Category — Business Activity Statement

If you are late with your Q4 June 2011 BAS, then do not despair!

We’ve helped many business owners around Mandurah with getting the bookwork upto date, and even helped them avoid LATE FEES issued by the ATO, so if you are late with lodging your Business Activity Statements, then what options are available to you?

We’ve listed ten options for those small business owners around Mandurah that have failed to lodge your BAS for the reporting period 1 April 2011 – 30 June 2011:

1) Take the easy option and ignore it, hoping that the problem will go away

2) Have a panic attack and wonder what to do now you’ve missed the deadline

3) Do what most people do, and just accept that you’ll have to pay a penalty for late BAS lodgement

4) Have sleepless nights wondering how to complete the BAS even though it’s going to be a late lodgement

5) Call the Australian Taxation Office (ATO) and tell them that the canary grabbed the BAS form and has shredded it to make a nest

6) Fossic through your paperwork in the glovebox of your car along with all your other unopened mail, and see if you can even find the Business Activity Statement whilst making a mental note that it should have been lodged by the end of July

7) Call your accountant and ask him / her what you should do next

8.) Do nothing, and just accept that fact that you’ll be fined for a late lodgment, and look forward to receiving fan mail from the ATO

9) Grab a cold one from the fridge, sit in your favorite chair and see what’s on the idiot box

10) Contact us (quickly) because we may be able to get an extension for you, as well as getting all your documentation sorted out to help you ensure that you’re not going to be paying ms Julia more than you need, since she’s shown us all how good she is at spending all that money

If doing the BAS with MYOB feels like a pain in the Ass, then get a quick fix of bookkeeping help from one of our Mandurah bookeepers

We’re a mobile book-keeping service helping small busineses around Dudley Park, Coodanup, Greenfields, Erskine, Pinjarra and Meadow Springs, Australia with their Business Activity Statements

Your MYOB Bookkeeping and BAS problems can be over with one quick phone call – just as many small business owners in and Mandurah, Dudley Park, Coodanup, Greenfields, Erskine, Pinjarra and Meadow Springs, Australia, have discovered.

If the lodgement of your Business Activity Statement BAS is becoming a pain in the Ass, then call us today

Every small business owner in and around Mandurah, Dudley Park, Coodanup, Greenfields, Erskine, Pinjarra and Meadow Springs, in Western Australia needs to keep records. Why? Because it’s a legal requirement. Many business owners choose to outsource their bookkeeping requirements using our mobile bookeeping services. Contact us for more information

The Australian Taxation Office (ATO) requires you to keep business records:

• for five years after they are prepared, obtained or the transactions completed (whichever occurs later), and
• in English, or in a form that the ATO can access and understand in order to determine your tax liability.

You should keep records for a longer period if you use information from those records in a later tax return (for example, claiming a loss carried forward from a business activity in an earlier year). The records should be kept until the end of any period of review for that later return.

Records relating to assets for capital gains tax purposes may also need to be kept for a longer period. You can issue and store records in either paper or electronic form.

There are penalties for not maintaining the required records and for not [Read more →]

The importance of Book keeping: Here’s 10 Tips to help any small business in and around Mandurah, Dudley Park, Coodanup, Greenfields, Erskine, Pinjarra and Meadow Springs, Western Australia manage your cash flow

Bookeeping is an important part of any small business

Bookeeping is an important part of any small business – whilst it is historical, in recording past transactions of money coming into and going out of your business, book-keeping can also help with managing the cash flow of your business

Whilst world leaders have a money-tree policy to create cash, the average small business owner has limited opportunities when cash flow gets very tight, as in the present economy.

Contractors in the building industry can quickly run up large accounts with builders and developers, and forget that even large companies can fall over in a recession.

On Australia’s Gold Coast a large property developer has collapsed with millions of dollars debt, and often the sole tradesman or small business owner is at the bottom of the food chain, even though they are the ones that need the cash the most, not the Banks or Finance Companies

Our bookkeeping team of mobile freelance bookkeeprs have put together ten tips to help you manage your cash flow:

1. As bookkeepers, we’re amazed by businesses that issue invoices with no specific payment date or credit terms. There’s nothing wrong in specifying the date on which you expect payment – after all, don’t the utility companies do just that on the invoices they send you?

2. Why not issue the invoice the day that you provide the goods / services, rather than waiting until the end of the week, fortnight, or month? Some business owners choose to issue their invoices monthly, knowing their creditors only issue payments monthly

3. There’s been a recent trend, again with utility companies, to offer an incentive to pay early, such as giving a discount. Notice that in reality they are adding a penalty for late payment rather than a discount

4. Ask your customer for a deposit in advance, particularly if they are requesting a high ticket item that you have to purchase from your supplier before receiving payment from your customer
[Read more →]