Bookkeeping Services
Checklists for a successful end of Financial Year – 2020
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…
Read MoreWhat’s the difference between an accountant, a bookkeeper and a tax agent?
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…
Read More6 tips to managing ATO payment plans for your overdue BAS
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…
Read MoreEnd of Year Single Touch Payroll (STP) Finalisation
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,…
Read MoreHow to build a cash reserve when money is tight.
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…
Read More2020 tax changes you should know
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…
Read More5 Smart Business Money Tips
If you have gone off track and your money is all tied up it can be hard to know what path to take next. Cash flow is essential to all businesses and can greatly affect the success of a business. Working to find cash flow neutral, and ultimately cash flow positive will help your business’…
Read MoreHow To Separate Your Personal And Business Expenses
Separating your business expenses from personal expenses will simplify your life dramatically. Often it is thought by new business owners that having to manage business accounts plus personal accounts will be a nightmare, but this is far from the truth. In fact, it simplifies your accounting and bookkeeping processes dramatically. You will also have a…
Read MoreDo I Need To Lodge A BAS?
For any new business owner there is a wide range of taxation obligations you will need to learn in order to fulfill them correctly. Among these is your BAS obligations. It is common for small business owners to ask what a BAS is, when it needs to be lodged, and whether they need to lodge…
Read MoreWhat Happens When My Business Crosses The $75,000 GST Threshold?
GST is a major tax in Australia that most businesses will need to deal with. As a new business owner, it can be difficult to understand all the different tax obligations you have. However, to help small business owners we have created this guide to help you get through the first stages of your GST…
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