Bookkept - Melbourne Accounting & Tax Blog
Take a peek inside our thought process and see how we think about accounting & tax issues
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.
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.
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.
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.
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 For Small Business in Australia When you first opened the doors to your small business, you were certainly delighted to meet your first clients
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.
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 the most typical difficulties in bookkeeping that a small business encounters? What are some of the most challenging and rewarding aspects of running
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 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 Is The Best Bookkeeping Software For Small Businesses? Small company owners benefit from accounting software because it allows them to manage accounts receivable and
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? The cloud solution has decreased or eliminated duplicate, time-consuming work, which is the scourge of most enterprises,
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? If you own a small business, keeping track of your financial records is not
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? If you are self-employed, you do not need to register a business bank account because
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 More than merely crunching statistics is required of today’s accountants. In order to flourish as
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 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 DISCLAIMER: We’re commenting on USA finance legislation. Following COVID-19, recent accounting graduates are entering one of