We provide accounting 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 can provide advice on compliance or establish a new fund for you.
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- $30,000 instant asset write-off
- Federal Court provides clarification on the PSI rules
- Deductions for a company or trust home-based business
- ATO impersonation scam update
- Using the cents per kilometre method
- Measuring the integrity of the ABR
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 MoreSeptember 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 MoreAugust 2019 Practice Update covers following points:
- Tax cuts become law
- ATO "puts the brakes" on dodgy car claims
- Private health insurance statements now optional
- ATO rates and thresholds
- ATO Data Matching Program: HELP, VSL and/or TSL debts
The start of a new financial year is the right time to start preparing your business for the fiscal year 2019 - 2020.
Read MoreThe 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.
Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019.
Read MoreJune 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- Changes to the small business instant asset write-off.
- Tax scammer alert.
- Non-complaint payments to workers.
- What’s new for Australian business.
Most businesses – be it small or big – struggles with cash flow gap at some stage. However, it can be really detrimental for a small business.
Here we have listed down a few common causes that widen that cash flow gap:
-Division 293 assessments.
-Claims for home office expenses increased.
-MYEFO report.
-Taxation of income for an individual’s fame or image.
Click here for January/February – 2019 Practice Update
Uber is looking for more drivers and Airbnb is seeking more hosts, but what are the implications of becoming part of this new ‘sharing’ economy’?
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It wasn’t that long ago that most websites were simply electronic brochures. They simply listed the who, what and where of the business but times have changed.
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According to the Assistant Commissioner of Taxation, Tom Wheeler, over 400 small to medium sized enterprises are about to receive a visit from the ATO as part of a crackdown on cash based businesses.
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