According to the University of Technology, Sydney (UTS), it is estimated that one in three new small businesses in Australia fail in their first year of operation, two out of four by the end of the second year, and three out of four by the fifth year. According to a recent study by UTS, 32% of all business failures are due to financial mismanagement. Lack of cash is the single largest reason for business failure. Continue reading
Many Australians have money in more than one super fund. That is because when a new employee does not choose a superannuation fund, their employer chooses a default super fund for them. When someone changes jobs and does not choose their own fund, this can result in having multiple superannuation accounts as new accounts are created for each job. Consequently, many people are losing track of their super funds and their money. In March 2021 there was $13.8 billion in lost and unclaimed super in Australia. Continue reading
The obvious aim of every business is to make money, and the simple formula for this is to maximise the income while minimising the costs. Utilising the services of a bookkeeper has numerous benefits to any business, but how can you maximise the benefits of a bookkeeper and minimise the cost at the same time? Fortunately, there are ways. Continue reading
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 issues licences to other occupations to enable them to be trustees. These include real estate agents, motor dealers, letting agents, and auctioneers. Continue reading
In Queensland, individuals and companies must hold a QBCC licence to carry out building work where it involves:
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
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
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
The term ‘tradies’ covers numerous professions; carpenters, plumbers, electricians, bricklayers, plasterers, gardeners, landscapers, painters, tilers, mechanics, and more. Most tradies like to get on with their own jobs and don’t really like spending time doing the paperwork. However, in recent years the ATO has been cracking down on cash-in-hand work by matching the credit and debit card payment data provided by the financial institutions against ATO records. This is one reason why many are now turning to bookkeepers. Continue reading
Restaurants are a specialised business and this section of the hospitality industry presents a number of unique challenges for keeping financial records. When you are working from morning until night it doesn’t leave a lot of time for recording entries and working out payroll and GST. Having a bookkeeper can take a lot of pressure off and ensure that all of your records are both accurate and up-to-date. Continue reading