Bookkeeping & BAS

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avoid cashflow stress

Urgent: SME’s need to prepare now for a quiet summer period

October 24, 2019

Don’t start 2020 on the back foot or worse, in debt. If your business will be closing for a period over Christmas and New Year and you expect slow sales in January, now is the time to review cashflow so that all financial obligations –including payroll, BAS, rent, utilities and creditors – can be met […]

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nautural disasters and ato support

Natural disasters – when your tax obligations are not top of mind

October 15, 2019

If you or your clients are affected by a natural disaster such as a bush fire, flood, storm or cyclone the ATO allows for deferrals of tax obligations so that more immediate problems can be dealt with.   Depending on the disaster, the ATO may automatically make deferral periods or provide individual support based on […]

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payments to IT contractors

Taxable Payments Annual Report (TPAR) now extends to security, surveillance, freight and IT industries

September 24, 2019

Do your clients pay cleaning, IT, or freights contractors as part of their business? These and other contractor industries are now included in the Taxable Payment Annual Report (TPAR). As part of the ATO’s Black Economy Taskforce it was announced that the TPAR would be extended to more industries requiring payments to contractors to be […]

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fbt changes for taxis

FBT for taxis may soon include Uber and others

September 18, 2019

Finally, it looks like there will be a change to the Fringe Benefit Tax (FBT) relating to taxis. There has been confusion and frustration over whether employers are entitled to the FBT exemptions available to taxis when they use an Uber and similar ride-sourcing services. The ATO had previously confirmed that “taxi” only referred to […]

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STP deadline looms

STP transition period for small businesses ends soon

September 12, 2019

From 1 July 2019, Single Touch Payroll was introduced for all businesses including those with 19 or fewer employees.   However, to support small businesses the ATO had allowed a transition period of three months to start reporting or to apply for additional time.   This transition period will end on 30 September 2019.   […]

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education for BAS agents

TPB Review considers increasing the education requirements of BAS Agents

August 20, 2019

In March the Government announced an independent review of the Tax Practitioners Board (TPB) and the Act and the Regulations covering Tax Agent Services.   This review has recently released its discussion paper before recommendations are made to the Government later in the year.   One of the consultation points is “Should the primary educational […]

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flexible work

Looking for work flexibility?

August 14, 2019

Bookkeeping is a growing profession that provides plenty of flexible work opportunities, including working part-time and being self-employed. To become a bookkeeper, you will need: A love of numbers Great attention to detail An analytical mind A nationally recognised qualification Bookkeepers are an integral part of any business as they manage the financial records and […]

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eofy tips and reminders

July-August Bookkeeping Tasks

July 16, 2019

Important dates not to be missed. BAS Reconciliation and Common Issues All businesses registered for GST must lodge their Business Activity Statement (BAS) by 28 July 2019. If you have made quarterly BAS lodgements, this final lodgement should be easier and quicker to reconcile. However, make sure you take the following steps to avoid common […]

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CPE registration

How to complete your Continuing Professional Education requirements as a BAS agent

June 25, 2019

BAS Agents in Australia are required to complete a minimum number of Continuing Professional Education (CPE) hours each year in order to maintain their registration.   How many hours do I need? According to the Tax Practitioners Board (TPB), the minimum requirement is 5 hours in a year but must complete a minimum 45 hours […]

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eofy reminders

EOFY bookkeeping tips and reminders

June 6, 2019

It is always a rush to the end of the financial year and to help you, we have a few reminders so you don’t overlook any tasks.   Taxable payments reporting Has your business made payments during the year to contractors for services? Is your business in one of the sectors that is required to […]

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