#Hornsby Accountant#Hornsby Tax#Hornby Business

Inefficient debtor management can hurt your business by causing irregular cash flow, increased bad debt and strained relationships. CreditorWatch has compiled a list of steps to improve your debtor management:

 1. Reduce manual tasks: Minimising manual tasks will save you time and can reduce the room for human error.

 2. Centralise your systems: Controlling your accounts in one central location allows you to quickly assess the state of your accounts and pursue payment where necessary.

Scammers have been using fake myGov sites to steal myGov login details to commit tax fraud in people’s names, the federal government has warned.

 The scam involves using a text message or email to lure people into clicking a link that then gives the scammer access to your Australian Taxation Office (ATO) or myGov details.

 The messages are often something like “You are due to receive an ATO Direct refund, click here” or “You have a new message in your myGov inbox”.

Running a small business is a rewarding endeavour but tax compliance can bring unique challenges. There are a number of common mistakes that small business owners often make that can have significant financial implications.

As a small business owner, you can take advantage of one of four capital gains tax (CGT) concessions offered by the Australian Tax Office.

 These allow you to reduce, disregard or defer some capital gain from an active asset used in your small business.

 Eligibility

 These concessions become available when you dispose of an active asset, provided you meet certain eligibility requirements.

 First, you must be one of the following:

 

Have you paid for external training for your employees? If so, you may be eligible for the skills and training boost from the Australian Taxation Office (ATO).

 As a small business with a turnover of less than $50 million, you can claim an additional 20% bonus tax deduction for expenses incurred on training new and existing employees.

 This covers external training courses your employees undertake, either in person or online. The training must be provided by a registered external training provider.

As a business owner, you know that keeping records can save you time, hassle and money in the long run. But there might be some records you haven’t thought about.

 For tax purposes, you should keep record of your income, expenses, profits or losses. This means keeping your invoices, receipts, bank statements, payroll records and ledgers.

 Alongside your financial records, here are four more areas you should keep track of:

 * Inventory, including available stock and purchase orders.