever since 1966 has been to provide individuals with the level of financial freedom needed to achieve their goals and get them where they want to be in life. Our accountants in Bayside have been providing qualified financial, super and tax assistance to help our clients get to that point. However, that isn’t [...]
With each new financial year comes a new raft of proposed changes to taxes and superannuation. And the financial year beginning July 2019 is no different. While most Australians are no doubt familiar with the Government’s proposed tax cuts which are due to come into effect over the coming years, one change that fewer people are aware of are the [...]
During the last couple of weeks, you may have received a letter from the ATO in the post. Inside, you’re greeted with a message informing you that you’ve run afoul of the ATO’s automated data-matching system. As part of the ATO’s recent crackdown on dodgy tax claims, more Aussies than ever are expected to receive copies of this letter. But what [...]
