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 This article highlights some information relating to the frequent problems of tax audits, failure to lodge tax returns, and the trouble of paying the tax. Some thoughts and instructions are suggested to help constructively decrease or resolve these problems. Tax Audits: Tax authorities require to review selected individuals for tax audits or questioning. These audits are usually targeted at occupations, industries, and individuals who are considered "high risk". Tax audits can inspect either non-disclosure of income or over-claimed deductions. In Australia, the ATO is accountable for assessing and collecting income taxes. Naturally, they also start tax audit programs and collect taxes. The majority of tax audit activities are commenced by two methods the first is data-matching (comparing data held by the ATO with information obtained from other institutions eg banks, other tax authorities or other government agencies). The second method is by targeting "high risk groups...

  Customer satisfaction has a massive impact on your business growth and success. A low satisfaction level of the customer means low retention and loyalty level of your business.  It's a bad sign of customer service.  Here are some tips which can help you in improving your customer experiences. The same level of service Some of your customers will be full of only questions, some just chatty, and other plain angry.  You must be prepared to understand your customers and provide each customer with the same quality of service every time.   Continuous Learning Process Every customer is unique, and every support situation is different. To provide better services , sense the mood of the customer, and handle the surprises.   You must continue to learn things and continue to find a better way to address them.  Positive Attitude There is no definition of a positive attitude. Aggrandizing this in your company practice helps to avoid any conflicts.  A specifi...

  We believe that data security should be concerned for everyone and the organization too. We have recognized various security-related concerns and have taken proper measures for them.  Employees Data Confidentiality Employers need to sign a non-disclosure contract with penalty clauses in case of any violation of the agreement.  Employers have no access to personal emails and file transfer platforms. Employers have no provision to get connected with any of the personal electronic systems to any device.  Employers have separate login credentials with tracking of log activities.  Network IT Security We have a digital environment with limited printing access.  Security audits are performed regularly. Every access has an SSL certificate and electronic locks.  Regular checkup of the virus through antivirus systems.  Regular data backups on secured platforms.  Lease lines of port connectivity with static IPs for secured and uninterrupted flow of da...

  Different forms of taxes are levied by Australia's federal, state, and territory governments. This summary touches on some of the taxes that affect the business, individual, and foreign entities that invest in Australia. Taxes in Australia are collected by ATO and in, some cases state revenue offices. Businesses can save money by paying the taxes on time and taking benefit of any tax concessions that they are qualified for. The taxes concerning businesses are Company Tax, Capital Gains Tax, and the Goods & Services Tax, and others. These Taxes are all set up by the Australian Government.  Businesses can choose to make tax payments quarterly, monthly, or yearly.  Further details on these taxes and other business taxes are provided below-  Company Tax (Income Tax) Companies are treated as separate Taxpayers in general. An Australian company is set to pay company tax at the rate set by the Australian Government.  If you're a non-Australian company, you're tax...

  Are you all confused between hiring an in-house accounting team or outsource accounting services?  When a business grows, its financial transactions, financial statements, and accounting load increase concurrently. As a result, owners have a tough time deciding whether they should hire an in-house accounting team or outsource accounting services. Accounting is ranked #1 most important job for the success by the small business owners. Accountants rank above lawyers, bankers, IT managers, and all the other staff. Why is it? Because they're entrusted with all the company's finances and are responsible for keeping everything on track.  In-house bookkeeping is the traditional form of business, but companies are increasingly turning to outsource accounting services. Each has its pros and cons, so it can be hard to know which will better match your business. Let's look at each one in more detail. Work Quality Having an in-house team of accountants bring numerous advantages. Th...

  Financial Planning is different from financial statements. Alternately looking at what is already happening, you plan for upcoming months, forecasting income and outlays.  Your planning will be a warning system helping you to track cash flow, identify monetary needs, and pinpoint the best time for the project.  The financial plan is a part of an overall business planning process, during which goals and strategies are agreed upon to grow the business in the upcoming years.  It also gives you tools to monitor your finances, allowing you to measure progress and quickly manage the head-off problem.  Here are six easy steps to create your financial plan. EXAMINE YOUR STRATEGIC PLAN Financial outlining should start with your company's strategic plan. You should ask yourself what you want to achieve at the start and ask yourself a set of questions-  Do I need to hire more staff? Do I need more equipment? Will I need more finance? Yes, how much? Then, determine t...