How to avoid the hidden gaps in your Service Agreements

Whether you work from home, rent office space or own your premises, you probably have one or more service agreements with external providers who maintain your workplace. Examples are IT support, waste management or regular cleaning services. MDF Group deal with the contract management for multi-million dollar building works, but we also assist all sorts[…]

How do I know what work-related deductions I can claim?

The ATO has developed a suite of occupation-specific guides to help businesses, employees and contractors understand what they can and can’t claim as work-related deductions or expenses. It’s surprising what work-related deductions are acceptable per industry. In fact, your colleagues or staff might have been missing out on claiming more deductions over the years. Conversely,[…]

Build on Bookkeeping Tips

Bookkeeping Tip: what does ‘GIC’ stand for?

When viewing your tax records or statements; what does ‘GIC’ stand for? Gross irritating charges? Galling irksome cruelty? No… GIC actually stands for General Interest Charge (GIC) rates. These are penalties charged by the ATO for late payment of most taxes, including: Income tax Fringe benefits tax Goods and services tax Pay as you go[…]

6 Reasons Why You Should Attend a Conference

I consider myself a conference connoisseur, having attending hundreds of conferences around the world for myself and businesses I have represented. But before deciding whether to attend a conference, I recommend you need at least two strong reasons to attend. Here are my top 6 reasons why you would attend a conference: 1. Meet experts[…]

Finding Work Life Balance in the Finance Industry

Work life balance? If you’re a Bookkeeper or Accountant and work long hours crunching numbers and creating reports… can you achieve some sense of harmony or balance between work and the rest of your life? The balance between work and home life is different for every single individual. Some achieve it by multitasking, some book[…]

Builders: Report the payments you make to contractors

If your business is in the building and construction industry, you need to report payments you make to contractors, to the ATO. How do I report my payments to contractors? Activities and services that are considered to be building and construction are broad. It includes architectural work, cortication, decoration, engineering, landscaping and construction, project management[…]

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