Choosing The Right Accountant
A good accountant is an invaluable resource. Here are our tips to ensure you choose the right accountant for your business.
Bookkept - Melbourne Accounting & Tax Blog
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Contractors And Employees
While it might seem at first glace that a contractor is cheaper and easier because of PAYG Withholding, Superannuation & Annual Leave – it can be a very complicated space where there might not be a right answer.
Self Managed Super Funds
The chief reasons for the popularity of SMSF’s include control over assets,
tax benefits associated with superannuation, flexibility in funding retirement, potential cost savings by eliminating trustee and portfolio fees & estate planning opportunities.
Cash Flow Forecasts & Budgets
Lack of cash flow can be the difference between success and failure for small businesses – the planning of cash flow can reduce stress for both you and your creditors and the knowledge that you have money spare allows you to expand.
Negative Gearing vs Positive Gearing
Negative gearing is one of the most misunderstood concepts in tax and is something commonly said in the media without any real explanation. Simply, gearing is “borrowing to invest”.
What Are Franking Credits?
A franking credit is a tax credit attached to “franked” dividends that shareholders receive from companies. Is it where the company issuing the dividend has already paid taxes on the income used to pay the dividend. To an individual, it is similar to PAYG taxes than your employer pays on top of your net wages.
Director Penalty Notices
Directors are legally responsible for ensuring that their company meets its pay as you go withholding, GST and superannuation obligations. If a company fails to comply with their obligations, company directors are held personally liable for the amount the company should have paid.
Sharing Economy
The sharing economy describes an emerging social concept that connects people via the internet to those who will share services for money.
Buying A Business
Buying an existing proven business can be easier than starting from scratch – an established business has brand awareness, a (hopefully happy!!) customer base, regular suppliers and immediate cash flow.
Tax Effective Entity Structures for Asset Protection
Asset protection is needed as early as possible to protect yourself from a disastrous first few years of trading -it’s not only for the wealthy! It can mean the difference in protecting your family home and not.
Employee Allowances
Allowances are separately identified payments made to an employee to cover expenses they incur while performing their role. Allowances paid in conjunction with normal salary and wages are not treated separately for PAYG withholding, but can still have special treatment in the eyes of the ATO.
Is This A Hobby Or A Business?
When you’re at the stage of asking this question, it’s often the case that there’s no right answer. Many businesses will start out as hobbies, and there will be a point when you could say it’s either. Your accountant can help you consider the differences in the characteristics of commercial business and a hobby to make sure you’re lodging your taxes correctly.
Bookkeeping Tips For Small Business in Melbourne, Victoria
Bookkeeping For Small Business in Australia When you first opened the doors to your small business, you were certainly delighted to meet your first clients
Bookkeeping Systems To Use For Small Business
Bookkeeping Systems To Use For Small Business It’s crucial to understand the many types of accounting systems before deciding which one to employ to keep
Are accountants good at math?
Are accountants good at math? Earning a degree in accounting is an excellent method to improve your chances of landing a secure job that will
How do you maintain bookkeeping?
How do you maintain bookkeeping? DISCLAIMER: We’re commenting on United Kingdom finance legislation. Documentation is not the primary motivation for most people when they launch
What are the duties of a bookkeeper?
What are the duties of a bookkeeper? Bookkeepers are accountable for the upkeep of an organization’s most important accounting documents, which are referred to as
What Are The Types Of Bookkeeping?
What Are The Types Of Bookkeeping? It’s crucial to understand the many types of bookkeeping systems before deciding which one to employ to keep track
Should I Hire An Accountant For My Small Business?
Should I Hire An Accountant For My Small Business? There are several compelling reasons to hire an accountant at various phases of your company’s development.
What Are Some Accounting Strategies?
What Are Some Accounting Strategies? Accounting is a critical company function that collects, records, and analyzes financial data. This financial data frequently contains extensive information
What Does A Bookkeeper Do For A Small Business?
What Does A Bookkeeper Do For A Small Business? Bookkeepers are tasked with the responsibility of giving an organisation accurate and up-to-date financial information. They
What Are The Basics Of Bookkeeping?
What Are The Basics Of Bookkeeping? If you don’t understand the numerous types of “accounts” your bookkeeper uses to handle your funds, measuring the success
Can I claim expenses without a receipt?
Can I claim expenses without a receipt? Do you claim tax deductions if you don’t have a receipt? Claiming costs without receipts is problematic because
How much should I pay a bookkeeper?
How much should I pay a bookkeeper? The price of bookkeeping is often determined by a combination of two factors: the amount of time spent
How can I be successful in accounting?
How can I be successful in accounting? Accounting used to be one of the safest professions to pursue. It guaranteed you a job, a decent
Bookkeeping For Small Business in Australia
Bookkeeping For Small Business in Australia You were undoubtedly excited to meet your first customers and start making money when you first opened the doors
How do I keep books for a small business?
How do I keep books for a small business? Anyone in business should keep good records because it makes it simpler to manage cash flow,
How to start a bookkeeping business from home?
How to start a bookkeeping business from home? To begin, you can start a bookkeeping business by working for yourself a few hours each week
What are the basic bookkeeping skills?
What are the basic bookkeeping skills? Financial transactions are recorded and classified by bookkeepers. People in this position must be comfortable with numbers as well
What are the basics of running a business?
How do you run a business? There is no restriction on people who can succeed as entrepreneurs. It is not necessary to have a college
How Much Should A Small Business Owner Pay Himself?
How Much Should A Small Business Owner Pay Himself? DISCLAIMER: We’re commenting on USA finance legislation. The entrepreneur’s salary—it’s a number that’s both thrilling and
What are common bookkeeping challenges faced by a small business?
