Recipient Created Tax Invoice (RCTI)

Most businesses are familiar with the standard invoicing process: the supplier issues the tax invoice and the purchaser pays. Simple, right? Not exactly. In some special cases, the process is flipped on its head – and that’s where Recipient Created Tax Invoices...

What is Tax?

Tax is a mandatory financial charge imposed by governments on both individuals and businesses in Australia. The intent is for these taxes to generate revenue that funds public services, infrastructure, and other everyday needs of a functioning society. While no one...

Instalment Activity Statement (IAS)

An instalment activity statement – or IAS – is a tax reporting document that’s issued by the Australian Taxation Office (ATO) for people (i.e. individuals) and businesses in Australia. It’s a way to report and pay for certain tax obligations, including things like...

What is Gross Pay?

Gross pay is the total amount of money an employee earns during a pay period before any deductions are applied. It includes their base salary, overtime pay, bonuses and other monetary benefits. So, why should you learn about gross pay? For workers, it helps you get a...

Write Off (Definition) In Accounting

A write-off in accounting is the process of reducing the value of a specific asset to zero, or otherwise removing it entirely from a company’s financial records. The reason why this happens is usually because an asset has lost its economic value, became obsolete,...