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Accounting & Tax

What is tax planning? Tax planning is the process of arranging your business' finances to legally keep your tax liability, i.e., the amount you pay in taxes, to a minimum. Through effective tax planning, you can increase the amount of capital within your business, which you can reinvest in its growth, and improve short-term cash flow. Not to mention, by keeping on top of your tax obligations, you can make better strategic decisions and won't feel rushed or pressured come tax season. With this in mind, this post explores five fundamental tax planning strategies for businesses. Effective tax planning strategies..
As increasing numbers of Australians look for ways to boost their retirement savings, self-managed super funds (SMSFs) are gaining popularity. So much so, in fact, that the number of SMSF’s grew by 5% in 2022 alone. However, with the rules and regulations that govern SMSFs, they may not be suitable for everyone – so weighing up the advantages and disadvantages of SMSFs before opening one is crucial. Let's explore the most significant benefits of SMSFs, as well as the potential disadvantages of SMSFs. Advantages of SMSFs (The Benefits of SMSFs) Investment Control and Flexibility One of the major benefits of..
A self-managed super fund (SMSF) is a private superannuation fund that you own and manage. In doing so, you get to decide how to invest your super contributions, who can be a member of the fund, and ultimately, whether to keep it running. However, you're also responsible for  ensuring your SMSF complies with all relevant regulations – and dealing with the consequences of non-compliance. An SMSF can be a powerful tool for saving for retirement as it offers greater control over investments, the ability to pool savings with other members, and more flexible costs. However, the process of setting up..
So you've been filing your own tax returns? Are you sure you're saving all the tax you're entitled to save? You don't have to be a surgeon to claim higher tax deductions and save more of your hard-earned money. Speak to a business accountant and they'll tell you there are probably a few tax-saving areas you've not thought of. You may be able to claim these expenses at tax time. Financial advisers at KPartners are there to help you work out your specific claims.
Maintaining a small business can be overwhelming in multiple ways for businessmen, having to handle different responsibilities. With the plethora of data and financial handling you have to do, you will know how hard handling accounting can be now. To keep your business moving forward, it is also extremely essential to not lose track of your financial progress, analyse them and segregate large data.
Business owners that have to deal with isolated but plenty of data will sure have many stories to tell. If you own one, one of your stories might be about the accounting processes. At one point in the business, you might have to crunch large amounts of data, analyse them, or make decisions based on them. No matter how small your business is, its growth is directly tied to your understanding of how the numbers.