January 17, 2017

Technical Knowledge

Never rely on your memory to recall a password again!

Do you deal with way too many passwords for your business? If you have a great memory you’re probably keeping ...
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6 Reasons Why You Should Attend a Conference

I consider myself a conference connoisseur, having attending hundreds of conferences around the world for myself and businesses I have ...
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My tax return is overdue… will the ATO realise?

While you or your business may not be on the ATO's priority list for an audit for chasing up your ...
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The business skills you will fail without

If you don’t have a dedicated sales arm, you must have dedicated business skills - specifically sales skills. The story of the ...
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How to deal with a Director Penalty Notice

If you are a company Director and the company has outstanding PAYG withholding and SGC obligations, you will become personally ...
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October Bookkeeping Tip

This month's Bookkeeping Tip solves what to do when processing an employee’s final pay. First up, we need to know which ...
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September Bookkeeping Tip from BoB

Here's a bookkeeping tip to help save some time and tears using Xero... When reviewing our clients’ accounts, we often ...
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August bookkeeping tip

There are a number of BoB clients who pay a lot of government lodgement fees with the same amounts each ...
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July Bookkeeping Tips from Joyce Bai

The Taxable Payment Annual Return (TPAR) is due on 28 August 2016. One of the requirements in the Building and ...
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June Bookkeeping Tips from Joyce Bai

Build on Bookkeeping Tip for June: Choose the best tool for business reporting Why?  Do you do regular reporting for your ...
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May Bookkeeping Tip from Joyce Bai

May Bookkeeping Tip from Bookkeeper Joyce Bai Hi, I’m Joyce Bai, Bookkeeper at Build on Bookkeeping. My Bookkeeping tip for May: ...
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Why Outsourced Payroll could be great for your business

Business owners and consultants will tell you that Payroll is one of the most time-consuming tasks for admin or management ...
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April Bookkeeping Tip from Bookkeeper Joyce Bai

Hi, I’m Joyce Bai, Bookkeeper at Build on Bookkeeping. My Bookkeeping tip for April: Let your bookkeeper check your ATO ...
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How to choose an accountant for your business

A great accountant can bring great value to your business. They actually do much more than simply prepare your tax ...
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Should you choose Hire Purchase or Chattel Mortgage to procure your next company asset?

If you’re managing a tight or negative cashflow for your business, it’s unlikely you will want to purchase a product ...
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How to keep on top of your payroll function

Payroll is the primary function keeping your employees accountable and engaged. It could be argued that the payroll function is ...
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Accounting software training

If you’re looking to up skill in the New Year and would like to take on your business’ books yourself ...
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The bookkeeping New Years resolutions everyone should be keeping!

It’s resolution season! With so many aspects of life to consider, it can be easy to overlook your business goals ...
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7 tips to choose the right bookkeeping solution

The challenge of balancing the books each month is a time consuming, but essential task. With so much at stake, ...
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Annual Leave – An employer’s perspective

When it comes to employee leave entitlements, there is plenty of advice available for employees trying to understand their rights ...
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ATO August Round Up for a Better Business Outlook

ATO Overview In this edition of BoB's blog, we cover some pertinent end of July Updates from the ATO that ...
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SuperStream Deadlines Extended!

Overview In this edition of our blog, we'll walk you through the implications of the SuperStream Extension. Not sure how this affects ...
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Payroll – Are You Withholding the Right Amount of Tax?

Overview When trying to decide how much tax you have to withhold from employees, it's important to look at how ...
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July ATO Checklist, Accelerated Depreciation on Assets and More!

Overview With the New Financial Year upon us, it's time to take a brief look at some of the ATO ...
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Electronically Submit Your Payment Summary

Overview For those interested, you can provide a payment summary to your employee via electronic means. The same principles apply ...
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Xero Conversion – vital tips to get you started!

Overview During this financial year we have seen a rapid development in the cloud based accounting software Xero. Our team ...
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ATO Updates for SMEs – how does accelerated depreciation affect you?

Overview The government is proposing to expand accelerated depreciation for small businesses who have an aggregate annual turnover of less ...
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Ride Sourcing, GST and the leap from Sole Trader to Company

Overview Welcome to another week of news and updates at the BoB blog! This week, we'll be covering what the ...
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A Closer Look at Cloud Accounting

Overview Given the buzz surrounding the growing phenomenon of online accounting, the folks at Build on Bookkeeping have decided to ...
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Never lose another PAYG payment summary! Common BAS mistakes and tips!

Overview This month, the team at BoB run you through some very important issues concerning PAYG summaries and what to ...
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Super Payments, Property Management and Exports: ATO Info Wrap

Overview The following information, provided courtesy of the ATO as of the 13th of April, is summarised for our wonderful readers ...
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SuperStream deadlines are around the corner!

