Bookkept - Melbourne Accounting & Tax Blog

Take a peek inside our thought process and see how we think about accounting & tax issues

Employee Contractor

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.

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SMSF

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.

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Cash Flow

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.

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Franking Credits

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.

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Directors Penalty Notice

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.

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Sharing Economy

Sharing Economy

The sharing economy describes an emerging social concept that connects people via the internet to those who will share services for money.

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Buying A Business

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.

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Travel Allowance

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.

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Business Or Hobby

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.

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Personal Tax Couple

What do bookkeepers do?

What do bookkeepers do? DISCLAIMER: We’re commenting on USA and U.K finance legislation. Even though it’s not the most exciting part of beginning a business,

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Personal Tax Couple

Types of Bookkeeping

Types of Bookkeeping The financial management of a small business relies heavily on accurate bookkeeping. The procedure entails organising and keeping accounting and financial papers

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Hiring-Staff-Melbourne

Hiring Staff

Hiring Staff Chapter 1: The hiring process: how to hire staff Are you prepared to bring on board your very first worker? Or, perhaps you

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Cloud Acccounting Melbourne

Cloud Accounting

Cloud Accounting Are you interested in gaining knowledge about accounting in the cloud for your small business? Explore our many guides, such as those on

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Remote-Working

Remote Working

Remote Working Chapter 1: How accountants and bookkeepers can adapt to working remotely Businesses have been obliged to accept remote work arrangements due to the

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Marketing-Melbourne

Marketing

Marketing Do you want to learn how to advertise your small business? Digital marketing, SEO, social media, email marketing, and other topics are covered in

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Business-Finance-Guide

Business Finance Guide

Business Finance Guide Chapter 1: What is Business Finance? Your brand-new business concept is ready to launch. Or perhaps you’re ready to expand your current

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house-protection-bank

Renting to Your Mates

Renting to Your Mates According to data provided by the Australian Bureau of Statistics (ABS), our greatest demographic of renters are those under the age of

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house-protection-bank

Renting your Holiday Home

Renting your Holiday Home We at Bookkept, Australian bookkeeping and accounting specialists, have done our research on Renting your Holiday Home and are here to share

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