What are the most typical difficulties in bookkeeping that a small business encounters? What are some of the most challenging and rewarding aspects of running
What are the two kinds of bookkeeping?
What are the two kinds of bookkeeping? One of these two methods was utilised in the practice of traditional bookkeeping. The systems were utilised by
Why should I hire a bookkeeper?
Why should I hire a bookkeeper? Bookkeepers play an important role in the business world. They save you time by handling all of your everyday
What qualifies a small business?
What qualifies a small business? A corporation, partnership, or single proprietorship that is privately held and has fewer employees and lower yearly income than a
How to Keep Records for Your Small Business?
Tips for keeping records for your small business. The coming of tax season is surely not something that excites you as a small business owner.
Is bookkeeping a good career choice?
Should you consider a bookkeeping career? In Australia, bookkeeping is a common career. It enjoys the benefits of a semi-professional ‘white-collar’ occupation. Nonetheless, it allows you to
How do I get QuickBooks Certified?
How do I get QuickBooks Certified? A QuickBooks ProAdvisor is a member of the QuickBooks ProAdvisor program who has passed a certification exam and has an
Is it hard to become a bookkeeper?
Is it hard to become a bookkeeper? Are you a wizard at using spreadsheets, and do you enjoy spending the whole day marking cells with
How Much Tax Can You Claim Without Receipts?
Is it possible to claim tax without receipts? When you don’t have a receipt, do you claim tax deductions? Claiming without a receipt is increasingly
What do small business consultants do?
Everything you need to know about small business consultants. Small company consultants advise owners on strategy, problem-solving, and skill development. They also devise resources and build
How do taxes work with Airbnb?
How do taxes work with Airbnb? More and more individuals are renting out their houses as a result of the rise in popularity of holiday
What Can Tradies Claim On Tax?
The things Tradies can claim tax on Tax Breaks for Tradies: I’m a tradesman. Is it possible to deduct the course charge I paid to
What can you claim on tax for teachers?
The things you can claim tax on as a teacher. As a result of the limits imposed by COVID-19, many teachers now conduct their classes
Why Is My Tax Refund So Low?
Why Is My Tax Refund So Low? If you are an Australian resident for the purposes of income tax and you pay tax on the
What are the features of small business management?
Have you wondered what are the features of managing a small business? It’s no secret that running a small business is difficult. Keeping track of sales, recruiting,
What’s The Difference Between An Accountant And A Bookkeeper?
What Is The Difference Between A Bookkeeper And An Accountant? Every corporate organization requires two functions: bookkeeping and accounting. Simply said, bookkeeping is in charge
What are the most profitable small businesses?
What are the most profitable small businesses? Every day, new businesses launch, contributing to the maintenance of the functions that our country relies on the
What Is The Best Bookkeeping Software For Small Business?
What Is The Best Bookkeeping Software For Small Businesses? Small company owners benefit from accounting software because it allows them to manage accounts receivable and
What Is A Tax Write Off And How Does It Work?
What Is A Tax Write Off And How Does It Work? Eligible firms can claim an immediate deduction for the business portion of the cost
What is Full Cycle Accounting?
What is Full Cycle Accounting? Accounting is the study of commercial operations through time. The whole accounting cycle refers to the process of performing all
The best accounting and bookkeeping apps for small businesses
The best accounting and bookkeeping apps for small businesses Because dealing with percentages, decimal points, and calculations is likely to result in blunders and a
Why is cloud bookkeeping best for small businesses?
Why is cloud bookkeeping best for small businesses? The cloud solution has decreased or eliminated duplicate, time-consuming work, which is the scourge of most enterprises,
40+ Best Business Accountants in Melbourne, Victoria [2021]
Accounting is one of those things that every company, no matter how big or how small, needs to have. Many times, businesses are required to
How Much Should A Small Business Spend On Bookkeeping And Accounting?
How Much Should A Small Business Spend On Bookkeeping And Accounting? If you own a small business, keeping track of your financial records is not
How Much Tax Do I Pay On ABN?
How Much Tax Do I Pay On ABN? The question of what happens if you work on both an ABN and a TFN has been
Understanding Gross Salary: What Is It And How It Works?
Understanding Gross Salary: What Is It And How It Works? The word “gross salary” refers to the total amount of money you earned while working
Do I Need A Separate Bank Account For Being Self-Employed?
Do I Need A Separate Bank Account For Being Self-Employed? If you are self-employed, you do not need to register a business bank account because
GST and BAS in Australia
GST and BAS in Australia You’re probably familiar with the term “GST,” which stands for “goods and services tax.” This tax is included in the
Top tips for a lodging tax return: COVID-19 brings changes.
Top tips for a lodging tax return: COVID-19 brings changes. Only a few days remain in the tax year to take advantage of new personal
How To Grow Your Accounting Skills In 5 Simple Steps
How To Grow Your Accounting Skills In 5 Simple Steps More than merely crunching statistics is required of today’s accountants. In order to flourish as
What Does an Accountant Do?
What Does an Accountant Do? It’s a valid question. Do accountants also undertake obligations related to bookkeeping? Can they assist you in understanding financial ratios?
What Are the Generally Accepted Accounting Principles?
What Are the Generally Accepted Accounting Principles? DISCLAIMER: We’re commenting on USA finance legislation. The Generally Accepted Accounting Principles form the basis of each and
Top 25 Cheap Individual Tax Returns Online Australia
Top 25 Cheap Individual Tax Returns Online Australia Do you require an individual tax return but cannot afford to hire a professional? You’re not by
Easy Tips for Landing an Entry Level Accounting Job
Easy Tips for Landing an Entry Level Accounting Job DISCLAIMER: We’re commenting on USA finance legislation. Following COVID-19, recent accounting graduates are entering one of