SuperStream Overview The start of 2015 leaves only 6 months for employers to implement SuperStream, the ATO's most fundamental efficiency ...
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ATO Roundup for the month of March 2015!

Overview Welcome everyone to the monthly roundup of ATO news! We've made this month relatively easy for you as we ...
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GST – Avoiding Common Errors in Activity Statements!

Overview As you all may know, the 24th of February was part of a popular Clean Up Australia Campaign. Alongside ...
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Bookkeeping Tips for Small Businesses 2015!

Overview of Bookkeeping Tips Now that we are well and truly into the spirit of 2015, Build on Bookkeeping is ...
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Fuel tax credits & Improved Services: ATO Alert!

Overview Important updates via the ATO have recently surfaced regarding changes to Fuel Tax Credits Indexation, as well as product ...
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ATO January Roundup: Super Payments, Voice Authentication and Surveys

Overview Hello everyone, and welcome to BoB's ATO Roundup for January. In this edition, we cover the Super Guarantee Payment ...
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ATO updates made easy: January ATO Roundup!

ATO Overview Welcome to BoB's ATO roundup! This week we will be covering the following topics so that you can ...
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Taxation: Final ATO Christmas Roundup for 2014!

Hi everyone! The team at BoB sympathises with all of you out there who are stressing about taxation during this usually ...
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Christmas Bookkeeping Reminders for SMEs!

Hi everyone! Thanks to updates from the ATO, this weekly blog will focus on some focal Christmas bookkeeping reminders and ...
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Accounting is changing! Innovations ahoy!

What is Accounting? Several weeks ago, we touched this issue where we explained why it was such a tricky topic ...
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Productivity Commission and ATO Round Up: SuperStream & Tax Crime Updates

PRODUCTIVITY COMMISSION – ENTRY & EXIT BARRIERS FOR SMALL BUSINESS Thanks to those at Smart Company, we know that the ...
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ATO Roundup: Super Stream, Electronic Documents and Bookkeepers vs. BAS Agents

Super Stream Compliances The team at ICB are currently trying to seek clarification from the ATO about what happens when ...
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GST Increase: If it happens, who is affected?

Overview: There has been some debate in the last day or so as to whether or not the current Prime ...
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Quarterly Superannuation Contributions DUE NOW!

OVERVIEW With the recent changes to the superannuation rate, detailed in our blog here, this article serves to remind employers ...
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Bookkeeping Advice – What Consumers Want

Overview on Bookkeeping Advice A while ago, ICB posted on a relevant topic concerning consumer behaviour. In the last couple ...
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ATO updates, reminders and due dates!

As September comes to a close, it’s important to keep up to date with some of the ATO’s changes: Reminder: ...
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Getting Your Invoices Right = Getting Paid Sooner!

Ok, so it may sound a little bit obvious, but failing to invoice clients on time and correctly continues to ...
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Key ATO Resources to Assist with your EOFY Bookkeeping!

With just a couple of weeks to go until most lodgment deadlines, it’s most definitely crunch time for getting that ...
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Cashflow tips for the busy season!

Commonly considered the most stressful time of the year financially, July can seem nightmarish to even the most cashflow-savvy business ...
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How to avoid fines and penalties this EOFY!

Dealing with businesses of all shapes and sizes, we at BoB have seen it all when it comes to EOFY ...
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Everything you need to know about payroll tax!

One of the areas we most frequently deal with as BAS agents is the long list of compliance requirements and ...
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Cloud-based accounting disputes: Who owns your cloud software data?

Following the media surfacing of a number of minor disputes between accountants and their clients in recent months, The Institute ...
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Ensuring a Smooth Transition from Desktop to Cloud Accounting

As discussed in our article, ‘When Should I Transition to Cloud-Based Accounting?’, cloud systems are increasingly dominating the realm of ...
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Should I Transition to Cloud-based Accounting?

As more and more businesses move away from traditional desktop accounting systems, we at Build on Bookkeeping are finding that ...
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Do I need an Accountant or a Bookkeeper?

One of the most frequently misunderstood stereotypes of bookkeepers is that they are a cheaper, less professional alternative to accountants ...
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ATO cracks down on record keeping – tips to properly manage your business’ compliance and bookkeeping!

As outlined by the Institute of Certified Bookkeepers last week, the ATO is currently undergoing a major crackdown on record ...
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Latest news in tax and compliance

As a new month rolls by we thought it could be helpful to draw attention to a few of the ...
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Bookkeeping tips for 2014!

With most businesses returning to the office this week it’s time we all accept the reality that the holidays are ...
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Deductions for depreciating assets: FY 2012/2013

As the working year comes to a close, the BoB team would like to once again draw attention to an ...
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7 reasons why a bookkeeper can boost your business in 2014!

