Bibek Nepal

How to Invoice in your business if you have an ABN. Invoicing is a critical component of running a successful business. It ensures you get paid on time and maintains a clear record of your financial transactions. If you have an Australian Business Number (ABN), there are specific guidelines you need to follow when issuing invoices. This article will guide you through the process of creating and managing invoices to keep your business operations smooth and efficient. It is generally not advisable to invoice under one Australian Business Number (ABN) and get paid into the bank account of another ABN unless there is a legitimate reason for doing so and the parties involved are aware and in agreement with this arrangement. #smallbusinesstips #smallbusiness #abn

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😵Tax time got you frazzled? Get prepared for tax time with these 5 essential tasks to keep you on track and away from the last minute panic button 🚨 👉MicroChilli’s got your back with bookkeeping, advisory and now income tax services too! Visit the website to learn more. #SMEaustralia #taxtime #ato

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Debt Inherit - Tips to Protect your Family from Inheriting your Debt in Australia #AMadvisory #maheshthapa #investmentproperty #tax #CA #accounting #financialgrowth #Business #EstatePlanning #wealthcreation #lifeinsurance #mortgage #repayments

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Came across this interview by Kerry Packers accountant. As we are nearing the end of the financial year the main take away is that as a business owner you should be always PLANNING during the whole year. https://lnkd.in/gcn2NkJa #cfo #cashflow #businessperformance #importexport #manufacturing #familybusiness

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🌍 Topics that are particularly important for the profession include sustainability, AI, and the evolution of the profession itself, including ethics. In this video, CPA Australia CEO Chris Freeland AM talks about what we are focusing on in 2025 to provide value to our members. 📈✨ For more highlights from 2024 👉 https://bit.ly/404vtHc

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Maximize Your Small Business Potential with Free ATO Resources. The Australian Taxation Office (ATO) rolled out a range of free online tools specifically tailored to help small businesses grow and succeed. These resources are ideal for business owners and professionals who want to enhance their understanding of taxes, superannuation, and overall financial management. With more than 30 short courses available, there’s plenty of useful material for you to explore and share with your team or clients. These courses are also beneficial for tax professionals, business advisors, and even registered liquidators looking to support their networks. The best part is the flexibility. The self-paced format lets you learn on your own schedule, whether you’re just starting your business or looking to make changes. These resources cover a variety of business lifecycle stages, from launching a startup to transitioning or closing down. To take advantage of these free tools, visit the ATO’s Essentials to Strengthen Your Small Business page and start building your business knowledge today https://lnkd.in/gRjHG7dS

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Are financial advice fees a tax deduction? Earlier this week the Australian Taxation Office issued tax determination TD 2024/7, which provides the Commissioner of Taxation’s views on what is or is not a tax deduction for people not carrying on an investment business.   For fees paid to financial planners, tax deductions can be under the general deduction provisions of section 8-1 of the Income Tax Assessment Act 1997 or under the tax related provisions of section 25-5. The tax determination advises: Financial advice fees for a proposed or new investment are not considered deductible under section 8-1 because they are associated with establishing the income-earning investment. The determination considers that where a person’s existing adviser provides advice on further investment to grow their portfolio, this is similarly not deductible.   Where a person pays a new financial planner at the commencement of their engagement, where the advice involves the planner establishing the client’s circumstances and making recommendations or advising on the current portfolio, the determination also considers those fees are not a tax deduction under section 8-1.   Recurrent fees, as the industry is now effectively required to charge clients, in respect of existing or ongoing income generating investments are deductible under section 8-1. This includes advice fees from the ongoing planner whether the asset mix is still appropriate for the person’s goals, needs and objectives and for advice on retaining or changing the portfolio. Clients obtain advice from a financial planner regarding insurance products. The deductibility of these advice fees will mirror the tax treatment of the premiums for the insurance product and whether they are deductible under section 8-1. That is, adviser fees in respect of income protection insurance will be deductible under section 8-1 the same as the premiums for the income protection insurance.  Premiums for life, TPD or trauma insurance are not deductible under section 8-1, so the determination does not consider corresponding adviser fees are tax deductible.   Sections 8-1 and 25-5 refer to tax deductions being available ‘to the extent’ an outlay complies with those provisions. This means that part of an expenditure may be a tax deduction but another part may not. For example, fees for advice on income protection and trauma insurance will be a deduction under section 8-1 ‘to the extent’ that the advice relates to the advice for the income protection cover.   The determination specifies that the fees need to be apportioned between deductible and no-deductible on a fair and reasonable basis. It concedes that what is “fair and reasonable” will depend on the individual facts and circumstances.   As always, a person must keep sufficient records, such as adviser tax invoices and payment records, to claim the adviser fees as a tax deduction.   We can help the adviser or the client with maximising the fair and reasonable tax deduction. 

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💸 Got a big tax refund? Don’t just spend it—invest it! Here are 4 smart ways to make your refund work harder for you: 1️⃣ Boost your savings – Prepare for the unexpected. 2️⃣ Offset your home loan – Pay less interest over time. 🏡 3️⃣ Invest in your super – Secure your retirement and claim a tax deduction. 💼 4️⃣ Pay off student loans – Get a 5% discount for early payments. 🎓 Your future self will thank you for these wise moves. Why settle for short-term happiness when you can build long-term wealth? ✨ What’s your plan for your tax refund? 📩 Ready to experience the difference? Message us today!𝘾𝙤𝙣𝙩𝙖𝙘𝙩 𝙪𝙨: 🌐 𝙏𝙖𝙭 𝙄𝙣𝙩𝙚𝙜𝙧𝙞𝙩𝙮 𝙂𝙧𝙤𝙪𝙥 📞 03 9044 8691 #TaxRefundTips #SmartMoneyMoves #TaxIntegrityGroup #FinancialGrowth #PlanForTheFuture

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Are you succeeding at Succession? Our Business Radar report this month focuses on succession planning. Key takeaways from the report:   * Business confidence has stabilised and is boosted by solid demand, but still being chipped away by increased costs.  * Australia’s middle market leaders are thinking about succession planning but are not actively planning * Barriers included lack of time to develop a plan, not being a priority, discomfort with the discussion and a lack of people to discuss with. Do you need assistance with your succession plan? Read the attached Radar in the link below and please contact us if you wish to discuss. https://lnkd.in/gURu4mg6

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Practice Succession is excited to share our latest accounting practice listings for sale in Victoria, New South Wales and North Territory. Information Memorandums are now ready for your review; link in the comment section.👇 #accountingandaccountants #accounting #accountant

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