Business Topics Archives

IMHO: 3 Reasons why the GST should be broadened and the rate increased

BAS Agent's Blog, Business Topics, GST & BAS, In My Honest Opinion (IMHO) / By Louise McLoughlin / 14 January 2015 / Broaden GST, direct taxes, GST, GST rate increase, indirect taxes, Revenue, tax relief / 6 minutes of reading

The Goods and Service Tax (GST) in Australia is now 14 years old and it’s rate and structure have not changed since it was first implemented by the Howard-Costello Government in 2000. A debate is currently brewing among our politicians and industry groups about whether or not the GST should be broadened and/or the rate increased. I for one, am in support of both options and below are my 3 reasons for this support.

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Got a tax debt? Make a payment arrangement!

BAS Agent's Blog, Business Topics, For BAS Agents / By Louise McLoughlin / 10 December 2014 / ATO, BAS Agent, BAS debt, Income Tax, Payment arrangements, Tax Agent, tax debt / 4 minutes of reading

Recently one of my clients rang me because her business activity debt was very high and she was panicking because she was unable to pay the debt by the due date. I calmly told her to make a payment arrangement with the ATO so she could pay the debt by instalments. My client told me she had never heard of payment arrangements and wasn’t even aware that this payment option existed. I was surprised by this because I thought it was common knowledge. I wondered how many other business owners out there were oblivious to their tax payment options and decided that the best way to educate them would be via a blog, so here goes!

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Looking for a BAS or Tax Agent? Look for the registered agent symbol first!

BAS Agent's Blog, Bookkeeping, Business Topics, For BAS Agents, Tax Practitioners Board / By Louise McLoughlin / 3 December 2014 / BAS Agent, logo, Registered agent symbol, Registration, Safe Harbour Provisions, Tax Agent, Tax Practitioners Board, TPB / 3 minutes of reading

Recently the Tax Practitioners Board (TPB) (governing body for BAS & Tax Agents) released a special symbol or logo to all BAS and Tax Agents to use on websites and stationery etc. The logo is an official mark that indicates to the public that their BAS or Tax Agent is registered with the TPB and can therefore legally provide BAS and/or Tax services for a fee.

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The bookkeeping behind an asset purchase via a Chattel Mortgage

BAS Agent's Blog, Bookkeeping, Business Topics, GST & BAS / By Louise McLoughlin / 19 November 2014 / Asset purchases, Borrowing, Cash flow, Chattel Mortgage, Finance, Loans / 3 minutes of reading

It is very common for businesses to purchase major assets such as motor vehicles via a loan. They can use a commercial bank loan but often finance is “purchased” by way of either Hire Purchase or a Chattel Mortgage. In this week’s blog we will look at a purchase via Chattel Mortgage agreement and how to post it to the accounts.

A Chattel Mortgage is a type of loan typically used to purchase motor vehicles or other major business equipment. It is called a “mortgage” because the financier retains the title of the item purchased until the final payment is received. There are several financial benefits of a Chattel Mortgage including:

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How to choose the right accounting software in 5 easy steps

Accounting Software, BAS Agent's Blog, Business Topics / By Louise McLoughlin / 3 September 2014 / Accounting Software, Bookkeeper, Bookkeeping, business needs, choosing accounting software, how to choose accounting software / 5 minutes of reading

So you’re at a point in your business journey where you think you might need accounting software. That’s great but how do you choose the software that’s right for your business? Here is an easy-to-follow five-step process to help you make an informed decision.

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5 ways to improve your cash flow

BAS Agent's Blog, Bookkeeping, Business Topics / By Louise McLoughlin / 6 August 2014 / Bookkeeping, Cash flow, debt collecting, debt collecting system, Record-Keeping / 4 minutes of reading

The number one things that kills most businesses is poor cash flow. Lack of money basically means that your business will struggle to function and if this continues, may even mean you have to close the doors. Luckily there are ways to improve cash flow issues. Read on to find out about 5 ways you can improve your cash flow.

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Remote bookkeeping – how does this work?

BAS Agent's Blog, Bookkeeping, Business Topics / By Louise McLoughlin / 11 June 2014 / Apps, Cloud Accounting, Cloud Computing, Online, Teleworking, Working Remotely / 5 minutes of reading

The other day a potential client rang me and said she was looking at our website and wanted to know how remote bookkeeping worked and more importantly, how it could work for her and her business. I was a little surprised by her questions because I’ve been working remotely or “telecommuting” as it’s been labelled of late, for years now as have many others. I went on to explain how I work and how my clients work with me but I got the feeling that she wasn’t entirely convinced. It made me think that there are probably others out there who don’t quite understand how bookkeeping can be done remotely so I thought I’d write a blog that would help to explain how it all works.

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20 jobs your BAS Agent can do for you!

BAS Agent's Blog, Business Topics, For BAS Agents / By Louise McLoughlin / 14 May 2014 / BAS, BAS Agent, GST, PAYG withholding, Superannuation Guarantee, TASA 2009, Tax Practitioners Board / 4 minutes of reading

BAS Agents are now a very important part of the tax compliance landscape. They have been floating around since 2010 when the first group of agents became registered with the Tax Practitioners Board (TPB) after the passing down of TASA 2009. TASA 2009 is legislation that makes it illegal for anyone to charge a fee for providing tax and BAS Services without first being registered. Unfortunately, who BAS Agents are and what they do, has not been widely publicised by the TPB and as a result, many business owners have either never heard of them or certainly aren’t aware of what they do. Today’s blog, therefore, is about educating business owners about what BAS Agents can do for them in terms of their tax compliance and other related tasks. To this end, I have created a list of 20 tasks BAS Agents can do for business owners, of which perhaps they may not be aware. See below:

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Record-keeping – why what and how

BAS Agent's Blog, Bookkeeping, Business Topics / By Louise McLoughlin / 7 May 2014 / ATO, Record-Keeping, Records / 6 minutes of reading

Do you understand why record-keeping is so important (whether you’re in business or not)? No? Well here is your complete why what and how of record-keeping. Learn why you should do it and exactly which documents you should be keeping in today’s blog! This blog will assist you whether or not you are a business owner.

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The 15-minute business year-end review

BAS Agent's Blog, Business Topics / By Louise McLoughlin / 8 January 2014 / 15 minutes, business review, change, Goals, improvements, Planning, year-end review / 3 minutes of reading

One of the things I like to do once the Christmas festivities are over and the new year has been rung in is to take a look back at how my business fared during the past year. This is a useful activity to do as it not only reminds you of where you are heading but it also gives you a chance to celebrate your successes and little wins which are often forgotten amidst the hustle and bustle of business life.

There are several ways to do this (most very involved and complicated) but last year I found this article in “Flying Solo” by Robert Gerrish** which explains how to review your business year in just 15 minutes. Being a very time-poor solopreneur, this appealed to me very much so I gave it a go, loved it, and will be doing it again this year!

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Gerrish explains in the article, that even though you may be the only person working in your business, it is still important to hold yourself accountable for all business outcomes whether they be positive or negative. One way to do this is to review your business year (every year) and Gerrish has provided 5 simple review questions that he claims you can answer in 15 minutes.

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IMHO: 3 Reasons why the GST should be broadened and the rate increased

Got a tax debt? Make a payment arrangement!

Looking for a BAS or Tax Agent? Look for the registered agent symbol first!

The bookkeeping behind an asset purchase via a Chattel Mortgage

How to choose the right accounting software in 5 easy steps

5 ways to improve your cash flow

20 jobs your BAS Agent can do for you!

Record-keeping – why what and how

The 15-minute business year-end review

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