A Simple Guide to Fringe Benefit Taxes

As a business person, you understand the value of hard work and dedication. Your employees are the lifeblood of your business, whether it’s a small enterprise or a large corporation. Without those dedicated people, you would have serious issues filling orders and carrying out day-to-day tasks. That’s why it’s important to keep them well paid and incentivise the workplace. How can you incentivise? Through fringe benefits for your employees!

While giving your employees benefits throughout the year is a wonderful gesture, they must always be accounted for in the end. Specifically, there will be a tax involved with these benefits that you may not know about. Your accountants will need to know about these fringe benefits as they are given to the employees. If you are a new business owner, here is an easy guide to help you navigate the taxation of fringe benefits. Continue reading

What Are the Advantages of Registering for GST?

These are exciting times. You are just about ready to open your new business. You’ve been busy setting up all of the systems that you need for your business to work – including the bookkeeping. You know that proper bookkeeping will give you the best perspective on how your business is performing. It’s not glamorous, but it’s very important. It can also be very confusing for first-time business owners.

This is where many owners succumb to pitfalls while setting up their business. Because there are many forms to file and BAS regulations to follow, things can sometimes be missed. One such thing is GST registration. It’s surprising how many Gold Coast start-ups fail to register for GST. If you are just starting your business, it could be very beneficial to register for GST. Let’s look at a few reasons why that is. Continue reading

How to Choose the Best Accounting Software for Your Business

Choosing the best accounting software for your business can be truly confusing.

It seems like each accounting software product has something that you think your business needs or might need and it doesn’t help the fact that almost every accounting software out there gets rave reviews, confusing you even further.

To make it easier for you to filter out the products you don’t need and ultimately decide on the accounting software for your business, we have compiled a list of questions you need to ask yourself while shopping for the best accounting software for your business.

Continue reading

Cloud Accounting Software Cost Comparison: Xero, MYOB, Quickbooks Online, Saasu and Reckon

When shopping around for your business, regardless of what you’re purchasing, the first thing you should consider is your budget. Your budget will always be the first business resource that will take a hit every time you purchase business equipment and goods.

However, when it comes to getting your business its cloud accounting software, you should start to dig deeper than budget consideration. Cloud accounting software offers incredible advantages, like significant reduction of time spent on accounting, easier collaboration, and being able to send and receive financial data on the go.

You should be able to weigh a cloud accounting software’s cost against its benefits and compare its performance against its competitors. Here’s a comprehensive cost comparison of cloud accounting software to help you decide which one matches the needs of your business: Continue reading

How to Prepare and Lodge Business Payments Summaries

If you’re running a small business in Australia, chances are you’re constantly pressed for time. Preparing and lodging your business payment summaries would certainly take time, good thing the Australian Tax Office (ATO) now allows certain reports to be lodged online.

If the type of annual report you’re going to lodge is all about payments you have made regarding work, which includes salaries and wages, then you’re in luck as the ATO allows Pay-As-You-Go (PAYG) withholding payment summary annual report to be lodged online.

The only question is, how do you prepare and lodge your business payment summaries online? Continue reading