Figureworks Australia are launching a new cloud based accounting package called Intuit. Being ‘cloud’ based (hosted over the internet), it can be accessed through the internet from any computer at any time. Bank feeds automatically update in the program reduces data entry work and hence management fees. Because Intuit was once associated with Quickbooks, there is ...
Figureworks would like to remind all clients that the compulsory super contribution rate is increasing from 9.25 to 9.5% on the 1st of July. Cloud based accounting packages will change this automatically, and offline computer based systems require an update ‘patch’ to be downloaded and installed for this to work. As well as being essential for all businesses to update their super contribution rate, ...
Bad debts are an area of a business that often gets overlooked. If you are having issues with cash flow in your business, this is often a good place to start. Take the opportunity to look at the procedures your business has in place to avoid bad debt and how to tackle difficult clients. Look at the items that you sell ...
There are so many company obligations, it can be mind boggling. The sheer thought of growing your own business and employing staff keeps you awake at night. No longer is it just you, but now you are responsible to employees, their payroll, management, superannuation and their workplace health and safety. Not to mention BAS, PAYG obligations, ASIC, but the idea ...
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 items may play a role in your small ...
Which fringe benefits are reportable? All fringe benefits that have a taxable value (other than excluded benefits e.g. work related travel or car parking which is otherwise deductable. An employee does not pay income tax on any RFBA However an employees RFBA is taken into consideration when determining whether the employee is entitled to claim, or is liable to pay e.g. child support, ...
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 suppliers who have an ABN but who are not registered ...
The government made significant changes to the way income was recorded and tested. These changes mean the certain employer super contributions are now included on an employees payment summaries. These changes are referred to as RESC – Reportable employer Superannuation Contributions. Other changes relate to the way income is tested for certain tax offsets and means testing for benefits like ...
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