NORTHERN BEACHES BOOKKEEPER
Northern Beaches Bookkeeper blogs regularly on helpful Accounting and Bookkeeping tips as well as on current ATO legislation.PROTECT YOURSELF AGAINST PHONE SCAMS
Posted 11 January 2023 by Northern Beaches BookkeeperThe ATO is warning the public to be aware of a phone scam that is again circulating where fraudsters are intimidating people into paying a fake tax debt over the phone. The aggressive scam attempts to force people to pay a fake tax debt over the phone by threatening arrest if they don’t comply. Assistant Commissioner Thomas Ryan said that the ATO would never contact taxpayers about a debt in this threatening manner and urges people to protect their personal details. Click here to see the full article: Phone Scam Information
SELLING OR CLOSING A SMALL BUSINESS
Posted 6th November 2022 by Northern Beaches BookkeeperBefore you start the journey of selling or closing your business, make sure you understand the end-to-end process. The ATO has developed a webcast which details your obligations across various government agencies. Click here to access the webcast.
DIFFERENT METHODS OF PAYING THE ATO
Posted 20th September 2022 by Northern Beaches BookkeeperDid you know that you can pay your ATO bills via Credit Card online or on the phone, as well as via BPAY and at the Post Office? Click here to see the different ways to pay the ATO.
QUALIFYING FOR A 4 WEEK EXTENSION WITH THE ATO
Posted 30th July 2022 by Northern Beaches BookkeeperDid you know that you get up to 4 weeks additional time to lodge your BAS if you lodge online using a Registered BAS Agent? Click here to see the ATO BAS Agent lodgment program.
MINIMUM RECORD-KEEPING REQUIREMENTS FOR SMALL BUSINESS
Posted 10th April 2022 by Northern Beaches BookkeeperIt is a legal requirement for businesses to keep records. Business records must be kept for five years after they are prepared, obtained or the transactions are completed – whichever occurs latest. Business records must be kept in English or in a form that the ATO can readily access and use to work out the correct amount of tax you are liable to pay.
GETTING IT RIGHT FROM THE START
Posted 15th February 2022 by Northern Beaches BookkeeperWhen starting or running a business, keeping accurate accounting records is crucial to the success of your business. Here are a few key points to remember which will make the financial side of your business more streamlined.
- Open a dedicated business bank account for all business income and expenses.
- Decide on an accounting software package which best suits your needs, this will depend on what level of functionality you require for your business.
- Keep all your expense receipts and supplier invoices, preferrably sorted into the correct months for easy entering.
- Set aside time every week to keep your accounts up to date and to review your financial data.
- Understand your ATO compliance obligations. All businesses require an ABN (Australian Business Number) to trade. If your turnover is above $75k you will need to register for GST and lodge Business Activity Statements (BAS).
- A skilled Bookkeeper and BAS Provider such as Northern Beaches Bookkeeper can guide you in all the above, or better still, maintain your accounts for you, freeing you up to do what you do best.... run your business.
Email: enq@northernbeachesbookkeeper.com.au