Once upon a time, believe it or not, you couldn’t pre-pay your tax – no, really! If you tried to do this, the ATO would just refund it straight back to you because they didn’t know what to do with it! Well, as of January 2016, this has all changed!
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Can I pre-pay my tax? Yes you can! Read More »
This week we want to bring a very serious issue to your attention. There are scammers out there calling people under the guise of being employees from the Australian Tax Office (ATO) and demanding money from innocent tax payers in an intimidating & threatening manner.
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Have you been scammed by the ATO? Read More »
After the coldest winter in 26 years in Australia, I for one am very happy that today is the first day of Spring! Spring time, along with its welcome warmer temperatures and longer days, is renowned as being the time for cleaning, hence the phrase “spring cleaning”. As I no longer need to worry about house cleaning since employing a cleaner earlier this year, the only “cleaning” I need to concern myself with these days is within my business itself. So how on earth is a bookkeeping business cleaned? What does this actually mean and how is it done? Read on to find out more!
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Spring-cleaning for bookkeepers Read More »
In last week’s blog, I looked at a different kind of business goal business owners could (and should) adopt this new financial year: putting themselves first and their business second i.e. looking after number one. By making this your main goal, I believe you will find personal “happyness” (spelling intended) and your business will be all the better for it. It’s a win-win! This week I’ll explore some of the things business owners can do to get them started in their quest to put themselves first.
…New financial year goal: put YOU first and your business second Part 2Read More »
New financial year goal: put YOU first and your business second Part 2 Read More »
I did something different this week – I employed a house cleaner. Do I really need a house cleaner? Probably not. Can’t I clean my own house? Yes, you bet I can – after 30 years of marriage I’ve had loads of practice! So why a cleaner now? Basically, I’ve decided that my time, especially in terms of my business, is precious and I need to spend it wisely. I’ve finally realised spending 3-4 hours per week cleaning, washing etc, is NOT a wise use of my time. I should be using that time to work in/on my business or just simply relaxing. It’s time to stop trying to do everything myself and give myself a break.
So this move to outsource my cleaning got me thinking…….
There are probably hundreds of business owners out there like me trying to do it all – the actual work, the marketing, customer relations, administration AND…… the bookkeeping. While outsourcing is nothing new, it is certainly hard for some to do and when it comes to bookkeeping, some find it very difficult to let go! But I promise you, by outsourcing your bookkeeping, your business will improve and you will certainly be happier! In my honest opinion, you should engage a bookkeeper for the same reasons I got a cleaner. Here are those reasons:
Like me and my house cleaning, you’ve looked after the bookkeeping for your business for ages and are doing a pretty good job, so why outsource it? Simple! You’ll get more time to get your work done or to work ON your business. You’ll also get more time for YOU. Instead of working after hours and on weekends on your bookkeeping, you can do something else, something you like doing. It’ll be good for the soul, your sanity and your business!
I’m pretty good at cleaning. I’m careful and do a thorough job. I’m good at it but are my cleaning skills better than those of a professional cleaner? Probably not. My cleaner uses better cleaning agents, better tools and seems to get tasks done much faster (and better) than I can – obviously she knows a few tricks that I don’t know! If you engage a bookkeeper, you’ll find that story will be exactly the same. Even though you’re pretty good at your own bookkeeping, your bookkeeper will always do a better job because s/he has been trained and educated in the field. Like my cleaner, your bookkeeper will do the work faster and better than you’ll ever be able to do it.
By outsourcing your bookkeeping (or in my case, the cleaning), you’ll be giving someone a job or helping someone else’s business grow. This can only be good for your local economy. It’s a win-win. You get back some much-needed time and your bookkeeper gets a job or a new client – yay!
Getting a bookkeeper could be a great networking opportunity – no, really! A contract bookkeeper has many clients and some of those clients might just need the type of service you are providing. Your bookkeeper might even need your services – who knows! The point is, we are more likely to buy from those we know and trust. Your bookkeeper could be your greatest advocate (I’m hoping my cleaner will be one of mine!).
There’s an old saying, “just because you can, doesn’t mean you should”. Sure, I could have battled on, working full time and then spending the weekend cleaning, washing, ironing etc – I’m certainly more than capable! The problem with that scenario is that there is a distinct lack of FUN involved! I’m sure if I continued in this vein, I would have ended up burning out, not enjoying my work, my family or my life! Here’s my tip for all you hard-working solopreneurs – in the words of Molly Meldrum, “do yourself a favour” and stop trying to do everything yourself! Outsource what you don’t need to do (even if you can do it) and focus on doing what you’re best at – the actual work! This could be the bookkeeping or perhaps another aspect of your business; whatever it is, delegate it and get your life back!
