Integrated Accounting Group

We truly value feedback like this. It’s what fuels our passion and drives us to deliver exceptional service. At Integrated Accounting Group, we take immense pride in the decades of experience and the talented team that make us stand out in the world of accounting and tax services. Our commitment is to you, the client. At IAG, we believe that understanding your business is the foundation for providing bespoke, efficient solutions to meet your unique needs. Whether you’re a small business owner or managing a complex operation, we’re here to support your growth and success. Ready to experience the IAG difference? Call us on (08) 6363 7888 and let’s start building your financial success story today. #clientcare #businessadvice #accountingservices #perthbusiness #leederville #taxplanning #businesssolutions

Your financial reports hold the key to your business’s success—but are you using them effectively? These documents do more than show past performance—they reveal trends, highlight inefficiencies, and provide the insights needed for strategic decision-making. By regularly reviewing your reports, you can forecast cash flow, track profitability, and proactively tackle potential challenges. At Integrated Accounting Group in Leederville, Perth, we specialise in making financial data clear, actionable, and tailored to your business needs. With our guidance, you’ll move beyond just understanding your numbers to leveraging them for growth and innovation. Let Alan and our dedicated team empower you to use your financial reports as a roadmap to sustainable success. Your business’s potential is already in the data—are you ready to unlock it? #financialreports #smallbusinesssuccess #businessinsights #financialplanning #leederville #perthbusiness #growthstrategy

Operating as a sole trader offers simplicity, but it also comes with specific tax responsibilities that must be diligently managed. A common misconception is that income below the tax-free threshold doesn't need to be reported; however, this isn't the case. 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀: 1️⃣ Business Income: All earnings from your business activities, minus allowable deductions, must be declared. This includes income from goods sold or services provided. 2️⃣ Other Income: Any additional income sources, such as salaries, wages, dividends, or rental income, should also be reported, with applicable deductions subtracted. It's important to note that the Australian Taxation Office (ATO) requires all business income to be reported, regardless of the amount. Failing to do so can lead to penalties and interest charges. Engaging with an experienced accountant who specialises in small business taxation can provide several benefits: ☑️ Accurate Reporting: Ensures all income and deductions are correctly reported, aligning with ATO requirements. ☑️ Tax Planning: Helps in strategising to minimise tax liabilities and optimise financial outcomes. ☑️ Compliance: Keeps you informed about any changes in tax laws that may affect your obligations. Proactive tax planning is essential to avoid unexpected liabilities at the end of the financial year. By understanding your obligations and seeking professional advice, you can maintain compliance and focus on growing your business. #soletrader #taxobligations #smallbusiness #accountingservices #taxplanning #businesscompliance #financialmanagement

When disaster strikes, business owners naturally look to their insurance policies for protection. But without the right type of cover, those losses could end up being far greater than anticipated. While no insurance policy can safeguard against every scenario, having the right policies in place can make a world of difference in mitigating risks and ensuring your business’s continuity. The key to effective insurance cover lies in understanding your specific needs. Every business is unique, and finding a policy that fits requires insight and expertise. This is where working with a knowledgeable insurance broker can be invaluable. A skilled broker can help you navigate the complexities of business insurance, ensuring you have the right coverage for your operations, risks, and industry. For the best results, consider choosing a broker who either specialises in your industry or has substantial experience with businesses similar to yours. They’ll be better equipped to understand the nuances of your operations and recommend policies that truly meet your needs. Investing time into securing the right insurance now could save you significant financial and operational losses in the future. Don’t wait until it’s too late, connect with an expert to protect your business. #businessinsurance #riskmanagement #insurancebrokers #financialprotection #industryexpertise #businesscontinuity #insurancetips

Avoiding Common Tax Return Mistakes: A Guide for Small Business Owners Managing your own tax returns can be complex, and errors may lead to complications with the Australian Taxation Office (ATO). Here are five common mistakes to be aware of: ❌ Not Reporting All Assessable Income: It's essential to declare all income sources, including government payments, to remain compliant. ❌ Claiming Non-Deductible Expenses: Ensure that expenses claimed are eligible for deductions under current tax laws. ❌ Claiming Private Expenses as Business Deductions: Distinguish clearly between personal and business expenses to avoid incorrect claims. ❌ Incorrectly Reporting Losses: Accurately report any business losses to prevent future issues. ❌ Lacking Proper Records: Maintain comprehensive records to substantiate all claims and deductions. If you've identified errors in your tax returns, you generally have two years from the date of your Notice of Assessment to make amendments. Additionally, if false or misleading information has been provided, voluntary disclosure can often lead to reduced penalties. Engaging with a qualified accountant can help you navigate these complexities, ensuring accuracy and compliance. Moreover, accounting services are tax-deductible, adding further value. If you require assistance in reviewing your recent tax returns, Integrated Accounting Group is ready to support you. #taxreturn #accountingservices #smallbusiness #taxdeductions #financialplanning #taxcompliance #integratedaccountinggroup

