Bookkeeping Services

As a business owner it is likely you have seen the term Business Activity Statement, or its acronym BAS, being floated around. Most business owners will have to deal with a BAS when their business gets to a certain size. So, the question is often asked, what exactly is a BAS? To help out we…

Running a business can be quite the stressful job, but thanks to new technology and the development of accounting software – accounting and bookkeeping has been made a lot easier than it traditionally was. Despite this, it is still common, and typically human, to make mistakes every now and then. Accounting mistakes may result in…

When running a business there are a wide range of reporting obligations you should be aware of. As the ATO has increased access to data with the advent of single touch payroll (STP) and further initiatives, it is more important than ever to make sure you remain compliant. Taxable payments to contractors are one of…

The usual things:  Reconcile Make sure you have reconciled all the bank accounts till 30 June 2020. Check if there is any balance in the clearing accounts and explain why it is not $0. Clear the suspense account, as necessary. June quarter BAS Due for lodgement by 25th August. Checkout the ATO Cashflow Boost you…

There are many different roles in the world of finance. As a small business owner the most common roles you will come across are bookkeepers, accountants and tax agents. Often these terms will be used interchangeably depending on the services you receive, however, they do not refer to the same type of service. Each role…

Sometimes, after a few difficult months, you may find yourself in a bit of trouble with overdue BAS lodgements. But, don’t worry it is not the end of the world, an ATO payment plan can help you out. It is nothing to be ashamed of, the ATO wants your business to be successful and understand…

If you have been reporting your payroll through STP throughout the year, it is time to finalise those reports. Traditionally, you would have to give your employees payment summary and then lodge a payment summary annual report to the ATO. If you are on STP, you will not need to do that anymore. In Xero,…

Having large cash reserves provides many benefits to any business. It can help your business stay afloat during an economic downturn, gives your business the cash it needs to adapt to changing markets, and simply provides peace of mind to business owners. These cash reserves are often called war chests, as they are finances built…

With all that has been going on in the country within the past 6 months, bushfires and COVID-19, individuals and businesses have had to pull through a lot. Fortunately, the government has recently changed some tax rules to give both businesses and individuals some relief. This should help offset the increased cost of working from…