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.
There’s no doubt that claiming for your work-related car expenses at tax time is one of the great joys of life! However, you must be certain that you have strong documentation to substantiate your claims.
Bookkeeping For Small Business in Australia When you opened the doors of your small business, you were probably excited to meet your first customers and
Should I Hire An Accountant For My Small Business? Maybe you’ve just started your business, and you’re wondering if you need to hire an accountant.
How Much Should A Small Business Owner Pay Himself? The entrepreneur salary—it’s a number that’s both thrilling and complex. I still remember the day I
What are common bookkeeping challenges faced by a small business? How has operating your small business been like for you? During the initial phase, you
Choosing the perfect accounting firm for your small business? Every year legislators twist and tweak tax laws, leaving the average citizen scratching his head when
All the marketing tips you need to know a small businesses It goes without saying that 2020 should be the year you focus your efforts
Tips for first-time entrepreneurs before launching? There’s no ‘one size fits all’ answer to this question. What someone going into an aircraft business needs to
Choosing the right accounting software for your small business Not having a good bookkeeping system in place is one of the main reasons businesses fail.
Have you wondered what are the features of managing a small business? Let’s face it, running a small business is a hard slog. Keeping on
What’s The Difference Between An Accountant And A Bookkeeper? Bookkeeping and accounting are two functions which are extremely important for every business organization. In the
What Is The Best Bookkeeping Software For Small Business? Small business owners benefit from accounting software because it helps them track accounts receivable and accounts
What are the promotional strategies tips for business? Marketing is the process of getting your business noticed by the people who need or want your
The best accounting and bookkeeping apps for small businesses When it comes to balancing the books, many of us simply leave it to the professionals,
Why is cloud bookkeeping best for small businesses? “The cloud” is a phrase that means something very different these days, due to the increasing use
Accounting is one of the essential services of any business, be it small or big. Businesses are often forced to spend a lot on the
To some, the roles seem synonymous. Even the dictionary contributes to the confusion, listing both as a person who records the accounts or transactions of
How Much Should A Small Business Spend On Bookkeeping And Accounting? If you’re a small business owner, managing your financial books is not an expense
Understanding Gross Salary: What Is It And How It Works? Gross salary is the term used to describe all of the money you’ve made while
Do I Need A Separate Bank Account For Being Self-Employed? In the event of a claim made against the business, you could be on the
How to set up your business for online sales in 5 easy steps For many brick-and-mortar shops, diversifying revenue streams means putting products on an
When should you start paying yourself as a small business owner? It’s a common question that business owners grapple with but figuring out how and
Not-for-profit crisis management: 7 things you can do right now As the coronavirus (COVID-19) pandemic spreads throughout the world, governments, businesses and not-for-profits (NFPs) race
Top tips for a lodging tax return: COVID-19 brings changes. There are only a few days left of this tax year to make the most
How To Grow Your Accounting Skills In 5 Simple Steps There’s more to becoming a good accountant than graduating with a qualification. Here are your
What Are the Generally Accepted Accounting Principles? Irrespective of the type of company, the GAAP is at the core of all of its accounting transactions.
4 Expert Tips For Quickly Scaling A Business That’s Gaining Momentum Getting past the first significant growth hurdle with your business is a fantastic feeling,
5 Tips For Quickly Scaling Your Business And Achieving Repeatable Growth No matter the stage you’re at in your business, smart growth is vital for
When you first commit to losing weight, you track your calorie intake as well as your kilos. When you bring your newborn home for the
The 2021 small business owner’s guide to bookkeeping Successful businesses need financial information to control costs, manage cash flow and generate a profit. Without reliable
Five ways to grow your tax and accounting practice Winning new clients and developing a practise isn’t easy – it requires significant strategic thought. It’s