LKM Bookkeeping | Businesses

LKM Bookkeeping

Phone: +61 405 165 465

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25.01.2022 Catch up on the latest held ATO webinars here, or talk to your qualified bookkeeper or tax agent to ensure your compliant with the ever changing legislation

23.01.2022 Make sure to check your super regularly. Not only could people unknown to you be stealing your money, your employer could simply not be paying it (a reason STP has been brought in).

21.01.2022 Its worth checking if your staff Christmas party may attract FBT

19.01.2022 Its a myth that employees have to attend work meetings after hours for free. If you are holding a work meeting, you should pay employees accordingly! If you are attending a work meeting, you should expect to be paid accordingly!

19.01.2022 'There will be no penalties for mistakes, missed or late reports for the 201920 financial year for employers with 19 or fewer employees, with the full penalty regime set to come into effect from 1 July 2020'

18.01.2022 Be aware of your obligations to the ATO and your tax practitioners obligations to the Tax Practitioners Board

17.01.2022 Are you a micro business with 1-4 employees & STP ready? We can help with cheap & even free software to ensure you are compliant.

17.01.2022 We dont just see numbers. We interpret them & advise clients to enable them on a smoother & more profitable business journey.

17.01.2022 So you owe the Tax Office money? Here is what you need to do. Ah yes the ATO. The tax man. One of only two guarantees in life. Of all the company liquidatio...ns and bankruptcies we see each week, there is always one constant- they owe the ATO money. In the last 5 years, the tax office has become much, much more active in the pursuit of its debts. I for one, commend them and it should have happened a long time ago. They will now issue Director Penalty notices, Winding Up proceedings, legal action, along with using a panel of debt collectors. Despite all their good work though, they are still owed over $20 BILLION dollars by Australian individuals and companies. Whilst it might seem like they are this faceless, heartless, greedy monster, I can assure you they are not and the ATO now have some of the most accessible and helpful hardship policies and flexibility in the country. If you do find yourself owing them money, here are my top 5 tips to deal with it or avoid it happening in the first place: 1. Contact them and ask for help. Regardless of what you might think, they will work with you. You just need to reach out to them. 2. GST is their money, not yours. Set up a separate GST and TAX account. Transfer 30% of your proceeds to this account every time you make a sale. If you aren't registered for GST, then just transfer the tax portion. If you make a loss, you will get it back. If you make a profit, you've already got the funds there ready to go. 3. Use a bookkeeper or tax agent. PAYG, GST, FBT, MYOB. And I thought America and their law enforcement agencies were the kings of the acronymn! There is so much to know and understand, it's no surprise so many people get confused. If this is you, outsource. Remember though that you are still responsible for the information being correct. 4. Don't ignore them. They now have teeth and if you try and hide, they will come after you. 5. Acknowledge their purpose and try to view them in a different light. Australia is an incredibly entrepreneurial country with some of the best incentives, grants and support systems in the world for new businesses. Remember that your tax dollars are helping others and the ATO have no desire to ruin your life. They want to see businesses do well and succeed. Hope this helps guys. And no, I have not been paid by the ATO to write this . I simply believe that they deserve to be paid for the work they do, like any creditor. Cheers

17.01.2022 Would be great if government initiated this, so theres no guess work on when assets are purchased & the the changing allowed amounts. Xero is great for asset schedule & depreciation tracking of the programs Ive used.

16.01.2022 We do a lot of study to be qualified & ensure ongoing registration (LKM Bookkeeping has done more than required) to ensure your protected by the safe harbour provision that protects you from liability or penalty. Ensure your bookkeeper & accountant is TPB registered.

16.01.2022 Another reason why even though you may have a great bookkeeper, it may be worthwhile having an external bookkeeper look over your books for peace of mind. Fraud happens so regularly & mostly from those you trust; family, business partners, empoyees & other service providers. Implementing good business policies & having your accounts checked by those outside your circle may be seen as an unnecessary cost, until your looking back & have almost lost everything because it happened to you.

15.01.2022 ABN lookup is usually the first resource we use to check your details - https://abr.business.gov.au Below is a link to why you should use it also.

14.01.2022 Just amazing what Telethon could potentially kick off with!

14.01.2022 Im biased because I love MYOB (although work with others), but every software is doing a deal so get informed by the right people. LKM Bookkeeping are MYOB partners, Xero certified advisors & QuickBooks Pro Advisors. We can advise on the best low cost, even free options to suit your reporting needs.

13.01.2022 Some great calculators, apps & info for both business & personal. Covering loans, budgeting, mortgage, personal tax & much more.

13.01.2022 And another one

12.01.2022 AUSkey will be replaced by MYGOVId on the 27th of March. Start setting it up now so you can still access the ATO business portal & other related sites.

11.01.2022 Good to know who you should talk to regarding industrial disputes & is dependent on set up of business structures.

10.01.2022 Ensure your meeting your PAYG requirements to claim a tax deduction. Withhold the correct amount & report it to ATO as required. Incorrect amounts can be amended & look favourable prior to an audit, where penalties may apply. Contact us if you want to ensure you comply.

10.01.2022 MYOB, Xero, Quickbooks, Reckon, ServiceM8 & Hubdoc.

09.01.2022 Are you an employee working from home? There are currently three ways you may be able to claim this tax time

09.01.2022 New super salary sacrificing rules to come into effect Jan 2020

09.01.2022 We are now an ASIC agent! We can assist with lodging your company related documents with ASIC & updating your details, ensuring you meet deadlines & dont incur heavy penalties.

09.01.2022 https://thenewdaily.com.au//your-/2019/07/06/ato-tax-cuts/

09.01.2022 Taxable payments annual reports due 28th August not only for building & construction services, but also cleaning & courier services, with Road freight, IT & surveillance services due next year.

08.01.2022 Good to see that ppl wont be able to dodge there obligations to repay an Australian education!

08.01.2022 Superannuation amnesty now law!

08.01.2022 Whilst there is a pending appeal in place, it is good to know currently Full-time and part-time employees are entitled to 10 working days of paid personal/carers leave for each year of employment due to the recent Mondelez court case. So its not currently calculated on an accrual base like previous.

06.01.2022 Business lending is not covered by the National Credit Code, which only applies to home loans, credit cards and other types of personal finance. I learnt something new!

05.01.2022 Important to get your bookkeeping & accounting systems correct in the first place

03.01.2022 Just wow is all I can say!

03.01.2022 When our own government cant get it right with segregation of duties, internal processes & control measures! Another reason to have someone external to your business check nothing dodgy is happening, which you may have missed (possibly $25m )

03.01.2022 It’s worth checking if your staff Christmas party may attract FBT

02.01.2022 Before throwing the party, some fringe benefit tax we should consider.

01.01.2022 There can be so much involved with both budgeting & producing financial forecasts. Each being beneficial to your company for growth & learning from previous decisions, both good & bad. Take a look at the link below & practice stock trading with the free simulation, before delving in with your own money.