Hero Bookkeeping in Perth, Western Australia | Tax preparation service

Hero Bookkeeping

Locality: Perth, Western Australia

Phone: +61 490 099 187

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• Tax preparation service
• Financial service

25.01.2022 New rules for salary sacrificing to super For some employees, sacrificing part or all of their salary to a complying superannuation fund is a great way to boost retirement savings. But two recent changes may affect your obligations as their employer. These changes, effective from 1 January 2020, relate to how you work out your superannuation guarantee (SG) obligations when an employee makes super contributions by salary sacraficing. The article below provides details to these changes.

24.01.2022 BOOKKEEPING TIP OF THE WEEK Prioritise your books As a new business owner, you have a million and one things to do. While it can be tempting to avoid your books and focus on the actual running of your business, its best to actually prioritise your books. Set aside one morning or evening every week to get on top of your paperwork, and you will be thankful in the long run, particularly come tax time. Doing the job on a regular basis will help to keep the task manageable and also allow you to catch anomalies like unpaid bills or slow-paying customers. If youre struggling to make time for your books, it may be worthwhile hiring the services of a bookkeeper to help you.

24.01.2022 BOOKKEEPING TIP OF THE WEEK Learn to understand bookkeeping reports How often do you take a dive into the financial health of your business? ... There is a lot of business owners out there, that have no idea what they are doing until it is too late - they suddenly find themselves with huge debts and no money. You can avoid this scenario by being proactive Learn how to read basic reports such as your profit & loss statement and balance sheet. Review those reports every quarter. Ask for help if you dont know how to read other reports to ensure that you are on track and if not decide on a plan for course correction. Being able to read these reports will also help you to work out where to cut back on spending and ensure all invoices and bills are paid. Run your business efficiently - Your accountant will thank you at year end and you will also be prepared rather than stressing about numbers!

24.01.2022 BAS lodgements are coming up again soon! The article below provides a very good summary of due dates for BASs. If you lodge through a registered BAS agent, you qualify for extensions on your due dates.

22.01.2022 BOOKKEEPING TIP OF THE WEEK Pay attention to trends It is important to have accurate and up to date books in order to rely on the data to spot trends in your income, cash flow and spending throughout the year. This information can be the deciding factor in your sales, marketing and budgeting. ... You want to look for trends in several areas: a) Sales - A removalist for instance may experience an increase in income during the holidays when people have time to move and a slow period in the school term. If you know a dip is coming, you can prepare for it with savings or amping up your marketing efforts to breath new life into the business. b) Expenses - If you have an annual expense that hits you around tax time, you can prepare for this with savings in your business. You can also look into changing to another provider that may be cheaper or chose a monthly instalment option. c) Quality of accounts - Not all customers are the same. Some are late in making payments. Some cost more per project than others. Discover what customers are the best fit for your business so you dont waste time and energy. A great bookkeeper can help you identify these trends as they review their books with you.

21.01.2022 Need help understanding FBT? The end of the FBT year is fast approaching 31 March. If you provide benefits to your employees, now is a great time to review the Fringe Benefits guide to determine if you have FBT obligations, link provided below.

20.01.2022 BOOKKEEPING TIP OF THE WEEK Plan for major expenses It can be difficult to forecast every single expense you may occur during the year but if you can plan and prepare for large costs, you will be in a much better place long term. Construct a back up plan, where you can predict major expenses such as supplies, tax, inventory or maintenance on a consistent level. ... Remember, a major part of good bookkeeping is knowing how to manage your money well so that you are all set for success on a long term basis!

20.01.2022 Government assistance for sole traders If youre a sole trader and your business is severely impacted by the coronavirus, you might be eligible to claim the following government support: 1. Increased asset write-off... The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020. 2. Accelerated income support Anyone who is eligible for the income support payments will receive the full rate of of the supplement of $550 per fortnight. Payments will commence from 27th of April 2020. 3. Early access to superannuation Sole traders can access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. 4. JobKeeper payment If your business is eligible, the government will provide $1,500 per fortnight per eligible employee for a maximum of 6 months. For more specific eligibility criteria and details on existing COVID-19 grants you can visit the link below.

