Accounting: Making Sure 2 + 2 = 4
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Penalties you can face for failing to file a personal tax return
Every year, individuals earning a certain minimum amount of income are required to file an individual tax return. You can file as an individual, or jointly as a married couple. Filing is important because it allows the Australian Tax Office to determine how much in taxes you should pay during any given year. As you probably know, taxes are a primary way through which the government raises revenue to deliver important public services.
Hello. When you are at school, maths can seem so complicated at first. But then you learn about numbers and all of sudden everything seems as easy as 2 + 2 = 4. I used to be pretty good at maths so when I started my own business, I didn't think I needed to hire an accountant. After all, why should I pay someone else to do something that I could do myself? However, I very quickly learnt two important lessons. Lesson one was that accounting and doing the books will take a lot longer than you might think and, secondly, it is actually pretty complex stuff. In the end, I decided to hire a professional accountant. He is great and he has taught me a lot of cool stuff.
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