Tax and Bookkeeping By The Lake

02/02/2022

If anyone can spare a few $$ or share this post it would be greatly appreciated for Arnie’s family 💕

On Saturday 29 January 2022, we had an incredibly horrible night. Our poor baby, Arnie had… Renee Waring needs your support for Help Arnie have IVDD surgery

02/02/2022

Please note the upcoming due dates:

📍 21st February 22 - January 22 monthly BAS and IAS is due for lodgement and payment

📍28th February 22 - October - December 21 BAS is due for lodgement and payment

21/01/2022

I am a bit late to jump on the bandwagon, however I’d like to wish everyone a Happy New Year and hope that you enjoyed your break ☀️

During your break, I hope you had time to reflect on the previous year and discovered what worked well for you, what didn’t and improvements you can make going forward.

-Danielle 😊

22/12/2021

I would like to wish you all a Merry Christmas and a happy & healthy New Year ✨

Thank you to those who have supported my business and continue to do so 😊

20/12/2021

My boy use to be a hopeless swimmer but never gave up on his ability to swim well. Now you would never think he use to flop his legs everywhere and almost sink.

20/12/2021

If you haven’t already done so, now is a great time to follow up any of your debtors that are outstanding to ensure that you are paid prior to the Christmas break.

For those debtors that are not outstanding you could also send a polite reminder of the payment due date to ensure payment is made on time.

For those asking themselves what are trader debtors 🤨 - it is a customer that hasn’t paid your invoice for a good or service your business has provided to them.

15/12/2021

Feeling immensely grateful for having some amazing clients and receiving this lovely gift.

Although just having such kind hearted clients is a gift in itself.

14/12/2021

Who is counting down the days until Christmas? 🎄🎅🏻
Image created by leananicoledesign

09/12/2021

Reminder - The monthly November 2021 BAS and IAS is due for lodgement by 21 December 2021.

29/11/2021

If you are running your business as a sole trader and were previously an employee, there may be a few things you are not aware of. These include:

🌻 You do not receive a wage. The money taken from the business bank account is classified as drawings. Drawings do not have tax withheld or superannuation paid, therefore it is your own responsibility to put these funds aside.

🌻 If you do not have any employees (and remember you are not an employee) the business is not required to hold a workers compensation policy

🌻 You are not taxed on the money drawn from the business, but the overall net profit

If you are considering starting your own business or currently trading as a sole trader and you are not clear on the above, please contact Danielle and we can discuss further.

23/11/2021

Have you reviewed your expenses lately ?

Many business owners go year on year without reviewing their expenses.

Consequently, this means your business could be losing unnecessary funds.

The most common accounts reoccurring expenses are coded to include:
- subscriptions and memberships
- software
- office expenses

Photo cred Studio Ampersand

07/11/2021

With Christmas just around the corner, I am going to briefly outline what gifts are tax deductible and not subject to fringe benefits tax (FBT) when purchasing Christmas gifts for employees.

When purchasing Christmas gifts for employees, the most tax effective outcome is to ensure the value of the gift is less than $300 (inclusive of GST), and not in the form of entertainment. Tax deductible gifts may include; flowers, wine, gift cards (that do not provide entertainment), hampers and jewellery.

What constitutes as entertainment? Tickets to a football game or movie tickets are forms of entertainment.

If your business cannot afford the cost of staff Christmas gifts, at least acknowledge their individual efforts with a personalised card/email.

If you are considering purchasing a gift for your clients, ensure the gift is not in the form of entertainment, otherwise no GST credit or tax deduction can be claimed.