In a highly competitive job market, businesses are pulling out all the stops to secure new talent. But what about your current team? The people who’ve been integral to your success so far? Many companies face the challenge of meeting record demand while grappling with labour shortages. While competitive salaries help, most employees making the jump to “greener pastures” cite a better work-life balance as their main motivator. This is why it’s essential to focus on retaining and supporting your existing team, not just recruiting new talent. Here’s how to stay ahead: ☑️ Regularly check in with your team, no matter how busy things get. ☑️ Ensure they feel valued for their contributions. ☑️ Foster a workplace culture that prioritises well-being and flexibility. Your team is the foundation of your business, and investing in their satisfaction and growth will pay dividends in loyalty and productivity. At Integrated Accounting Group, we specialise in helping businesses like yours maximise efficiency and thrive, even in challenging times. Let’s discuss how we can support your growth while maintaining a healthy, engaged workforce. #accountingservices #businesssuccess #worklifebalance #teammanagement #smallbusinesssupport #financialstrategy #employeeretention

Over the last decade, advancements in cloud-based accounting have transformed the way businesses handle their finances. At Integrated Accounting Group, we’ve leveraged these innovations to help business owners across Australia not only save money on accounting fees but also achieve significantly better outcomes. We pride ourselves on delivering exceptional, tailored service to clients near and far. Want to see the difference for yourself? We’re so confident in our approach that we’ll compare your last year’s tax return with what we would have done for you, and highlight the potential savings and improved results. Contact us today for a no-obligation discovery session with IAG Director Alan Pecotic at admin@intacc.com.au. Let’s explore how we can optimise your financial strategy and take your business to the next level. #accountingservices #cloudaccounting #smallbusinesssupport #financialstrategy #taxsavings #businessgrowth #remoteservices

Australians are sending a strong message on tax compliance, with more than 250,000 reports of suspected tax evasion submitted to the ATO since 2019. The rising tide of tip-offs shows a growing public frustration with dodgy practices, particularly around cash payments, undeclared income, and businesses skirting their tax and superannuation obligations. This year, sectors like building and construction, cafés, restaurants, and beauty services topped the list of industries reported. The ATO estimates that such “shadow economy” activities lead to about $16 billion in lost taxes each year. With nearly 90% of 2023–24 reports deemed suitable for further investigation, the ATO is intensifying efforts through specialised teams and taskforces to tackle these issues head-on. For businesses operating outside the formal economy, the time to act is now. Consulting with a registered tax professional or reaching out to the ATO could provide a path to regularise operations and avoid future penalties. Now is the opportunity to ensure business practices are aligned with regulatory standards. #taxcompliance #ato #shadoweconomy #cashpayments #australianbusiness #superannuation #businessethics

Federal Court Ruling: Taxpayers Lose $16 Million Appeal Over Unexplained Bank Deposits In a significant decision, two brothers have lost their tax appeal against the ATO in the Federal Court concerning millions of dollars in unexplained bank deposits. The brothers claimed that these deposits were non-taxable, attributing them to gambling winnings or loan repayments. They had previously argued before the Administrative Appeals Tribunal that any income was from business activities, including a concrete pumping business, rent, and interest. The Federal Court rejected these claims, upholding the Tribunal's original decision and confirming no error had been made. As a result, the brothers now face a tax liability exceeding $15.7 million, inclusive of penalties and interest. This ruling serves as an important reminder for clients and accountants: maintaining contemporaneous and thorough records is crucial for mitigating tax risks. Poor record-keeping can significantly weaken your position in disputes with the ATO. #taxcompliance #FederalCourt #recordkeeping #ATO #taxappeal #accounting #businessowners

𝗡𝗲𝘄 𝗔𝗧𝗢 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗼𝗻 𝗣𝗮𝗿𝘁 𝗜𝗩𝗔 𝗮𝗻𝗱 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 Following last month’s overview of Practical Compliance Guideline PCG 2024/D2 (PCG), we remind clients and accountants that while the PCG provides insight into the ATO's view on risk, it is not law. The classification of a client’s situation as "higher risk" or "lower risk" does not definitively mean Part IVA will or will not apply, nor does it indicate any wrongdoing. The PCG outlines that certain arrangements can still draw the ATO's attention and potential Part IVA scrutiny, particularly where: Income is retained in a personal services entity (PSE) as part of ‘retention of profits’ arrangements, or Income is redirected to associates of the service provider in ‘income splitting’ arrangements, which may result in a lower overall tax rate or other benefits, such as timing advantages. It is essential for clients and accountants to seek comprehensive advice to ensure their arrangements align with the law, beyond simply fitting within the PCG guidelines. A key concern with the ATO's PCG is its broad coverage, potentially including scenarios that may not typically fall under Part IVA. For example, the PCG includes a case deemed "clearly commercial" but still classified as "high risk." Ensure you’re informed and compliant—understanding the nuances of ATO guidance is critical. #taxcompliance #ATOguidance #PartIVA #accounting #personalservicesincome #businessowners #taxplanning