With the New Year fast-approaching, business consultants and accountants are working furiously to organize their clients for a successful 2014 ...
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Bookkeeping tips for the Xmas season!

As December begins, businesses, families and individuals alike start hanging their stockings, digging up the chocolate calendars and budgeting for ...
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Working with multiple currencies

It may be painfully boring and tedious, but as the business world continues to globalize, it is more important than ...
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A bookkeepers guide to keeping on top of super!

As well as being a crucial factor in the compliance and administrative aspects of running a business, superannuation is monitored ...
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Keeping on top of your payroll: checklist

Possibly the most vital aspect of business compliance, payroll is the primary function keeping your employees accountable and engaged. While ...
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An expert comparison: BoB’s bookkeepers compare and contrast two of the most utilized accounting programs, MYOB and Xero.

MYOB The Lowdown: As the very first business management/accounting software package, MYOB is held in high esteem and utilized widely ...
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Xero: the future of computer accounting?

As the world of bookkeeping, accounting and financial management continues to evolve, significant innovations in business software often go unacknowledged ...
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ATO news: even more reason to outsource your BAS and tax requirements

Earlier this week, BAS agents and tax professionals were informed of the new, easy-to-use online tax portals. The ATO conveyed ...
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The future of Australia’s company tax

With the spotlight on Canberra more than ever, the question still remains: what can either party do to reduce the ...
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What are bookkeepers and BAS agents allowed to do?

One of the most challenging aspects of running a business can be knowing what to delegate and where. As the ...
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Accountants and Bookkeepers: The Perfect Balance

As published in the Institute of Chartered Bookkeepers’ (ICB) monthly newsletter, the working relationship between accountant and bookkeeper is vital ...
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ATO important dates

Don't forget that the ATO regurlarly updates its list of key lodgment dates for businesses. Make sure you stay up ...
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Advice on Carry Back Losses from JHK Accountants

With the onset of the new financial year from 1 July 2013, a whole new array of taxation rules and ...
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Fringe Benefits Tax: All You Need to Know

As the EOFY rush begins to die down and workplaces Australia-wide can finally exhale, BoB alerts SMEs to a lesser ...
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Time for a review? Conduct an EOFY ‘health check’.

With the post-EOFY hype beginning to wind down, it’s time for business owners to take a step back and assess ...
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Get your business ready for 1 July

The Annual Wage Review Decision announced earlier this month means minimum wages and many allowances will increase from the first ...
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Amendments to the Fair Work Act

In an article recently on HR Daily, blogger Kristin Ramsey outlined the latest updates to the Fair Work Act. As an ...
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Get Your Finances in Order this Financial Year

As another financial year wraps up, many of us start to lose sight of financial rationality as EOFY sales tempt ...
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Avoiding Insolvency

Arguably the most feared prospect for firms and SMEs alike, falling into insolvency can be a devastatingly unnecessary trauma; unnecessary, ...
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MUST READ: 7 areas of tax the ATO will take notice of!

The BoB team was very excited to see that our close contact, Scott Harrington, was featured in an article published ...
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Must-read tax tips for the end of the financial year!

With the financial year gradually drawing to a close, being up-to-date on the latest tax legislation is more important than ...
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How the ATO can help out your small business

Last week, SmartCompany's tax expert, Terry Hayes, outlined the ways in which struggling SMEs can allow the ATO to benefit ...
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Tax and super reforms for 2013

With the New Year well underway, business owners will begin to notice new super and tax reforms passed by the ...
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Bookkeeping Tips for the New Year

Perhaps 2013 is the year you hope to get more exercise, read more widely or spend more time with your ...
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New minimum lodgement requirements for tax agents

The ATO has recently announced changes to its lodgment policies that will take effect 1 July 2013. Under these changes, ...
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ATO investigates tax-effective arrangements

Make sure your tax-effective business structure is not tax avoidance, with the ATO’s guide. It includes a list of arrangements ...
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Accounting software training

If you’re looking to up skill in the New Year and would like to take on your business’ books yourself ...
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Accountants: a more trusted source of advice than banks

Accountants outrank bank managers as the most trusted source of business advice, according to a Sage Omnibus survey of more ...
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Goods and Services Tax (GST) guide

GST can often be a source of confusion (and headaches!) for a business owner. Generally speaking it is a tax ...
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ATO refunds investigated

If you’ve been waiting months on end to receive your tax refund, you can breathe a sigh of relief… According ...
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Important changes to super for over 70s

Changes to superannuation (super) laws will mean eligible employees over the age of 70 can have their super paid by ...
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ATO Super Plan

A recent article by Penny Pryor on the Financial Review's smartinvestor website tells of the government’s ambitions for the $17 billion currently ...
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Annual Leave Entitlements

