M.A.D. Accounting

💼 Contracting or Freelancing? Here’s How to Stay on Top of Your Finances! 💼 When you're a freelancer or contractor, you're juggling many tasks, and managing your finances should be a top priority. Here are a few key tips to help you stay financially healthy: 1️⃣ Know Your Deductions – Understanding what you can claim will help you maximise your tax benefits. 2️⃣ Organise Your Finances – Use tools to track your expenses and invoices efficiently. 3️⃣ Set Aside Funds – Don’t forget about tax time! Budget wisely by saving for your obligations throughout the year.

🌟 Thinking About Buying a Business? Here’s Why Due Diligence is Essential! 🌟 While there's no legal requirement to perform due diligence before purchasing a business, skipping this critical step can lead to costly mistakes. A thorough due diligence process uncovers hidden financial risks, operational inefficiencies, or potential liabilities that might otherwise go unnoticed. At M.A.D Accounting, our tailored due diligence service ensures you approach your purchase with confidence, reducing uncertainty and identifying potential deal breakers. 🔍 Here’s How We Help: 1️⃣ Initial Assessment – We work closely with you to understand your goals and pinpoint the business areas that need thorough examination. 2️⃣ Data Analysis – We meticulously review financials, from P&L statements to tax returns, ensuring the business is as healthy as it seems. 3️⃣ Reporting & Recommendations – We provide a detailed report outlining risks, opportunities, and actionable recommendations to support informed decision-making. Don’t take unnecessary risks—let us help you make the right move in your business acquisition. 🚀💼

When is a gift not a gift? 🎁❓ In most cases, gifts of money or assets are tax-free if given voluntarily, with nothing expected in return. However, there are important exceptions to be aware of: 👉 Foreign Trusts: Australian tax residents who are beneficiaries of foreign trusts may need to declare certain amounts in their tax returns, even if they aren’t direct beneficiaries. 👉 Inheritances: While inheritances are typically tax-free, selling inherited assets can trigger Capital Gains Tax (CGT) if specific conditions aren’t met. 👉 Estate Planning: Navigating the tax implications of inheritances can be complex. It’s crucial to seek professional advice to ensure the best outcome for your beneficiaries and address any issues when drafting or updating a will.

With the ATO extending its property management data-matching protocol through 2025–26, it's more critical than ever to ensure your rental property reporting is accurate. Here's why you should turn to M.A.D Accounting for help: 🔍 Navigating Complexity: The ATO is cracking down on common errors like underreporting rental income. We’re here to help you avoid these pitfalls and ensure accurate reporting. 📊 Precision in Reporting: We manage your income, deductions, and capital gains with precision to prevent costly errors and avoid audits. 🛡️ Compliance & Risk Reduction: We ensure you're fully compliant with all registration and lodgement requirements, minimizing the risk of penalties. 💡 Maximising Tax Benefits: Our team ensures you’re claiming all eligible deductions and categorizing expenses correctly for maximum savings. 📆 Expert Guidance: We offer continuous updates on tax law changes, keeping you ahead of compliance requirements. 📋 Stress-Free Management: With M.A.D Accounting overseeing your property taxes, you can have peace of mind knowing everything is handled with professionalism and accuracy.

As a business leader, staying informed about taxation changes and financial strategies is crucial. From tax planning to optimising cash flow, I specialise in helping businesses thrive while staying ATO-compliant. Let’s discuss how we can refine your financial strategy for success. #BusinessLeadership #FinancialStrategy #ATOCompliance

Small businesses often overlook the importance of regular bookkeeping, leading to missed opportunities and costly errors at tax time. Having an organized system in place not only helps during tax season but also supports long-term growth. Need help getting organized? Let’s talk. #SME #Bookkeeping #TaxEfficiency

Tax regulations in Australia are constantly evolving. Whether you’re managing GST, PAYG, or superannuation, staying informed is crucial for compliance and business efficiency. Need help navigating the latest changes?

📅 Important Dates for Your Business: 21 September Lodge and pay your August 2024 monthly Business Activity Statement (BAS). 30 September Lodge PAYG withholding payment summary annual report (if prepared by a BAS or tax agent, excluding large withholders with annual withholding > $1M). Lodge Annual TFN withholding report 2024 (if you're a trustee of a closely held trust that withheld amounts from payments to beneficiaries). Stay compliant and avoid penalties! If you need assistance, M.A.D Accounting is here to help.

💼 Business doesn’t have to be boring—your finances just need to be strong! At M.A.D Accounting, we provide expert financial guidance designed specifically for your business. 👉 Simple, actionable insights you can apply right away 👉 Cash flow strategies to keep your business on course 👉 Customised growth plans to help you stay profitable We're here to make managing your finances easy—no stiff suits, no confusing jargon, just results. 😎

Have you ever considered whether your business could withstand an ATO audit? Compliance is critical, and preparation is key. Regularly reviewing your financials, ensuring accurate reporting, and maintaining good records could save you from penalties.