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…

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6 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…

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End 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,…

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How 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…

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2020 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…

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5 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’…

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How 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…

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Do 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…

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