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 »
If you’re an employer, you’re probably across how payslips work right? For instance, you already know that you must give employees payslips within 24 hours of paying them and that you can provide payslips in electronic or hard copy format. So that’s it right? That’s all you need to know – well, not exactly! Did you know that Fair Work has specific requirements in terms of what information should be reported on a payslip? Do you know if your payslips are compliant? Not sure? Here is a list of items that you must include on payslips (followed by some items that don’t have to be included, but should be!)
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What information must be on a payslip? Read More »
I’ve been a Twitter user for some years now and absolutely love it! I find Twitter to be a great source of information for my business and a wonderful way to meet other bookkeepers (and other connections too!). Because I’ve been on Twitter for a while now, I’ve been lucky enough to “meet” several fantastic bookkeepers who are exceptional in their field. These guys are very generous both in terms of sharing fantastic content and being very approachable on Twitter and because of this, I believe that you should follow them too. Here’s my list of awesome bookkeepers you should follow:
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8 bookkeepers you should follow on Twitter 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 »
In last week’s blog I shared with you 10 useful tools I use in my bookkeeping business. Today, in part 2 of this blog, I’m going to share 10 more useful tools! Read on to find out what they are (again, not in any order of preference).
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10 more useful tools for bookkeepers Read More »
Just like any good trades person, a bookkeeper will collect and use certain “tools” during his career that generally make his work easier. I have certainly collected a few tools along the way during my 16 years as a bookkeeper, about 20 to be exact! Today I’m going to share 10 of these tools with you and then next week I’ll share the remaining 10 tools in part 2 of this blog.
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10 useful tools for bookkeepers 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 »
One of the most useful online apps I include in my “bookkeeper’s toolbox” is Dropbox. Dropbox allows users to upload and share files with others regardless of location. This is a wonderful tool considering most of my clients are interstate. What I find however, is that some clients use it successfully with me and others, well, not so much! Those who use it successfully follow a specific procedure and today I am going to share that procedure with you so that you too can use Dropbox with your bookkeeper more effectively.
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How to use Dropbox with your bookkeeper Read More »
Does your bookkeeper charge you an arm and a leg for his/her services? Are you sick of receiving bookkeeping bills that make your stomach turn and steam come out of your ears? Never fear, there is a way to pay your bookkeeper much less but still ensure your accounts are kept in tip top shape! The answer lies in the concept of TIME. In short, the more time your bookkeeper has to spend on your books, the more you will pay. Obvious right? So how can you help your bookkeeper save time and in turn save you money? Here are 6 tips to get you started:
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How to pay your bookkeeper much less Read More »