Tax Specialists

Blog tagged as Tax Specialists

Navigating the Tax Maze: Compliance Challenges for Australian Medical Practices

Australian medical practices face tax compliance risks including misclassifying employees, incorrectly reporting fringe benefits, income tax complexities, GST liabilities, and inadequate superannuation contributions. The ATO Professional Firms Guidelines govern professional profit distribution.

RBizz Team

23/06/2023 05:34 PM - Comment(s)

Avoiding Compliance Issues with the ATO: Common Mistakes for Doctors Running Businesses through Companies or Trusts

Discover common compliance issues faced by doctors running businesses through companies or trusts and learn how to avoid them. Stay compliant with the ATO to ensure smooth operations and financial success.

RBizz Team

20/06/2023 03:38 PM - Comment(s)

Prepare for Finalising Single Touch Payroll

Prepare now for finalising STP payroll data by 14 July. Book a time with us today to check essential employee information, verify the numbers and confirm payroll categories are linked to the correct reporting fields before lodging with the ATO.

RBizz Team

15/06/2023 04:01 PM - Comment(s)

Upcoming changes to NALI provisions

Recent updates have been announced to the non-arm's length income (NALI) provisions applying to SMSFs.

RBizz Team

12/06/2023 04:31 PM - Comment(s)

Get set for a minimum wage increase

Get set for a minimum wage increase effective July 2023

RBizz Team

05/06/2023 03:18 PM - Comment(s)

Tax changes for build-to-rent accommodation

Investors in build-to-rent accommodation will benefit from an increase to the capital works deduction from 9 May 2023. Call us if you want to find out more.

RBizz Team

22/05/2023 04:55 PM - Comment(s)

Div 7A interposed company arrangements alerted by ATO

The ATO has initiated a crackdown on arrangements where an individual shareholder accesses profits of a private company in tax-free form through an interposed holding company.

RBizz Team

21/04/2023 04:11 PM - Comment(s)

Electric vehicles home charging expenses — compliance guideline

ATO has released a draft compliance guideline to address compliance challenges faced by taxpayers when separately identifying home charging costs for electric vehicles from the total electricity consumption of a household.

RBizz Team

20/04/2023 12:16 PM - Comment(s)

Super Guarantee Rate Rises in July to 11%

The super guarantee rate will rise in July this year to 11%. Have you calculated the extra cost to your business? This rate increase may also affect salary packages. Talk to us now to start preparing for the changes, so you don't get caught out.

RBizz Team

18/04/2023 04:39 PM - Comment(s)

New Rules for Working from Home Expenses

Working from home? Are you claiming your expenses on your tax return? There are 2 methods available to calculate your WFH claim.

RBizz Team

17/04/2023 02:06 PM - Comment(s)

New Family Trust Tax Rules – Will the Changes Impact You?

With the ATO’s new directives on the taxation of trust distributions, it's essential to review arrangements. Book a planning session to ensure you've got the best beneficiary arrangements.

RBizz Team

10/04/2023 04:59 PM - Comment(s)

What will an increase in the superannuation transfer balance cap mean for you?

The general transfer balance cap is about to increase. Find out how this may affect your retirement plans.

RBizz Team

23/02/2023 05:22 PM - Comment(s)

ATO scrutiny on family trust and s 100A arrangements

The ATO has finalised a major tax ruling about when distributions from family trusts may be caught by anti-avoidance tax laws. Make sure you are doing the right thing now and in the future.

RBizz Team

07/02/2023 05:42 PM - Comment(s)

Getting your bookkeeping ready for a digital future

Are you still wasting time on manual bookkeeping processes? We’ve explained why digital bookkeeping is the way forward for any serious business in 2023

RBizz Team

07/02/2023 04:23 PM - Comment(s)

Paid Family and Domestic Violence Leave – New Entitlement Rules

As of 1st Feb, Paid Family and Domestic Violence Leave is a paid leave entitlement for employees of larger employers, and from 1 Aug 23 for employees of small employers. Talk to us to plan for changes to payroll provisions and costs.

