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The Impact of Artificial Intelligence on the Accounting Industry

In the dynamic landscape of technology, the accounting profession has undergone significant transformations over the years. At Empire Accountants, we believe we must recognise the imperative need to evolve with emerging technologies. From its paper-based origins to the current era of cloud-based software, the need for Accountants to constantly adapt to this change is now more important than ever.

Requesting an Accountant’s Letter— What You Should Know

As the years pass by, it’s become more and more common for banks, mortgage lenders, and even rental agencies to request accountant’s letters. 

ATO Tax Residency Rules—Understanding Your Tax Obligations

Understanding your tax residency status is of utmost importance when it comes to meeting your Australian tax obligations.

Find the Best Accountant in Brisbane for Your Business

Are you on the hunt for the best accountant in Brisbane for your established or small business? 

Want to know what your tax position will look like this year?

We are about to enter that time of year that we work with many clients to get a handle on their tax position for the financial year that will come to an end this June.

The true cost of Fringe Benefits Tax on a small business

The area of tax law that addresses the tax impact of providing benefits is the Fringe Benefits Tax (FBT) regime.

What’s the Difference Between Tax Offset and Tax Deduction? The Distinction is Important!

We’ve all heard the terms “tax offset” and “tax deductions.”  While many use these terms interchangeably, the reality is that they have two different meanings. As such, they have varying impacts on your tax result when it comes to completing your return! It’s true that both tax offsets and tax deductions can help you reduce […]

Why It is Essential to Know Your Gross Profit Margin

When asked about their gross profit margin (GPM), most business owners have some idea of how many products or services they need to sell in order to come out ahead. However, very few can share definite numbers to describe how much they need to make to break even and how much they need to make […]

Can I withdraw money from my own company?

What do I Need to Know to Safely Withdraw Money From My Own Company? As a company director, it may seem like an open privilege to use your company’s card for personal expenses. After all, it is your company, right? While many new business owners take on this mindset, they fail to realize that they […]

Keep your wealth health strong with a holdings company

As you progress through this journey called ‘entrepreneurship’, you will find that each stage of the business comes with different challenges and concerns. At the start-up phase, you were simply trying to get your minimum viable product to market. During the growth phase, you competed for market acceptance and gaining market share. With maturity, the […]

Important announcement regarding director identification numbers.

Important Announcement New rules have been introduced with effect from 1 November 2021 with regards to verifying your identity to act as a director in Australia. You need a director identification number (director ID) if you’re a director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation. What […]

The Instant Asset Write-off and Simplified Depreciation Rules

You can write-off SAY WHAT?! Now Last year the government changed the instant asset write-off about as many times as one changes their underwear so you wouldn’t be remiss for not knowing what the current instant asset write-off rules are. In amongst the changes, they also added some new language and terms in the mix […]

Do you know your tax position for the 2022 financial year?

We have entered the time of year that we work with many clients to get a handle on their tax position for the 2022 financial year. Commonly referred to as tax planning, these strategy sessions allow us to estimate your tax position to help you make decisions, that could minimise your tax outcome before June […]

How to get the most value from your accountant!

When do you take time to work on your business instead of in your business? Most days we are caught up in running our small business and organising life in general. Goals we set get pushed from one week to another and before we know it, another year has passed. This is where Empire can […]

COVID-19: Instant asset write-off increased to $150K

If you’re a small business owner we’re sure you’ve heard of the instant asset write-off increase that the Government announced as part of their first stimulus response package to COVID-19. If you haven’t… You may know that before COVID-19 the government had introduced an instant asset write-off incentive where business who turn over less than […]

COVID-19 Update: Working from home tax deductions

Updated: 15 June 2021 Due to COVID-19, many employees are still able to do their job working from home. The ATO has recognised that employees may incur additional expenses and as such have introduced a new method of claiming deductions at tax time. If you have been working from home at any time during the […]

Coronavirus Stimulus Package: Support for Australian Businesses and Households

The Coalition have announced that they will be providing an assistance package worth billions of dollars targeted at stimulating the economy and fending off a recession in relation to the global pandemic, Coronavirus. Here’s what we know! > The instant asset write-off will immediately increase to $150,000 > Small and medium businesses can get up […]

Setting up Two-Step Authentication on a New Phone

If you’re about to replace your mobile phone this Christmas and have two-step authentication on it for your Xero file, it’s important to know that there are a couple of steps that need to be followed before you change devices. You can’t just download the authenticator app on your new phone and start using Xero […]

Why you Need a Cash-Flow Forecast in 2020

We’ve talked about the importance of having a cash-flow forecast for your business a LOT at Empire Accountants, and our reasoning is generally because it predicts the ebb and flow of cash in your business – Which sounds pretty important and straight forward right!? BUT it wasn’t until I was perched on our office beanbag […]

Getting some structure in your life… (Part One)

“Brilliant thinking is rare, but courage is in shorter supply than genius” ~ Peter Thiel. But you know what? You’ve already become one in a million; you’ve already mustered the courage to start your own business because you know that skill, that product or idea will make a difference. A difference to you, to your […]

Getting some structure in your life… (Part Two)

The Problem with only one entity Now the problem with only having one entity in your business group is that you may be missing out on hitting one or more of the key considerations in my last article (see here if you missed it). Tax Minimisation With sole company in the business structure, yes it […]

The Introduction of Single Touch Payroll and What it Means for Your Business

What is Single Touch Payroll? Single Touch Payroll is the new way that small businesses report their employees’ tax and super information to the ATO. At present, businesses with less than 20 employees report this information to the ATO once a year. However, from the 1st of July 2019 all businesses will be required to […]

5 Reasons Why You Should Outsource Your Bookkeeping

Bookkeeping; the strong beating heart of not only your business but the whole accounting industry! As accountants, we are solid advocates for keeping air tight financial records as it allows us to provide accurate and helpful advice that assists small business owners in understanding their numbers and identifying areas of opportunity. That being said, we […]

Empire Update: March 2019

Download March Update Here

How to Stay Up To Date With Your Tax Obligations

Are you always chasing your tail with the tax man? Behind on your taxation obligations? If lodging your business returns, paying the ATO and Super isn’t made a priority in your business, it’s easy to fall behind. The problem here, put simply, is that your business needs to be compliant with the ATO to continue […]

Empire Update: February 2019

Download here

Marketing Your Small Business over Christmas

There are only a couple of weeks left until the Christmas Holidays arrive. The Holiday season brings with it the busiest time of the year. For the small business owner, this means increased professional demand, less time with the family and more time at the office. As small business owners have limited time but certainly […]

The Empire VS ATO – why we’re way better than myTax

Now the ATO may be claiming that their online lodgement program myTax is the best thing they’ve discovered since fire. But I’m here to set the record straight! Needless to say, the ATO’s primary function is to collect tax; not to help you save yours. So is it any wonder that they promote their own […]

Is your business prepared for EOFY?

June 30 is fast approaching and it’s time to start looking at your business finances to ensure that you are prepared for the end of the financial year aka Taxxxx tiiiiimmeeee! By ‘being prepared’ we mean that thing we like to call Tax Planning, which essentially is reviewing your business numbers for the year and […]

The Empire Accounting Solution for your business in 2018

It’s time we put it out there. We do actually know that we are generally not on the top 100 list of people you want to get stuck at a party talking too. That’s right… it’s out there… whilst we think we are pretty dang cool & fun, we know that Accountants are up there […]