19.01.2022 Dont forget to lodge and pay your quarterly activity statement by the 28th of April. Dont have the time to do your BAS? We can help! And best of all, we get a 4 week extension!... Give us a call at 0490099187 or send us an email on [email protected]

19.01.2022 Is Christmas deductible for your business? We know entertainment is not deductible so thats sporting tickets, dinner at a restaurant or movie tickets for most small businesses BUT... ...A bottle of whisky or wine or a hamper of goodies given to staff to take home and enjoy is deductible!... So spread the Christmas spirit but remember to keep it under $300 to avoid paying fringe benefits taxes. Contact me on 0490 099 187 for more information.

18.01.2022 BOOKKEEPING TIP OF THE WEEK Choose the right bookkeeping software Chose XERO. Not only am I a huge fan of this great software, it is also the number 1 bookkeeping software used for small businesses in Australia.... Xero has many great features making bookkeeping so much easier. I will discuss those features in more detail over the next few weeks.

18.01.2022 Do you understand the difference between contractors and employees? It is easy to to get it wrong and you could compromise your tax and super obligations. Contact me now on 0490 099 187 or send me an email to [email protected] to avoid making this mistake!

14.01.2022 CHRISTMAS POST My little dog is not happy about there being no gifts under her tree!

13.01.2022 As a business owner, there is a thousand things that you need to keep track of. Why not employ a bookkeeper to help you with your PAYGW obligations? One less thing to worry about. Contact me now on 0490 099 187 or send me an email on [email protected] for a chat.

13.01.2022 Taking on new employees just got easier Did you know that you can complete Pre-filled Tax file number declaration and Super Choice forms online? No more filling out paper forms and sending them via post to the ATO. All you need to do is use your ATO online services account which is linked through myGov.

13.01.2022 Now is the time to sign up to Xero - 50% off for 4 months on all new subscriptions - offer ends 30 June 2020! Give us a call at 0490099187 or send us an email on [email protected] for more information!

12.01.2022 BOOKKEEPING TIP OF THE WEEK Go paperless Do you find that as a new business owner:... a) Paper is piling up and you cannot keep track; b) Receipts fade after only a few months; c) You are running out of office storage to file all those papers It is time to go paperless! These days there is a lot of options on how to store documents in the cloud. There are storage apps such as Google Drive and Dropbox. These make it super easy to search and are available to you everywhere and on every device. Then of course there is Hubdoc which is my favourite app and it is getting integrated into Xero in March 2020! It allows you to scan in your receipts the moment you make a payment. It also lets you upload documents that you have received via email or you can setup live connections so that they retrieve documents straight from the provider.

09.01.2022 Hiring a working holiday maker? You may have noticed recent media attention about working holiday makers. However, your responsibilities when hiring working holiday makers havent changed. Have a look at the article below if this is relevant to your business.

09.01.2022 As devastating bushfires continue to burn across large parts of Australia, the Australian Tax Office understands tax is probably the last thing on peoples mind and they have announced automatic deferrals are available for lodgments and payments for bushfire-impacted postcodes.

08.01.2022 Register your interest for the JobKeeper payment now and enrol for the payment from 20 April 2020. Still confused whether or not you are eligible? Sole traders can be eligible for the JobKeeper payment if their business has experienced a downturn according to the eligibility criteria. ... Other businesses in the form of a company, trust or partnership can also qualify for JobKeeper payments where a business owner (a shareholder, adult beneficiary or partner) is actively engaged in the business, or a director is actively engaged in the business. This is limited to one entitlement for each entity even if there are multiple business owners or participants.

08.01.2022 Working from home as a result of coronavirus? Then you are eligible for a new 80 cents per hour tax shortcut. The Australian Taxation Office (ATO) is introducing a new method which will allow people to claim 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses.... The change will apply from March 1 to June 30, after which the ATO will review the arrangement for the next financial year as the COVID-19 situation progresses. Please read the link below for further information.

08.01.2022 Did you know that the increased $150k asset write-off doesnt apply to cars? The car limit is $57,581 so this is the maximum that you can claim on your car. If you use the car for both private and business, then you can also just claim the business portion.... Please see the article below for more information or send me an email on [email protected]

07.01.2022 BOOKKEEPING TIP OF THE WEEK Keep your receipts and use an app for record keeping Why is record keeping important?... Because the ATO requires you to keep records for a minimum of five years. And who wants to end up with a shoe box full of receipts! One of my favourite apps is called Hubdoc. Check out the little video below for further information. Basically you can just take a photo and upload it via the app or computer and Hubdoc will pick up most of the data and send it straight to Xero. Sounds easy right?

