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As of November 2021, the Australian Securities & Investments Commission (ASIC) has introduced a new ID requirement for business directors: the Director Identification Number (Director ID). Because this change is relevant to a number of our clients at BMR Business Solutions, we felt it was worth answering some of the most immediate questions that people…

If you’re a current employer or in the process of setting up a business, you need to understand  your ATO reporting obligations with respect to your employees. Some important changes are about to come into effect. For the benefit of new employers, we’ll assume little or no knowledge of the present arrangement and begin by…

When you need medical advice, you consult a doctor. When you need automotive advice, you consult a mechanic. Similarly, when you need any kind of business-related advice, you should consult an expert in the field, such as BMR Business Solutions. It’s only logical to take the development of your business as seriously as you would…

Calculating and minimising capital gains tax  While many business owners are familiar with capital gains tax, calculating and minimising capital gains tax can still get confusing. For business owners who are keen to learn more about capital gains tax, we are here to assist. To help you gain a better perspective, our team has compiled the essential things that you…

How a Chartered Accountant can assist with important aspects of financial accounting  Financial accounting is a specialised branch of accounting with the primary purpose to keep track of a company’s financial transactions. With the use of standardised guidelines, the transactions are recorded, summarised and presented in reports, such as income statements, balance sheets and cash…

The unique services a Chartered Accountant can offer  Chartered Accountants are professionals who work in various sectors of the economy, assisting individuals, businesses and government clients with complex accounting situations. They provide more than just calculating tax services; they are professionals who specialise in financial advice, assistance with business structuring and a dynamic range of accounting services.  …

Why a Chartered Accountant may be crucial to your small business  Intended to help your business grow and thrive, a Chartered Accountant that specialises in business advisory services – such as small business accounting and business structuring – will give expert advice when it’s needed the most. Start up business advisors, in particular, are skilled in many facets of finance, accounting…

A Chartered Accountant: What they are and how they can help  When it comes to outsourced accounting services for your business, engaging the skills of a Chartered Accountant can bring major benefits to your business operations. However, choosing the right accountant can be confusing especially if you are trying to understand the distinction between a Chartered Accountant firm and a standard accountant.   If you are considering engaging with…

When it comes to completing your tax return come the end of the financial year – you are entitled to claim deductions for certain expenses. Some of these deductions are commonly known, however, there are a number that are often overlooked. Here are several tax deductions that you can claim that are often overlooked.   Work-related expenses  Business owners…

A Chartered  Accountant plays an integral part in your business operations. Their main role typically involves the collection and maintenance of financial data. A Chartered Accountant should also be able to successfully manage on behalf of your business:  Analysis and advice of finances  Financial data management  Financial report preparation  Reporting compliance  Liaising with business affiliations  Usually assisted by specialised software, your Chartered Accountant should safely manage all your financial data and reporting.…