We provide accounting, auditing and taxation services, and we have a dedicated and highly skilled group of professionals ready to help you navigate Australia’s complicated tax system.
Our mission is to provide the best outcomes for our clients, provide a challenging and rewarding environment for our staff and to give
something back to the community we live and work in, through sponsorships and pro-bono work.
We are a proactive and innovative accounting and business advisory firm providing accounting,
taxation and other services for small business and other clients.
We can provide advice on asset protection, estate planning, family tax benefits, salary sacrifice and anything else related to employee income
Asset protection can be a very important component of a business structure to protect you and your family’s assets.
Property investment has become very popular in recent years with a larger percentage of the population purchasing a property to rent.
Bayside Business Accountants are accredited SMSF specialists and can provide advice on compliance or establish a new fund for you.
To stay up-to-date with our latest articles
The Christmas season is here! Festive celebrations, gifts and entertainment become common occurrences at the workplace during this time of year. However, most employers get a shock during the annual audit toward the end of the financial year, as they realise the overall cost of gifts and partying doubled up due to the Fringe Benefit Tax or FBT.Read More
- Super guarantee opt-out for high income earners now law
- ATO recommends updating ABN details for natural disaster reasons
- Reporting asset disposals for CGT
- Government passes other superannuation legislation
- Super Lookup 'status' will change if SMSF annual returns are late
- Taxpayer liable for excess transfer balance tax despite commutations
With a staggering population of over 4.4 billion spread across over 50 countries, Asia has a distinctly diverse business landscape. Naturally, they are one of the most favoured consumer markets for international businesses.Read More
Did you know small and medium sized enterprises (SMEs) have the lion’s share in Australia’s GDP? According to a report, small businesses form the backbone of the Australian economy with a colossal contribution of 57% to its annual GDP and 7 million job generation.Read More
It is no secret that insufficient and poorly managed cash flow can cripple even the most profitable businesses. According to a new study from Wakefield Research, commissioned by Intuit Australia, small businesses in Australia have lost opportunities worth $5.8 billion due to inadequate cash flow. It is essential to take control of your cash flow to keep your business going even during a turbulent phase.Read More
September 2019 Practice Update covers following points:
- "Outrageous" deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- ATO watching for foreign income this Tax Time
- The ATO hits the road
- Motor vehicle registries data matching program protocol
Financial management is no child’s play, especially when your business is still taking baby steps in the volatile market. Inadequate cash flow and haphazard finances can cost you dearly, taking your business back to square one. That’s the reason why you need to iron out your finances early on to survive, thrive and flourish in a fiercely competitive business world.Read More
The start of a new financial year is the right time to start preparing your business for the fiscal year 2019 - 2020.Read More
The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible.
‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go ('PAYG') withholding obligations.
July 2019 Practice Update covers the following points:
- 'Cash in hand' payments to workers no longer tax deductible.
- Uber drivers not employees.
- Making a Division 293 election.
- ATO targeting false laundry claims.
- Lifestyle assets data matching program.
- Tax time tips for small business.
- Fixing incorrectly issued excess NCCs determinations.
- Car parking threshold for 2020 FBT year.
- Trustee obligations on the ATO's radar: TFN reports.
A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce
overall taxable income in the current year.
Please review our checklist so you know what documents you will need for completing your 2018/19 tax return.
June 2019 Practice Update covers following points:
- Single Touch Payroll Update
- Employees and payment summaries
- Cryptocurrency data matching program
- Tax office to double audits of 'dodgy' rental deductions
- Paying super to backpackers
- New rules for immediate write-offs
The transaction and use of cryptocurrency in Australia are evolving rapidly. If you’ve bought, sold or even traded using cryptocurrency, you have a tax obligation to retain records. Here are a few essential tax tips that you need to consider if you have made a profit by trading in cryptocurrency:Read More