06.01.2022 Now is the time to sign up to Xero - 50% off for 6 months on all new subscriptions! Give us a call at 0490099187 or send us an email on [email protected] for more information!

06.01.2022 BOOKKEEPING TIP OF THE WEEK Keep on top of your invoicing There is nothing worse than having someone do a job and then waiting for the invoice to arrive. Not only does it look completely unprofessional but most people would also like to get the bill paid shortly after the job is done. ... Try and get into the habit of sending the invoice as soon as the job is complete or at least by months end. The Xero app provides the ability to do the invoicing from your phone within seconds! Let the income start rolling in and your bank balance looking healthy!

05.01.2022 BOOKKEEPING TIP OF THE WEEK Pay your employees on time automate payroll If you have staff, it is very important to subscribe to a bookkeeping software that allows you to automate payroll as much as possible. You could start off with a spreadsheet and calculate it manually however these days there are plenty of reasonably priced payroll software programs out there. No employee wants to receive incorrect wages or wait for their pay because you forgot to do it. ... With each pay run, make sure you set aside savings to pay PAYGW to the tax office each quarter/month. It is not your money to be spent - it belongs to the government.

05.01.2022 BOOKKEEPING TIP OF THE WEEK Record deposits correctly You are likely to make a variety of deposits into your bank account during the year personal cash injections, bank transfers or loan repayments. ... For this reason it is important to have a proper system to record the source of the deposit when made, rather than wait until the end of the financial year and run the risk of not being able to account for where each deposit has come from. Your income may be overstated and you end up paying taxes on money that isnt income!

04.01.2022 Extension of time to enrol for the JobKeeper scheme The Commissioner has extended the time to enrol for the initial JobKeeper periods until 31 May 2020. If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight.... Please see the link below for more details.

04.01.2022 BOOKKEEPING TIP OF THE WEEK Keep track of cash payments Any cash received should be paid into the business bank account or petty cash before spending it.... It can be tempting to take the cash right away to purchase supplies but this will cause a mess in your bookkeeping system. How embarrassing would it be if you tried to follow up a customer for payment only to find out that they gave you the money in cash the week before? It could also be seen as tax evasion as you are not declaring the income. And of course if you make any purchases using cash, you can easily forget to record the expenses in your bookkeeping software and lose out on the deduction!!

03.01.2022 Did you know that the increased $150k asset write-off doesn't apply to cars? The car limit is $57,581 so this is the maximum that you can claim on your car. If you use the car for both private and business, then you can also just claim the business portion.... Please see the article below for more information or send me an email on [email protected]

03.01.2022 When starting out a business, there is so much to think about and it can be overwhelming to keep up with all the tax obligations. Knowing when to register for GST is very important. The ATO also likes to impose penalties for late BAS lodgements therefore it is very important to be informed and keep up. If you are unsure of what needs to be done, you can contact me on 0490 099 187 or send me an email on [email protected]... The general rule is that when you run a business with a turnover of $75k or more, you are required to register for GST. The article attached provides a more detailed overview.

02.01.2022 Most small business owners try and avoid dealing with the tax office! However did you know that the tax office offers great tools and services to make it easier for you to deal with your tax and super obligations? Some of the tools offered are:... a) Access to your information online b) The ATO app - you can check key dates on your phone etc c) The payment plan estimator - you can work out your repayments if you have a debt More information can be found in the article below.

01.01.2022 If you have already received the cash flow boost for your business, you can look forward to receiving another one! When you lodge your June and September BAS 2020, you will receive 50% of your initial cash flow boost for each activity statement. Even if you havent paid any employees during the June and September 2020 quarter, it is important to report 0 as your pay as you go withholding to get the cash flow boost.

01.01.2022 STP exemption for closely held payees Are you a small business that employs family members, directors or beneficiaries only? If this is the case, then you are considered a closely help payee and are exempt from reporting through Single Touch Payroll until 1st of July 2021.... https://www.ato.gov.au//STP-exemption-for-closely-held-pa/

01.01.2022 If you only have 1-4 employees, you can avoid Single Touch Payroll by applying for a concession. The deadline is the 28th of February 2020.