NFTs: A Deep Dive into the Revolutionary World of Digital Assets

The world is always changing, and we once again find the world asking - is this art? And accountants asking - what the hell do we do with this? Often the world moves faster than accounting law so we have to do our best to keep up and ...

Understanding Income Tax Account and Activity Statement Account for Creatives in Australia

Ever get those pesky emails saying there’s a message for you in MyGov?

And then ignore it?

Best not to do that… 

If you haven’t linked your MyGov account to the ATO, there’s instructions here.

Your MyG...

WHAT IS PARTNERSHIP?

Partnerships are one of the most popular forms of business structure that allows two or more (up to 20) people to come together and share in the profits and losses of a business venture. That said, please don’t just go and register your own Partnership - even though it seems fr...

Debt Free in 12-months

1. Get our budget package | Click here (<$50)

Or, for $30 or $0 even! Just buy or borrow some of these books (and continue reading this blog):

1. The Barefoot Investor
2. Budgets Don’t Work, But This Does
3. Ditch The Debt and Get Rich

Credit: this summary below is create...

Home Office Expenses 2023 update

We wrote a blog a little while back about how to make a claim for using your home for employment work or your own business work here but...

The method by which taxpayers claim deductions for costs incurred when working from home has recently been updated by the A...

Are you spending money and getting it covered by your employer?

It may be one of these 3 forms:

1. Reimbursements
2. Per diems
3. Allowances

These are all important forms of compensation for creatives in Australia. These payments help to cover expenses that may be incurred while on the job, such a...

Really working those ASSets? 

Thinking of working in the adult entertainment industry?

The statement ‘your body, your business’ couldn’t be more true, and in more ways than one. The money you are earning is not magical free money with no obligations or tax, and it needs to be reported. We know you...

Inventory are the products that we buy or make to then sell in our business. Manufacturing is the process of making the inventory ourselves from raw materials (rather than buying it from another business to then on-sell to your customer). It can be a complicated process and certainly the proper acco...

STP = Single Touch Payroll

STP is a function that the ATO introduced that requires employers to process their payroll (weekly, fortnightly, monthly etc.) and report to the ATO that payroll information each time. It is ‘single touch’ simply meaning it is a pretty straightforward process with just a ...

Inventory is a just fancy word for stock - think products, things, physical stuff you sell to your customers. 

There are three main types of inventory. 

1. Merchandise/products that you’re reselling (i.e. buy it from someone, sell to someone else), 
2. Products you sell as a part of the service you’r...