Penalty units in the Commonwealth of Australia are an essential aspect of the legal system, determining the fines for a wide range of offenses. Understanding how penalty units work is crucial for both legal professionals and the general public. In this …
As an employer or an employee, it is essential that you understand the difference between gross income and net income. Continue reading this Legal Kitz blog to learn more about gross income. What is gross income? Gross income refers to the …
Superannuation is a retirement saving system introduced by the Australian Labor Government in 1992; it forces employers to make consistent contributions to a fund on their employees behalf. Continue reading this Legal Kitz blog to find out more about superannuation contributions …
It’s always best to seek professional advice or refer to the official Australian Taxation Office (ATO) website for the most up-to-date and accurate information regarding tax regulations. Keep reading this Legal Kitz blog to understand more about what the tax-free threshold is. What …
Every business needs to keep accurate and up to date financial records to track their income and expenses. One of the most critical financial processes is bank reconciliation. This Legal Kitz blog will discuss all you need to know about bank …
Break-even analysis is an essential tool for any business to determine the point at which revenue covers all costs. In this Legal Kitz blog post, we will explore the importance of break-even analysis and how to perform it effectively. What is …
Unleash the power of your financial health with a cash flow statement! This crucial document is the heart and soul of financial management, providing an in-depth look at the flow of cash in and out of your business. Understand your cash …
To ensure that you are profitable, it is important to understand how the cost of goods sold (COGS) can impact your overall accounting and sales. This Legal Kitz blog will take you through what is the Cost of Goods Sold, the …
What is the gross profit margin, and why is it important? This Legal Kitz blog will cover all you need to know about the gross profit margin and the secret to higher profits! What does gross profit margin mean? Gross profit …
A Tax File Number Declaration form, also known as a TFN Declaration, is a form used by employers to collect an employee’s Tax File Number (TFN) for tax purposes. Keep reading this Legal Kitz blog to find out more about how …