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TurboTax or Accountant

TurboTax or Accountant: Which One Suits Your Tax Needs Best?

Choosing the right method for preparing and filing your taxes in Australia is a critical decision affecting your financial health and peace of mind during tax season. This choice often boils down to two popular options: using a tax software program like TurboTax or hiring a professional accountant. Each approach has advantages, suited to different …

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6 Reasons Why Bookkeeping is Vital for NDIS Providers

Bookkeeping is vital for NDIS providers, ensuring smooth operations and compliance with regulations. It’s the foundation that supports informed decision-making and growth. By managing finances efficiently, providers can concentrate on their core mission of assisting individuals with disabilities. This necessity goes beyond financial tracking; it’s about strategic resource management. With effective bookkeeping, NDIS services can …

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MYOB vs Quickbooks vs Xero: Which Accounting Software is Best for Your SMB?

Managing your finances effectively is crucial for your small or medium-sized business (SMB) success. With the advent of technology, numerous accounting software options are available to streamline your financial processes and make your life easier.  Three popular choices among SMBs are MYOB, Quickbooks, and Xero. But how do you determine which one is best suited …

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How to apply for ABN as a contractor in Australia

How To Apply for an ABN as a Contractor?

Working as a contractor offers flexibility and autonomy, making it an increasingly popular choice for professionals across various fields. If you’re venturing into contracting in Australia, one of your first essential steps is to apply for an Australian Business Number (ABN).  MaxMargin Accountants understands the importance of this process, as an ABN not only legitimises …

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Small Business Tax Accountants

Top 5 Tax Deductions for Small Businesses in Melbourne

Running a small business comes with many complexities, not the least of which is navigating Australia’s tax laws and regulations. While daunting, understanding how to legally minimize your tax burden through deductions and exemptions can provide a major boost to your bottom line. In this post, we’ll outline the top 5 most valuable tax deductions …

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Preparing for End of Financial Year: A Checklist for Sole Traders

As the end of the financial year (EOFY) approaches, the phrase “tax time” often stirs feelings of apprehension, especially among sole traders. Juggling the responsibilities of running a business and preparing for EOFY can be challenging. However, with a bit of organisation and preparation, tax time can become a much less daunting period. We, at …

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5 Benefits of Tax Planning: As Essential Guide for Small Business Owners in Melbourne

Introduction Are you a small business owner worried about how taxes might affect your profits? Don’t worry – with strategic tax planning; you can deal with the situation most effectively and improve your bottom line. Tax planning is a strategy that focuses on minimising the amount of tax to be paid in a year on …

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A Stress-Free Approach to Tax Returns for International Students Studying in Australia

A Stress-Free Approach to Tax Returns for International Students Studying in Australia

As an international student studying in Australia, managing your finances and understanding your tax obligations can be challenging. With so many rules and regulations to keep track of, the process of filing a tax return might seem overwhelming. Worry not! In this comprehensive guide, we’ll walk you through everything you need to know about Australian …

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Overcoming Seasonal Cash Flow Challenges: A Guide for Melbourne’s Small Businesses

  Melbourne’s small businesses, like many around the world, often face seasonal cash flow challenges that can significantly impact their financial health. Seasonal fluctuations in demand, tourism, and even weather can lead to periods of reduced revenue and heightened expenses. By understanding these challenges and implementing effective strategies, small businesses can minimize the impact of …

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5 Benefits of Cloud Accounting For Small Businesses

Digital technology has made a significant impact across sectors that result in increased efficiency, better productivity, and cost savings. The finance sector is no exception which has successfully adopted internet-based cloud accounting that simplifies business processes.  Cloud accounting is an excellent approach to making accounting tasks more convenient and streamlined, especially for small businesses. Cloud …

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