Most small-business owners would say one thing they would meticulously avoid if given the chance is a tax audit. But rather than living in fear of the unknown, let’s take a look at some of the most common triggers for a small-business tax audit.
If you sell a capital asset, such as real estate or shares, you usually make a capital gain or capital loss. This is the difference between what it cost you to acquire the asset and what you receive when you dispose of it.
If it is not possible to reliably measure the outcome of a transaction involving the provision of services (perhaps because the transaction is in its very early stages) then revenue should be recognised only to the extent of costs incurred by the seller
To reduce the risk of your clients being selected for scrutiny by the Australian Taxation Office (ATO) or any other government agencies involves a number of steps including using engagement letters and implementing an appropriate risk management framework.
Accrual accounting is simply saying that you have accrued an expense (or revenue), whether you expend (or receive) the cash or not. And, so, YES, depreciation is an accrued expense. You accrue it over the course of time you will depreciate the thing...
Expense claim is a collection of receipts from personal spending that needs to be reimbursed by the business. Each user in your organisation can add receipts recording their expenses, then submit an expense claim to be reviewed and approved by a user with the required user role.
Depending on your employment conditions, for example amounts your employer is required to pay under the industrial agreement or employment contract, a genuine redundancy payment may include:
payment in lieu of notice
severance payment of a number of weeks' pay for each year of service...