Category Archives: GST & BAS

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What’s in a GST name?

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The Goods and Services Tax which we now call “GST” for short, is a complicated and convoluted tax, I’m sure you’ll all agree. The system is fraught with rules with which even the most experienced BAS or Tax Agents struggle to understand. At its core, one of the most difficult aspects of the GST is […]

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How to account for prepayments and GST

Towards the end of each financial year, many business owners review their expenses and pinpoint which ones can be prepaid before June 30 in order to obtain a substantial tax deduction. Typically, expenses such as office rent and insurance are paid 12 months in advance and are then classified as prepayments. This is particularly useful […]

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Ride-sharing and GST – did you get caught out like me?

As a BAS Agent, it’s very important for me to stay across the GST status of all business expenses so I can properly process my clients’ BAS’s. I would like to think that I am pretty much an expert regarding this aspect of the job as I’ve been doing it for quite a long time. […]

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Anyone fancy a Quick-e?

Okay so who fancies a Quick-e? Now come on, pick your jaw off the ground – I’m not talking about one of “those” quickies, I’m talking about our new mini email newsletter format which we are calling “Quick-e’s”. These mini newsletters are specifically for our clients although others can certainly subscribe if they wish. So […]

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How to check if an ABN is the real deal

Whether you’re a business owner doing your own books or a bookkeeper, from time to time it’s necessary to check an entity’s Australian Business Number (ABN) for authenticity. Sometimes you just aren’t sure if the ABN is correct or you may wish to check if a supplier is registered for GST (and other legal details). […]

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

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 […]

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A look back at tax changes in 2014

It’s Christmas in a few days which means that it’s almost the end of another year. The end of the year is a great time to review what has happened, both good and bad. As this is a bookkeeping blog, I thought it would be a good idea to take a look back at how […]

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The GST treatment of a Hire Purchase agreement

Last week’s blog was all about Chattel Mortgages, what they are and how to account for them in your general ledger. This week I am going to cover Hire Purchase agreements and especially how GST relates to them.

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The bookkeeping behind an asset purchase via a Chattel Mortgage

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 […]

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BAS Labels Explained Part 3

This is the final part in a three-part blog series about Business Activity Statement (BAS) labels and what they all mean. You can read part 1 which covers labels for Goods and Services Tax (the “G” labels) and part 2 which looks at PAYG (the “W” labels) in your leisure. Part 3 of the series […]

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