Latest Blogs
Resident or Non Resident – Tax Purposes
Residence and Source of Income Before we calculate or acknowledge the assessable income of the taxpayer, we need to understand two key concepts of taxation Residence Source of Income These concepts are significant because Australian resident is taxed on income...
Accounting – Finance & Operating Lease
As per our last blog, now we know what are the types of leases and how to distinguish them. https://reliablebookkeepingservices.com.au/finance-operating-lease/ Now, our next step will be explained and account for a finance lease & operating lease for both a lessee...
Finance & Operating Lease
Leases (IAS17) A lease is an agreement between two parties for the right to use an asset for the payment over an agreed period. Two parties who come into the agreement are Lessee, who has a right to use an asset over the term of the agreement and Lessor who legally...
Internally Generated Intangible Assets : Phases
As per the previous blog, we now know the key characteristics of intangible assets as per IAS38. https://reliablebookkeepingservices.com.au/intangible-assets-ias38-key-characteristics-2/ However, Internally generated assets key characteristics and recognition can be...
Intangible Assets (IAS38) – Key Characteristics
Intangible Assets (IAS38) – Key characteristics Intangible Assets are similar to tangible assets as they contribute to the entity’s operations. However, Intangible assets IAS 38 are non-monetary assets without physical substance like other assets. Intangible assets...
Property, Plant & Equipment (PPE) / Cost Allocation
Nature of property, plant, and equipment Assets may fluctuate in value due to a variety of circumstances and we need to make sure the carrying value of the assets does not exceed its recoverable amount. If the carrying amount is greater than the recoverable amount...
Cash or Hidden Economy – Box Hill
It is really unfair for other business wants to do the right thing. Doing the right things mean, business shows the right income and pay the right amount of taxes and reward their employees accordingly by paying the right wages and...
Revenue Recognition – Goods Based Entities
Revenue recognition in Goods Sold Revenue is the key determinant of an entity financial performance. Revenue is measured at the fair value of the consideration of receiving & receivable. Timing of revenue recognition is very important or when the revenue should be...
Cloud based bookkeeping services – Pros & Cons
Cloud Accounting has been significantly grown over a period of time. Most of the business has moved to cloud accounting. However, few of the businesses are still using desktop versions for accounting. Does Cloud Accounting have different names like online accounting...
Annual Leave, Personal/Carer’s Leave and Compassionate leave
Employee’s Entitlements Annual Leave, Personal/Carer’s Leave and Compassionate leave Annual Leave Annual Leave is a part of the National Employment Standards (NES). NES set up the minimum requirement to annual leave, circumstances when annual leave can be paid &...
Taxable Payments Reporting – Building & Construction Industry
Businesses who are in the building and construction industry, they have an obligation to report all the payments that they have made to the contractor in terms of services they have provided to build or construct. The Australian Taxation Office is trying to catch on...
A Professional’s Tip for Healthy Cash Flow
Cash flow is the money count of the business. It is measuring the money flowing in and out of the business. In other words, Cash flow is the lifeblood of any business. In order to sustain and grow, a business should have more inflows than outflows at a given amount of...
Why you should hire Reliable Bookkeeping Services?
There are numerous benefits of hiring us rather than having an individual bookkeeper. Internal bookkeepers are basically employees of the business. They are like others looking for promotion and salary increase. With time, they tend to fall in company politics and...
Claiming Losses (Capital loss and Tax loss)
Every business would like to make a profit every financial year but sometimes some businesses, unfortunately, end up making a loss. Tax-loss occurs your taxable deductions are greater than assessable and exempt income. Therefore, they may end up paying no income...
Depreciation and Capital Expenses
We cannot generally claim deduction on the capital assets immediately and have to claim a deduction over the life of the asset. You can only claim assets who aid to earn assessable income and have an expected decline in value over time. Assets such as land, trading...
GST on Hire Purchase and Leasing Arrangements
What is Hire Purchase or Leasing Agreement If you own the business and you have the goods through instalment payments, using it as you are paying them and don’t own the goods until you complete the instalments then you are under a hire purchase or leasing agreement....
GST – Cash or Non-Cash (Accrual) Accounting Methods
Cash and non-cash basis (Accruals) are the two methods of accounting for GST. Choosing these methods will make businesses decide how they want to report on GST ( Good and Services Tax). Cash BasisBusinesses with a turnover of less than $2 Million can choose any of the...
Thinking of buying a Franchise business ?
Franchisee If you are thinking of having a franchise business, then you should have your single identifier number, commonly called Australian Business Number that is often dealt with other businesses, tax offices and agencies. With the ABN registration, you may be...