Maintaining a Trust Account – Real Estate and Legal Firms

What is a Trust Account?
A trust account is as the name suggests. A trust account is a bank account where an individual or entity (trustee) is trusted to hold money on behalf of someone else. A trustee can use the account for making and receiving payments.

Solicitors are permitted to be trustees. In Queensland, when solicitors set up and operate a trust account they must report to the Queensland Law Society. The Office of Fair Trading also issue licences to other occupations to enable them to be trustees. These include real estate agents, motor dealers, letting agents, and auctioneers. Continue reading

QBCC Annual Reporting Requirements

In Queensland, individuals and companies must hold a QBCC licence to carry out building work where it involves:
• Plumbing and Drainage
• Gas Fitting
• Termite Management – Chemical
• Fire Protection
• Completed Residential Building Inspection
• Building Design – Low Rise, Medium Rise and Open
• Site Classification
• Mechanical Services Continue reading

Do I Need a Business Bookkeeper – What Are The Benefits?

All businesses in Australia are legally required to report their finances to the government. There are also payment obligations businesses must meet. If your business is not in compliance with these laws, then you can incur heavy penalties. That is why it is so important to adhere to your business obligations and maintain accurate and up to date records.

Tax laws are complex and can be confusing to many people. If you are struggling to meet your business reporting and payment obligations, or you are not sure what they are or how to comply, then these are signs that you might be struggling. To protect yourself and your business, it is highly recommended that you consult a bookkeeper. Continue reading

Finding Help with Bookkeeping – Where To Start

All businesses in Australia are required to provide financial documents to the Tax Department. Big businesses often have a team of accountants and bookkeepers, but what about small businesses? Whether you are a sole trader just starting up, or you are an established small business with a small team of employees, employing your own bookkeeper full time is probably not an option you can afford.

But having a bookkeeper is crucial for many reasons and they can help your business in numerous ways. It is good to know that wherever you are up to in your business journey, there is help available. Continue reading

Benefits of Using a Certified Bookkeeper and Registered BAS Agent

If your business is registered for GST, the ATO requires you to lodge a Business Activity Statement (BAS). The BAS helps you report and pay taxes including GST, PAYG instalments and PAYG withholding tax.

Registered BAS Agents are there to help you navigate the ever changing minefield of the Australian taxation system, obtain the maximum benefits and avoid penalties.

Before finding out exactly what they can do for you, let’s begin with their qualifications. Continue reading