What is compliance in accounting? It refers to the practice of ensuring a business meets all legal, regulatory, and financial reporting obligations. This includes accurate record-keeping, timely tax payments, and adherence to Australian accounting standards. Compliance accounting safeguards businesses from fines, legal issues, and reputational damage by promoting transparency and accountability.
In Australia, compliance is not just a legal requirement but also a foundation for sustainable business growth. Companies must follow guidelines set by authorities like the Australian Taxation Office (ATO) and the Australian Accounting Standards Board (AASB) to maintain integrity and avoid penalties.
To help you ensure your compliance, our business accountants in Perth have prepared this helpful, simplified guide.