With the festive season rapidly approaching, you are probably thinking about how to make the most of the warmer weather ...
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Time Running out on Tax Return Lodgments

If preparing your own tax return, you will need to lodge by the 31 October deadline to avoid penalties – ...
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Keeping records for GST

The ATO has uploaded a number of videos that can help you in meeting your business’ record keeping obligations. They ...
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Small business tax concessions

Small businesses with an annual turnover less than $2 million have a range of tax concessions available to them. There ...
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Claiming expenses in the building and construction industry

Did you know the ATO has a guide that specifically assists employees in the building and construction industry in claiming ...
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Checking the progress on your Tax Return

If you’re anything like me, you’re probably eagerly awaiting the day your tax return money reaches your bank account! Now ...
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Changes underway to Taxable Payments Reporting

Australian businesses within the building and construction industry face new reporting requirements that came into effect July 1 this year ...
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Changes to Employer Super Processing

This is something all bookkeepers (or anyone who does their own bookkeeping) should know about. The Australian Tax Office has ...
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The tax on ETP

Changes introduced from 1 July affect the way certain kinds of employment termination payments (ETP) are taxed. Employers making an ...
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Legislation Change Enables ATO to Retain Refunds

Recent amendments to the Taxation Administration Act 1953 (TAA) have granted the ATO discretionary power to retain refunds when conducting ...
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ATO Compliance Program 2012-13

Tax Commissioner Michael D’Ascenzo has just released the latest ATO Compliance program. The program reveals exactly what the ATO will ...
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HELP Debt Repayments

Paying off student loans can be a daunting prospect, as many current and former students would know. If you are ...
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Taxable Payments Reporting for the building and construction industry

If you would like to learn more about taxable payments reporting for the building and construction industry, log on to ...
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How to write a good invoice

An invoice is a crucial legal document provided by a vendor to a client. It records the amount of money ...
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Australian Super: what’s new?

Did you know that there is $1.3 trillion sitting in Australian super funds – and over $18 billion in lost ...
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Taxable Payments Reporting

If your business is in the building and construction industry and you pay contractors for building and construction services… read ...
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Avoiding common FBT errors

Did you remember to lodge your FBT (Fringe Benefits Tax) return on the 21st May? If not, you could be a ...
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Tax and Small Business

Tax obligations are a burden to small business owners… Well this is hardly news, but a recent report conducted by ...
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Simplify your super contribution obligations…

All small business owners should be aware of the Small Business Superannuation Clearing House – a free online service established ...
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Changes to the Super Guarantee

Following the ratification of the Superannuation Guarantee (Administration) Amendment Act 2012 last month, there will be some important changes to super guarantees ...
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Bank Reconciliations and Your Business

Do you really need to do bank reconciliations? (Hint: the answer is yes– but there’s a way to make the ...
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A Closer Look at the Personal Properties Securities Act

Oliver McDonnell of EC Credit Control drops by to explain how recent amendments to the Personal Property Securities Act (2009) will impact ...
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ATO must refund GST faster – according to the Courts

A court ruling in late 2011 will have businesses receiving their GST refunds more quickly, writes Simon Sharwood for Mybusiness ...
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Three Bookkeeping Resolutions Everyone Should Keep in 2012

Whatever they are regarding, New Year's Resolutions are all about making the coming year a more enjoyable one. As CA ...
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Who needs some tax tips?

Here's a great resource to see if you're on track with your tax: http://www.youtube.com/watch?v=NR4BwVQFGdw ...
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Does your bookkeeper have insurance?

Today's ATO broadcast announced that from 1 July 2011  all registered agents will be required to have professional indemnity insurance (PII) ...
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Fraudster bookkeeping stats more worrying than ever

An article in the April BRW magazine has listed the bookkeeper as potentially "the biggest threat to the financial health of small ...
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Sturdy Foundations

A great resource to keep up to date with any legislation changes is the newsletter for the department  of fair ...
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Have you seen the new MYOB app?

We just saw this article about the new MYOB phone app and thought it might be good to share. Check ...
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Timberline training at BoB

Tomorrow Synergy will be teaming up with Build on Bookkeepingto ensure BoB employees continue to be the best in the business. Synergy is the ...
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Keep up to date with important ATO dates

The ATO regularly updates its key lodgement dates for businesses. Keep the URL in your favourites to stay on top of your ...
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The Building and Construction Industry Security of Payments Act – What are your rights?

You’ve just finished your latest job. You dedicated time, resources and a lot of hard work into the project, only ...
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Sick leave – Your rights and responsibilities as an employer

Providing sick leave for your employees is an essential part of operating a fair and desirable workplace.  But how many days ...
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How long should you keep financial records?

How long should you keep Financial Records? The length of time that you should hang on to your financial records ...
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