Accounting Professionals Blog

Cloud accounting allows business owners to view and manage their accounting file anytime, anywhere, requiring only an internet connection. Cloud accounting has also reduced upfront business costs eliminating the need for software upgrades and reducing downtime and it...

People go into business to get freedom and independence, but most business owners are trained to do the work, not trained to own or manage a business. They don’t want the biggest or most successful business in the world, but the result is often a business that is:...

At Accounting Professionals, we see lots of successful start-up ideas but on average, for every 10 new ideas, only one makes a good business. "Most start-ups believe their secret sauce is their new business idea," says Garry Pinch, AP's Director of Business Advisory....

As accountants, we are frequently asked, "What accounting software are the best performing businesses using and why?"  With a multitude of different accounting packages on the market, the task of choosing the accounting package for your business or the decision of...

What are the tried and true strategies of the best performing businesses?  “How can I make my business better?” This a question we at Accounting Professionals commonly get asked by clients and it will come as no surprise that for even the best performing businesses,...

By Stephanie Pokrivka, Accounting Professionals Single Touch Payroll (STP) has been introduced by the ATO to streamline employer reporting obligations but there may be deeper ramifications for your business if you are not prepared. From 1 July 2019, each time you pay...

Have you created a new full-time position in your business? You may eligible for the Small Business Grant of $2,000. The NSW government has provided a grant to encourage small businesses to employ new full-time, part-time and casual workers. A new job is created when...

The Treasurer, The Hon. Josh Frydenberg MP, handed down the Government’s 2019/20 Federal Budget at 7.30pm (AEDT) on 2 April 2019. Wayne Hooton, Small Business Tax Specialist at Accounting Professionals, provides a summary of the key personal tax, business tax and...

Families can and should talk about money says AP Wealth's Tony Bates.There are so many fantastic resources to help families think about today, tomorrow and beyond. Tony commenced his career at Ord Minnett before the 1987 share market crash and has been navigating its...

Individuals with a total superannuation balance (TSB) below $500,000 are now able to “carry forward” their unused concessional contributions (CC) cap space to future years in order to catch up on contributions later when they have the capacity to do so. Usually, an...

The government plans to give companies greater access to prior year tax losses in a bid to stimulate business innovation. A new alternative to the “same business test” – the “similar business test” – will make it easier for companies that have experienced a...

Wayne Hooton, Small Business Tax Specialist at Accounting Professionals, explains the proposed changes to the instant asset write-off scheme for small business. If legislated, an increase in the threshold amount will provide further tax breaks for small businesses...

Before you rush off to gather all the documents for your tax return, beware of some changes in this year’s return, particularly in the areas of rental properties and superannuation. In addition to the changes in the tax return, the ATO has also outlined the top 5 most...

By Nick Fitzgerald, Business Advisory Director, Accounting Professionals “I’m so busy right now,” is hands down the most common response I hear when I ask business owners, “how are you?” or “how’s business?” And, sadly, the answer to my follow up question “how is cash...

The sole purpose test is one the fundamental requirements for a Self Managed Super Fund (SMSF) to obtain tax concessions. It requires that the SMSF be maintained for the sole purpose of providing retirement benefits to its members or their dependents if a member dies...