News and Views

Profit and Cash Flow: What's the Difference?

We often hear from business owners who report a healthy profit at year end, but scramble to pay their bills on time throughout the year. This scenario is especially common for start-ups and companies that work on long-term projects. These types of businesses tend to have a long cash conversion cycle that causes a significant disconnect between cash in the bank and the profit reported on income statements and tax returns. Here’s why.

Paperless Record Keeping- Best Practice

The ATO reminds us on its website that by law, business operators have to keep records, which “explain all transactions, be in writing, be in English or in a form that can be easily converted, and be kept for five years”. Some records, especially in relation to capital gain tax events, may need to be kept for longer. Clients sometimes tell us about their frustration in relation to this record keeping burden. They tell us about running out of space for the piles of paper. However, the ATO tells us that “be in writing” also means “in electronic format” and that “the principles are the same”.
 

 

Doing Business in Australia- new video

This video offers practical information about doing business in Australia. Moore Stephens WA Director James Tng provides an overview of all relevant tax issues that will arise and covers regulations you need to be aware of to maximise the chances of success in Australia. 

Non-Resident Withholding Tax Regime

From 1 July 2016, disposal of certain Australian property by non-resident Vendors will be subject to a non-final 10% withholding tax. The purpose of this is to assist in the early collection of tax from foreign residents and encourage them to meet their tax obligations in Australia. The tax is required to be withheld by the Purchaser and remitted to the Australian Tax Office (ATO).

Globalisation and the tax system- how taxation affects individuals moving to and out of Australia

The world has shrunk and the business is more fluid than ever. Business has changed and e-commerce has revolutionised the way business is done and where business is conducted from.
 
In the modern world, you can conduct business from a coffee shop, on a beach or in an office. With this change and the way products and services are being delivered, we are noticing now more than ever an inflow and outflow of people into and out of Australia.
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