Month: June 2020

Do You Know How To Get A Tax Return?

June 23, 2020 Nicla Pirozzi 0

We all know that that every government runs on taxes which are paid by the citizens. Now, there are many kinds of taxes which are further divided into different categories that are applies on many kinds of products and services being sold by the business, companies, industries and corporations. The study of tax is not as easy as we think because it has thousands of points and conditions with logics according to law in an order to make a robust system for the state.

When we pay taxes?

In an addition, we pay taxes on every product we buy and on any service we used. However, the amount of tax varies from products to product categories and services types to services types. For an example, you are going to buy a dairy product which is the basic food need of every person so in such kind of products there are less percent of taxes involved like a bread costs you for Australian Dollar AUD $ 2.17, Whereas the actual cost of the product is $1.93 at the retailer shop including the shop profit margin as we are only discussing about the taxes not any other pricing strategies. So, you have paid $ 0.24 as a tax.

When we get tax return?

Moreover, if we continue the above example of buying a bread. So, as the type of product is consumable like which you have eaten or consumed totally and there is no belonging left behind so there is no kind of tax returns shall be possible because you have consumed it completely. But what happens when you buy some of the thing which is not completely consumable and you can resell it? Like, for an example, you have bought a television including than sell it for some reason so as you have paid the tax and the final consumer is some of the one else so now you can claim your tax returns.

What we have discussed?

Well, we have tried to discuss bit complex example so that you can understand that how can we get our tax return as we usually we all knew that if the taxes that we have paid to the government on an specific income and the ratio of taxes are more than the liabilities than the excess amount of tax return has to be done by the government. Check this link https://888tax.com.au/small-business-tax-accountant/ to find out more details.

The best company for your tax return, in the Australia!

There are many other ways to get your tax return and most of the people either don’t knew about it and making their loss, eventually. Nevertheless, there are some people who knew about it and they get tax return but not completely or at the maximum level.

So, if you are looking for the best tax accountant in Bondi and tax specialist who really works and who knew all the fact, figures, laws, and enough capable, professional, experienced and smart that can handle each and every situation than the best and most recommended company is 888 TAX. For more details and inquiries regarding taxes and booking an online appointment, you may visit their online website at www.888tax.com.au

 

Accountant As Profession

June 18, 2020 Nicla Pirozzi 0

This has been saying the world is run by accountants. In some sense, it is true because every business needs to finance, the accountants are the people who control finance. The accountants are the people who work with figures and their minor error can cost a huge amount of money to any business. For the success of every business, it must contain knowledgeable and smart accountant. Also, as a profession, the accountant is a good career path. The qualified accountant from Cleveland can enjoy good earning and have reputed status in society. The role of the accountant is complex and somehow technical for every business. Their job responsibilities may vary as per business nature, but the core of the job is to maintain the accounts of the business.

The key responsibilities of any accountant are;

1. They need to record every financial transition of the company. Not financially per se, but to keep the end-to-end track of all the transactions. Because business earns revenue from their activities, so the accountant must have a complete record of activities from where the business has earned the revenue.

2. The business expenses are also recorded by the accountant. Every business needs to spend money to earn money. The accountant has to maintain expense vs. revenue report for the business. This will help to keep the accounting record of any business aligned as per their activities.

3. The accountant prepares, monthly, quarterly, and annual financial statement

4. They also designed the accountant procedures and process, to keep the close supervision of financial of the business. They need to have a close eye of all financial activities to prevent any fraud or theft.

5. Financial budgeting and forecasting for current or future business needs

6. Liaison with external parties like audit, taxation, or other associates for regulatory compliance

7. Giving financial advice to business managers as per the financial health of the business

8. Filing of tax as per regulatory compliance. Also, ensure that all the liable taxes must be paid on time

9. Preparing financial report and presentation for all business partners or other stakeholders

How to become an accountantThe education required to become an accountant is generally.

1. Accounting degree/Business Degree

2. Economics

3. CPA or ACCA

Accounting knowledge will help to know about the accounting methods, procedures, and implementations. Other than education, certain other skills are also necessary to be good and qualified accounting

• Understating the tax law

• Strong knowledge about accounting systems

• Professional business communication especially strong writing skills

• Strong business acumen

Accountant as a career pathThe accountant can enjoy a high level of earning if they are qualified and knowledgeable. In some countries, the accountant is one of the highly paid profession. An accountant does not need to be an employee to somebody, they can sell their skills as a freelancer also.