RBizz Team

03/02/2023 03:30 PM - Comment(s)

Your upcoming tax calendar for February and March 2023

Welcome to 2023! To help you understand your tax obligations as you get back into the swing of things, here is a list of key tax dates for February and March 2023.

RBizz Team

01/02/2023 09:37 AM - Comment(s)

Sharing economy receipts now reportable directly to ATO

Operators of sharing economy platforms now required to report transactions to the ATO from 1 July 2023. If you operate in these platforms, such as ride share or short-term accommodation, make sure this information comes to us for your tax return.

RBizz Team

24/01/2023 04:53 PM - Comment(s)

How To Start A New Business In Retail Industry In Australia

Starting a new business in the retail industry in Australia can be an exciting and challenging endeavor. The retail industry in Australia is one of the most competitive in the world, and it's essential to have a well-thought-out plan in place before launching your business.

RBizz Team

12/01/2023 12:08 PM - Comment(s)

Have you got a strategy for a financially stress-free holiday period?

Holiday breaks are a time to re-charge for the year ahead. However, for some business owners, holidays can be a stressful time for cash-flow. Have you got the strategies in place to ensure you are in the best financial position this year?

RBizz Team

26/12/2022 08:09 PM - Comment(s)

What is inventory accounting? - And why it's important

Tracking stock levels, costs and profit on every product you sell can get pretty complex – no wonder so many businesses have a fuzzy understanding of their inventory. But inventory accounting is too important to ignore. We can help.

RBizz Team

26/12/2022 04:40 PM - Comment(s)

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What do our happy customers say about us?

Success Stories

I experienced a sea change in the approach and results of RBizz Solutions when we moved from previous accountant. We have outsourced all accounting functions of our medical practice to RBizz Solutions who manage them very efficiently. I found them approachable, experienced, professional and above all supportive. Their industry knowledge is commendable. In many instances I observed their practices technically advance and systems driven. I highly recommend them to other medical practices and doctors.

RBizz Solutions handled restructuring of our medical practice business very innovatively, efficiently and accurately. They professionally planned and executed all accounting and compliance processes. I found them responsive, proactive and caring. Their systems are advanced, established and efficient in producing meaningful reports. They highlight current and possible challenges in regular discussions and advise in an easy to understand manner. I am confident tin recommending their business accounting serviced to other businesses.

The approach of RBizz Solutions towards understanding the needs of clients and offering solutions which are fresh, practical and long-lasting is really commendable. I experienced them going all the way to find solutions which are not common. I availed their taxation services for our professional services business and myself. I definitely recommend them to all business and non-business clients.

For small businesses like us, RBizz Solutions have all the right knowledge, experience and tools for a very timely and authentic support. We have found them very friendly and approachable all the time. They take extra care in giving their best advice. The best part is, they keep client's benefit and satisfaction at the top. We highly recommend their services to other businesses.

We availed CFO Services of RBizz Solutions for our young pharmaceuticals business in setting-up financial management processes, reports and decision-making tools. I am impressed with their experience in easing the administrative, governance and compliance challenges start-ups generally face. They have very organized approach to their work. I sincerely appreciate and recommend their services.

In setting-up new company and designing a business structure appropriate to my industry, I took help of RBizz Solutions. Their knowledge and experience on start-ups is deep and futuristic. They advised me on certain aspects which a business must be clear for its long-term stability and growth. With great confidence in their services I will recommend them to new and established businesses.

Rbizz solutions assisted us in organizing our operations by setting-up new processes. With new processes all the instances of administrative lapses have been arrested. In short period of time the efficiency of our business processes has increased tremendously and it has also helped in preparing the performance reports in no time. We would recommend their services to other businesses who are looking for assistance in establishing seamless operations.

RBizz Solutions helped me in designing and setting-up billing, collection, accounting and reporting processes for my business in IT services. Their approach is very innovative. They focus on simple but advance solutions. Their knowledge of integration of systems is impressive. I am significantly saving my time and energy and being able to focus more on my core business. I am happy to recommend their services to any small business owner.