I’m getting a cleaner for the same reasons you should get a bookkeeper Read More »
It’s pretty obvious that I’m a fan of blogging. I’ve been writing this one for some 5 years now and really enjoy doing so. The other day I got to thinking about whether other bookkeepers blogged at all and thought that it would be great to get a list together of some of these blogs to share. I asked some fellow bookies on FaceBook and also did my own research via Mr Google. After searching some 30 pages on Google I found a few gold nuggets, 24 of them to be exact! Here is my list of 24 awesome Australian bookkeeping blogs:
…24 awesome Australian bookkeeping blogs Read More »
Whether or not you are just starting a new business or have been in business for a while, it is important to understand the business structure under which your business operates. In general there are four structures: company, sole trader, partnership and trusts. Each structure has its own set of “rules” which greatly affect how you should operate your business. The various business structures are explained below.
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Which business structure are you? Read More »
One of the questions I get from clients frequently is: what’s the difference between PAYG withholding & PAYG Income Tax Instalments? This is especially confusing for business owners who have never paid these taxes before and are new to the PAYG system. So what are these two taxes about and how do they affect your business?
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What’s the difference between PAYG Withholding & PAYG Income Tax Instalments?Read More »
What’s the difference between PAYG Withholding & PAYG Income Tax Instalments? Read More »
Whether you’re a business owner doing your own books or a bookkeeper, from time to time it’s necessary to check an entity’s Australian Business Number (ABN) for authenticity. Sometimes you just aren’t sure if the ABN is correct or you may wish to check if a supplier is registered for GST (and other legal details). So how do you check the status of an entity’s ABN? Currently there are 4 options available to you.
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How to check if an ABN is the real deal Read More »
With all of the web content being thrown at us daily via email and social media, it’s hard to know what’s worth reading and what’s just rubbish! If you’re a busy business owner like me, you can’t read everything, there’s just not enough time in the day. However, as a business owner, you also know that there is information out there that you should be across, particularly in relation to taxation, GST and employing. Most of this information can be found on the Australian Taxation Office website, but again, there is a mountain of data to read there, so where do you start? To save you time, I have compiled a list of ATO links I believe will be the most useful for business owners. Take a read through and bookmark the links of interest to you.
1. ATO YouTube channel – ato.gov.au
The ATO has it’s own YouTube channel which contains several videos about taxation, GST, running your business, BAS and lots more!
2. Small business newsroom | Small Business Newsroom
There are 2 newsletters to which you can subscribe that regularly provide information about employment issues, GST, Superannation, lodging and paying tax, fringe benefits tax and other general tax advice. The “Small Business Newsroom” is specifically for small business owners while the “Business Bulletins” is directed at medium to large businesses.
3. Small business support | After hours web chat | Contact ATO by phone
Need to discuss a taxation issue with the ATO but you’re just too busy during the day? No matter, you can now book an after hours call via the above link. Once booked, a consultant will call you back at the time you specified – a great service! For those who prefer not to talk via telephone, there is also a web chat service. I have also provided the link to telephone numbers you can call during the day if the other 2 options don’t suit you.
4. Order forms and other documents
From time to time, you may need quick access to taxation booklets, forms or other information. One of the best ways to obtain this information is by ordering it online from the ATO. The information will be sent you either via post or email depending on the product.
The ATO has provided the ability for business owners to connect with the ATO electronically for several years now. Business owners can log into their business portal and lodge their own BAS and other forms and can correspond securely with the ATO as required. I highly recommend that all business owners review their options in this space as the ATO is moving further and further towards online platforms and those who ignore this will get left behind. The link above provides more information about this topic.
This service allows you to call the ATO whenever you like to do any of the following:
7. Search – sort by topic | Small business assist
Need to find some taxation information quickly? These 2 links may help. “Search” is an alphabetical listing of various topics while “Small business assist” is a service where by you type in your question and a range of websites and pages will be provided related to the information you require.
8. Dates for current financial year
Not sure when your BAS is due or when you need to pay your employees’ superannuation? This link will help – it’s a list of current key tax lodgement due dates for this financial year.
9. For Employers!
Here is a group of links for those of you who are employers or who are about to employ staff. They include information on employing for the first time, PAYG withholding (what it is and how it works), a tax withholding calculator, the log-on page to the super clearing house and the super guarantee charge statement and calculator tool (for those who have missed the quarterly super payment due date).
10. How the GST works | Claiming business deductions | Home office expenses calculator | Selling or closing your business
This group of links relate to general taxation information about topics and issues that business owners may find useful, especially the business deductions link.
Having trouble paying tax debt? This link provides information about how to handle this situation.
I hope this list of useful ATO links will prove helpful to you as a business owner. You could bookmark them all or simply bookmark this blog so you can access all links with one click!
As a business owner, do you find yourself using particular ATO web pages all the time? If they aren’t already listed here, please share your links below – they may just help someone else 🙂
Useful ATO web pages all business owners should bookmark Read More »