Latest Blogs
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...
Hiring a new employee? stop and read this useful information
As an employer, if you are considering hiring a new employee for your organization, then you should meet tax and super obligations. Before you start hiring and engaging them to work, you need to check their work rights i.e. are they Australian Citizens, Permanent...
The Basics of Property Investing
our place of resident i.e. home is generally exempt from Tax. However, if you have any investment property, build or renovating your property for profit then may be liable for income tax, Capital gain Tax (CGT) and Good and Services Tax (GST). If you have rented out...
Late on Lodging March 2015 Business Activity Statement
If an entity or an individual who is registered for GST is required to lodge a Business Activity Statement, commonly called BAS either on a monthly, quarterly or yearly basis as a tax requirement by ATO. We as bookkeepers who provide bookkeeping services can help you...
Superannuation Change
In this new financial year budget, the government has announced to increase superannuation guarantee rate from 9.25 to 9.50% and the rate will remain the same till 30th June 2018. The rate will gradually increase by 0.5% till it reaches 12%....
Push To Impose GST on Online Purchases < $1,000
Australian shoppers who like to buy goods and services from overseas are facing a renewed push to pay GST. The Australian retailers have constantly complained about the loophole saying it puts them at a disadvantage with the overseas competitors and the federal...
Basics of Selling or Closing a Business
Steps that you should know before selling or closing a business : Lodgement and payment – Business should lodge all lodgements and pay all the required obligations owed to the business account. Some of the lodgements may include Business Activity Statements...