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What Are Financial Reports And What Do They Reveal?

by 18 March 2011

Financial Reports are typically associated with accountants.  This term can be found in the Corporations Act (“the Act”).  Section 295 of the Act specifies that an annual Financial Report consists of: the Financial Statements; the Notes to the Financial Statements; and the Directors’ Declaration about the Financial Statements and Notes. When the Financial Reports are prepared in accordance with Australian [...]

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The Financial Reporting Framework

by Arnold Shields 17 March 2011

In Australia, there are two basic frameworks to consider in order to determine whether a particular business is required to prepare Financial Reports and the standard to which those Financial Reports are to be prepared.  There is the legal framework and there is the accounting framework and the table below highlights the key features of each. Legal Accounting  ASX Listing [...]

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16th Most Popular Accounting Firm Website in the World

by 10 March 2011

Dolman Bateman is now ranked 16th most popular accounting firm website in the world according to Alexa.com. The 15 firms that rank higher include the Big 4 accounting firms ( Deloitte, PWC, Ernst & Young and KPMG) and some large second tier firms with a global and large US presence. We are delighted with this performance, given that two years [...]

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Neglected Your Tax?

by Kara Peachey 8 March 2011

A Daily Telegraph investigation revealed yesterday that approximately 4 million Australians and small businesses have not yet lodged their 2010 taxation returns. This is in addition to the 4.3 million who have not lodged a taxation return for the 2009 financial year. The investigation revealed that many are not lodging their tax returns due to their financial situation. Many small [...]

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ATO Audits Target 46,000 Businesses In Cash Economy

by 7 March 2011

The Australian Taxation Office will be investigating 46,000 businesses suspected of underreporting their cash sales and sending please explain letters to a further 110,000 taxpayers. The ATO has now advised that they have the data available to properly risk check taxpayers for under reporting their cash income. Whilst it has been suspected that the ATO has had the data available [...]

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Self Managed Superannuation For Younger Australians

by Kara Peachey 4 March 2011

The governments review into Australia’s superannuation regime, nicknamed ‘The Cooper Review’ revealed some interesting statistics about members of self managed superannuation funds or ‘DIY’ funds. According to the report, Australians between the ages of 35 and 60 are at their ‘peak’ earning capacity, yet only a small percentage of those who have set up their own super funds are under [...]

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Three More Clients Move To Xero This Week

by 3 March 2011

We have just converted three more clients from MYOB to Xero this week.  The conversion process is simple. First thing you need to do it set a conversion date. Our next conversion date is 31 March 2011. We will then to reconcile your accounts to the conversion date, export the trial balance and all your trade debtors and creditors from [...]

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