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Bookkeeping – BAS – What is the BAS statement and the accounting the bookkeeping needs to cover

images/Bookkeeping.jpgThe ATO site is full of information to assist you in what is the BAS statement and the accounting the bookkeeping needs to cover, to prepare the form at the GST labels on your BAS (Business Activity Statement).

Here are the KEY details from their site about what the BAS is,

If you are a business registered for GST you need to lodge a business activity statement (BAS).

Your BAS will help you report and pay your:

  • Goods and services tax (GST);
  • Pay as you go (PAYG) instalments;
  • PAYG withholding tax;
  • Other taxes.

When you register for an Australian Business Number (ABN) and GST we will automatically send you a BAS when it is time to lodge.

Your BAS is broken up into sections, called 'labels', and you need to fill out different labels depending on how you choose to report and pay.

Next step:

The main area small business need to report on (if registered for) is GST –

Goods and Services Tax (GST)

Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.

You must register for GST if:

  • your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more
  • your non-profit organisation has a GST turnover of $150,000 per year or more
  • you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
  • you want to claim fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t fit into one of the above categories, registering for GST is optional. However, if you choose to register, you generally must stay registered for at least 12 months.

If you are a business, you use a BAS to:

  • report and pay the GST your business has collected
  • claim GST credits.

Find out about:

Detailed Instructions

You also get FREE30 min to assist in setting up your company in the software,

and FREEongoing email or phone support – no-one offers as much!

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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Cashflow tip – How to improve cash flow for business – 5 top things to act on NOW!

 

images/CashFlow.jpgOften we are asked how to improve cash flow for our business clients, and there are many areas of your business that can have an effect on how much cash is available. Here are 5 top things to attend to when cash is low. Additionally, by controlling your expenses and increasing your sales, you can improve your cash flow multiple times!

1  Review stock levels

Holding too much stock will tie up cash and may increase storage and insurance costs to protect the stock. Practicing good stock control is to keep stock at efficient levels to service customers, but not sit for months waiting to sell.

2  Manage customer and supplier accounts

Follow up REGULARLY those overdue debtor/customer accounts who owe you money. Managing debtors by having good credit policies and enforcing them, which will keep your cash coming in.

You may also be able to negotiate longer payment terms with your creditors/suppliers. If you can get payment from your customers before you pay your suppliers, you will have zero out of pocket expense – easier said, but sometimes can happen.

3  Review banking products

Using the appropriate banking transaction products can have the money in your pocket sooner. Consider a mobile EFTPOS device, or investigate services to take payments over the phone or online.

4  Increase sales income

Review your pricing (time to increase?), use an new advertising campaign or improve your customer service and sell add-ons (would you like fries with that?) to see if you can increase revenue and profits. You may also want to consider other ways to growing your business, such as additional complimentary products or services.

5  Reduce overheads

Think about reducing staff overtime hours and controlling overheads. Make your business more environmentally friendly may reduce costs such as power and water bills and minimise wastage. Remember to clearly communicate your policies on these items to your staff.

Need help? Not sure? Call for FREE30min advice / strategy session today! 0407 361 596 Aust

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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