Happy New Year!
5th July 2014
OK, I realise it's the 5th already, but I've been head-down-bum-up with financial year end, and have just come up for air!
It's been quite a while since the blog has been updated, so thought this would be a good opportunity to say g'day, let you know we're still alive, and fill you in on a few things that have been going on around here.
One of the biggest changes to our systems is a program called Receipt Bank; we have been trialling this for a few of our clients (and for us) over the past couple of months. This is a program that helps to automate your purchase invoices and receipts processing and is excellent for those businesses wishing to go paperless. It integrates beautifully with Xero (they were Xero Add-On Partner of the Year 2013) so we're loving it here and can thoroughly recommend it. Go to www.receipt-bank.com for more information, or of course you can give me a buzz.
Production of 2014 Employee Payment Summaries for all of our clients is almost complete, and can I just say how easy it is with Xero. We have even been able to lodge the PAYG Annual Report with the ATO directly out of Xero which is a new feature and an absolute cracker.
Being the end of the financial year, we are busier than ever with new Xero set ups and training; the best part of this work is meeting the amazing business owners and being able to make their lives easier. We live for that stuff.
Anyway, if you're still awake, I'll sign off for now.
Wishing you all the most fantastic success for the 2014-2015 financial year and beyond!
Business Bulletin Summer 2014 Edition
8th December 2013
The Business Bulletin Summer edition is with us!
This issue contains important information on changes to the small business immediate asset write off threshold from 1 January, 2014. If you are a small business considering the purchase of a new car or other capital asset, this is for you!
Information on the employer superannuation rates for coming years is also contained in this issue.
Please click on the following link to get your copy: https://dl.dropboxusercontent.com/u/29597437/Business%20Bulletin%20Summer%202014.pdf
Common GST Errors
25th November 2013
Wow, what a busy few months this has been!
Aside from our normal workload of maintaining the books for our awesome regular bookkeeping and BAS clients, we have been very busy setting up and training new customers on Xero accounting software. This has been a wonderful opportunity to meet and interact with many business owners in a variety of industries.
This BAS period has also been one of our busiest with a few new clients onboard. Luckily, BAS Agents are afforded an extra four weeks to lodge BAS's electronically, which gives us time to prepare and lodge for multiple clients.
When checking the work completed by clients, we come across some common GST errors and thought it worthwhile to bring it up here so that you can check your own bookkeeping processes.
Common Error No. 1
Claiming GST on purchases over $82.50 without holding a valid tax invoice
If your expense if over $82.50, you must hold a valid tax invoice in order to claim the GST credit in your BAS. Please see the following link for more information on this:
Common Error No. 2
Claiming 100% GST credits on insurance expenses
Insurance expenses often include components that do not include GST, such as MCIS Levies and Stamp Duty. Be sure to always check your insurance tax invoice for the correct amount of GST.
Common Error No. 3
Claiming 100% GST credits on telephone bills
There are often components on telephone bills that do not include GST, such as telephone handset repayments, overseas calls and late fees. Always check your telephone account for the correct amount of GST to claim - don't assume anything!
Common Error No. 4
Claiming GST on amounts paid to non-registered entities
Not all businesses are registered for GST; it is only compulsory to register if your annual GST turnover is $75,000 or more (or $150,000 for non-profit organisations). While all businesses must have an ABN, they will not necessarily be registered for GST. (Unfortunately many businesses who hold an ABN mistakenly assume that they are registered for GST!) If you are in doubt as to the GST status of a supplier, you can check it at the Australian Business Register - please see the following link:
Common Error No. 5
Claiming GST on expenses with no GST in the price
I often see GST claimed on items such as car registration, bank fees and interest. If you are in doubt as to the GST status of an item, please seek help from your professional adviser such as your BAS Agent or Tax Agent.
I hope that you have found this helpful; if you have any questions or would like more information on this topic, please give us a buzz on 0402 231750 or drop us a line at firstname.lastname@example.org.
16th September 2013
Welcome to our new and vastly improved website!
Watch this space for:
*Latest news relating to the world of bookkeeping and BAS;
*Upcoming dates to remember;
*Changes to legislation that may affect you; and
*Anything we find interesting that you may also like to know about!