It goes without saying that the income figures on your Profit & Loss Statements need to be accurate. It is this income that you will pay tax on, so if you have items on the Profit & Loss Statement that are not income, then they need to be allocated somewhere else. If you are unsure, […]
Countdown to 30 June 2015 – reconcile super and PAYG payable
Reviewing the superannuation account and the PAYG Payable account works in much the same way as your bank accounts and credit card accounts with one exception and that is that the ‘new statement balance’ will always be $0.00. If your payroll has been setup correctly, the super guarantee contribution (SGC) and PAYG Payable will accrue […]
Countdown to 30 June 2015 – review your creditors
Similarly, with the process that you followed last week, you need to ensure that who your accounting software says you owe money to be correct. If there is an account that you are disputing, why not get it settled before June 30? If this means contacting that supplier and communicating your grievance, then so bet, […]
Countdown to 30 June 2015 – let’s reconcile!
Don’t be scared by 30 June. All too often it’s a time of the year most businesses dread as they associate it with onerous tax obligations and that grudge spend with their accountant. Sure, if this is your mindset it is easy to see this time of the year as a burden. Well it’s time […]
What the Federal Budget 2015 means for small business
Joe Hockey wants to be your friend and he has certainly delivered to small businesses in last night’s budget announcement! The generous concessions announced are aimed at empowering small businesses just like yours to “invest, grow and create jobs”. Your annual business turnover needs to be less than $2million to be eligible for the following […]