Blogs

GST is one of those tricky things, its existence keeps us in our jobs, but for small business it causes endless frustration and confusion. GST or Goods and services tax is not clear cut nor is it black and white. For this reason it is important to be aware of those areas where GST free...

It can sometimes be difficult to determine the appropriate tax code to use. This article explains the different tax codes for use in bookkeeping, and gives some examples of when they might be used. GST – Goods & Services Tax GST transactions where claimable by the business FRE – GST Free Bank cheques Payments to...

This resource explains the important accounting and tax implications of disposing of business assets, specifically focusing on the concept of “balancing adjustments” as outlined by Australian Taxation Office (ATO) guidelines. What is a Balancing Adjustment? A balancing adjustment occurs when a business sells, loses, or disposes of an asset they’ve claimed depreciation on. Depreciation refers...

Part 2: Understanding PAYG Withholding, Allowances, and Leave Entitlements This second part explores essential payroll responsibilities businesses must understand to maintain compliance with Australian taxation and employment law. We will cover registering for PAYG withholding, allowances, various leave entitlements, and reporting obligations clearly and practically, using examples and referencing guidelines from the Australian Taxation Office...

Part 1: Understanding Employment Classifications and Tax Obligations in Australia Navigating the intricacies of employment classifications and their corresponding tax obligations is crucial for both employers and workers in Australia. This guide delves into key distinctions and arrangements, providing clarity on terms and obligations. 1. Employees vs. Independent Contractors Employee: An individual who works under...

What is a Hire Purchase Agreement? A Hire Purchase (HP) is a financing method businesses use to buy assets such as machinery, vehicles, or equipment. In an HP agreement, the buyer takes immediate possession of the asset but pays it off in instalments over an agreed period. Importantly, ownership of the asset does not transfer...

What is a Fringe Benefit? A fringe benefit is an extra benefit or perk an employer gives to an employee, apart from their regular salary or wages. Common examples of fringe benefits include: Using a company car for personal purposes Discounted goods or services provided by the employer School fees paid by employers for employees’ children...

What is Stamp Duty? Stamp duty, often just called ‘duty’ or ‘transfer duty’, is a type of tax collected by state and territory governments in Australia. It’s charged when certain assets like property or vehicles are bought or transferred from one owner to another. This tax can be charged at a fixed rate or based...

A well-structured bookkeeping system is more than just record-keeping; it is the foundation for financial success and sustainable business growth. Without accurate financial records, businesses struggle with cash flow, compliance, and forecasting, which can lead to costly mistakes. A professional bookkeeper ensures that your financial data is organised, accurate, and optimised to help you scale...

Cash flow is the lifeblood of any business. Without a well-managed cash flow system, even profitable businesses can struggle to cover day-to-day expenses. Effective cash flow management ensures that businesses have the liquidity to meet obligations, invest in growth, and maintain financial stability. At Figureworks Bookkeeping, we specialise in creating tailored cash flow systems using...

It’s a common question business owners ask: “Why should I hire a bookkeeper when I can manage the books myself?” At first glance, handling your own bookkeeping might seem like a smart way to save money, but the reality is often quite different. While DIY bookkeeping may offer short-term savings, it can lead to significant...

A well-maintained Xero file is essential for accurate financial reporting, tax compliance, and smooth business operations. However, errors in your financial filing can lead to costly financial mistakes. At Figureworks Bookkeeping, our team of expert Xero Advisors specializes in financial correction, ensuring that your records are accurate and reliable. In this blog, we’ll walk you...

A well-structured bookkeeping system is essential for business success. Without proper financial filing and organization, businesses can quickly fall into chaos, leading to costly errors, missed tax obligations, and unnecessary stress. At Figureworks Bookkeeping, we specialize in setting up efficient and effective bookkeeping systems using Xero, ensuring accuracy, compliance, and financial stability. Why Your Business...