Insights
Record keeping made easy»
The ATO has voiced its concern about the poor record keeping practise of small businesses. Given the ATO conducts economy audits and targets specific industries, they have identified that the records of small businesses are often incomplete. Businesses are not able to substantiate the income or expenses due to poor records. There are easy to maintain record keeping tools these days. With the era of cloud computing small business owner can prepare their “Book of Accounts” easily on the run. There …
Cloud Accounting»
CGSA is all about enabling and thinking outside the box. This approach generates solutions that benefit businesses and creates process improvements. We don’t believe in status quo. We are constantly challenging our assumptions, using think tanks to generate ideas and holding brainstorming meetings with our clients. Together we develop a roadmap that links strategy to business success. We identify areas within the business where improvements are needed and where modern technology can increase productivity and efficiency. It is widely know that …
Financial Reporting in Australia»
The Australian bureaucracy is commonly described as “red tape”. Such red tape does not stop for businesses. One main governance body is the Australian Securities and Investments Commission (ASIC). The body is Australia’s corporate, financial markets and financial services regulator. Every foreign company which operates in Australia is required to prepare and lodge financial reports with ASIC, usually at the end of the financial year. In addition the company may be required to have their financial report audited. This causes not only compliance burden on …
Branch – Registration of a Foreign Company»
The Corporations Law requires an overseas company to register under the Corporations Law of a particular state or territory before it commences to carry on a business in Australia. However it should be noted once a company is registered with ASIC in this way, it is able to operate nationally without the need to concern itself with state boundaries. Registration procedure: The procedure to register a foreign company is completed by the lodgement of documents of registration (of which further details can be supplied if …
Disclosure Statement»
In July 2024 the Tax Agent Services (Code of Professional Conduct) Determination 2024 was published which requires all registered Tax and BAS Agents to disclose any matter that could significantly influence prospective and current clients to engage the agent …