Requirements for an ABN for an Australian Accounting Firm: Ample Finance When starting an accounting firm in Australia, such as Ample Finance, obtaining an Australian Business Number (ABN) is a crucial step. An ABN is a unique 11-digit identifier that businesses use when dealing with the Australian Taxation Office (ATO) and other government [...]
Establishing a trust in Australia can be a strategic financial decision for individuals and businesses alike. Whether it's for asset protection, tax advantages, or estate planning, trusts serve various purposes tailored to suit specific needs. At Ample Finance, we aim to equip you with the knowledge required to navigate trusts and maximize their [...]
At Ample Finance, we are committed to empowering Australian businesses with the knowledge they need to navigate the complexities of tax legislation. One key area that often requires clarification is Section 40-880 of the Income Tax Assessment Act 1997, which pertains to deductions related to certain depreciating assets and capital expenditure. This [...]
In the digital age, the way we manage finances and accounting has evolved significantly, offering clients more flexibility, convenience, and efficiency. For clients of Ample Finance, an Australian accounting firm, the move towards online accounting services represents not just a trend, but a fundamental shift in how businesses and individuals can address their [...]
Introduction In the complex world of Australian investment and taxation, understanding the various structures available to manage and protect your wealth is essential. One such structure is the discretionary trading trust, a popular choice among investors looking to optimize tax outcomes and maintain flexibility. This article aims to provide a comprehensive overview of [...]
Understanding Business Activity Statements (BAS) for Australian Businesses What is a Business Activity Statement (BAS)? A Business Activity Statement (BAS) is a crucial document for businesses registered for Goods and Services Tax (GST) in Australia. It is used to report and pay the GST, as well as other tax obligations such as Pay [...]
BAS Due Dates for 2024/2025: Essential Information for Australian Businesses As we navigate the financial landscape in Australia, understanding the due dates for Business Activity Statements (BAS) is crucial for businesses and their accountants. At Ample Finance, we are committed to providing timely advice and support to ensure compliance and avoid unnecessary penalties. [...]
Should I Hire a Bookkeeper for My Small Business? Insights from Ample Finance As a small business owner in Australia, managing your finances can often become overwhelming, particularly as your enterprise grows. With the intricacies of tracking expenses, managing cash flow, and staying compliant with Australian tax laws, the question arises: should you [...]
Understanding the Difference Between Consulting and Advisory Services in Accounting At Ample Finance, we understand that the terms "consulting" and "advisory" are often used interchangeably, yet they represent distinct services that cater to different client needs, especially in the context of Australian businesses. Understanding these differences is crucial for firms seeking to [...]
Understanding the Six-Year Rule: A Guide to Capital Gains Tax in Australia When it comes to managing your investment properties in Australia, understanding the ins and outs of Capital Gains Tax (CGT) is essential. One significant provision that can greatly impact your tax obligations is the Six-Year Rule. At Ample Finance, we strive [...]
Understanding Principal Place of Residence: A Guide for Australian Homeowners As an Australian homeowner, one of the most significant aspects of property ownership is understanding your Principal Place of Residence (PPOR). This term plays a critical role in the realm of taxation and investment properties and can greatly impact your financial planning. At [...]
Family trusts play a vital role in estate planning and asset protection for families across Australia. With shifting economic landscapes and growing concerns about taxation and succession planning, understanding how family trusts operate can help you make informed decisions to protect your family's financial future. At Ample Finance, we aim to provide you [...]
At Ample Finance, we understand that navigating the complexities of the Australian taxation system can be overwhelming for families, especially when it comes to family trusts. A Family Trust Election (FTE) is a pivotal aspect of managing a family trust and can greatly influence your family’s tax obligations. In this guide, we’ll explore [...]
Understanding Sick Pay Guarantee: What Every Australian Business Needs to Know As the workforce landscape continues to evolve in Australia, it is critical for businesses to stay updated on essential employee rights, including sick pay entitlements. The Sick Pay Guarantee is an important initiative that affects many employees and businesses across the country. [...]
The introduction of Stage 3 tax cuts is a significant shift in Australia’s tax landscape, designed to simplify the tax system and provide relief for individuals and businesses. At Ample Finance, we believe it’s essential for our clients to understand how these changes will impact their financial situation. In this article, we’ll break [...]