16 Jul 2018 – Issue PAYG withholding payment summaries to employees
Creating a plan before the end of financial year, 30 June 2018, is crucial to ensure you are reducing your taxation liability as much as legally possible. Make sure you get in early and book an appointment with one of the team to see if there are any strategies to reduce your tax exposure.
Fringe Benefits Tax (FBT) accounts for personal usage of assets within your business. Trade businesses in particular usually have vehicles or other assets that are used by employees for private purposes. It is important for business owners to identify this usage and report to the Australian Taxation Office (ATO). We will prepare your FBT returns for you and lodge them with the ATO.
Cloud Accounting or online accounting has garnered a significant stake in today’s globalised market. It is very similar to your old accounting software, however your information is no longer stored on your personal computer, instead all data is securely stored and processed on offsite servers known as “the cloud”, enabling you access from any device as long as you are connected to the internet.
How can a business making plenty of sales possibly go bust, you may wonder? The answer is cash. Your cash can be in a surprising number of places other than where it belongs - in your account.
Managing your cash flow is more than simply looking at what goes in and out of your accounts and paying your bills on time. Here, we suggest how to prioritise your cash flow to make the most of what is available to you while moving your business forward.
Knowing this ‘financial lingo’ will assist when analysing your Trade business profit and loss statement.