Ideal Balance Bookkeeping

26/04/2020

Many of us are receiving (or hoping to!) Government payments, some for the first time which can be daunting and foreign.

Are you wondering how these payments are treated for tax purposes? What does it mean for income estimates?

This link has points to get you started 📚🧐

https://www.facebook.com/234951666611245/posts/2555037687935953/?d=n

20/04/2020

Are you in a commercial rental agreement? Take a look at this link to get facts about how to move forward in the agreement as COVID-19 continues to take its toll on business cashflow.

Stay informed, stay on the front foot 📚

As the COVID-19 lockdown restricts standard business operations, commercial tenants are rushing to negotiate new rental agreements. Here's how things stand.

15/04/2020

Are you working from home due to COVID-19? The Australian Tax Office has released information on what you can claim for working from home expenses -

With so many Australians working from home to reduce the risk of coronavirus, we’re making it easier to claim your expenses this tax time.

From 1 March until 30 June 2020, we’re allowing you to claim 80c per hour for each hour you spend working from home. This will cover all your expenses, including your:
🔥❄ Heating and cooling
🔌 Electricity
📱 Mobile phone
🖥️ Internet
🧾 Depreciation of office equipment

You can still use other methods to calculate your claim if you prefer; however, whichever method you choose, you’ll need to make sure you have records to support your claim. Find out more about the change at www.ato.gov.au/General/COVID-19/Support-for-individuals-and-employees/Employees-working-from-home/

31/03/2020

💰Job Keeper Payment, the facts you need to know about eligibility and applying!

Businesses impacted by the coronavirus will be able to access a subsidy to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months.

19/03/2020

With the out break of Coronavirus (COVID-19), many businesses are going to be faced with decisions around providing safe work environments while juggling keeping there business afloat in the current harsh economic climate.

The link below is direct from Fair Work, providing valuable (and reputable!) information for employers on dealing with scenarios surrounding COVID-19. This page will be updated as the situation changes by Fair Work so it’s a great tool to refer back to.

🤒

Information and advice about Australia’s workplace rights and rules.

12/03/2020

Are you sick of having receipts floating around? Making a scramble at tax time to try and find those receipts to claim valuable deductions?!

This may just be the solution......🤔💡

05/03/2020

🔊 Small business owners with employees!

Fair Work Australia have updated the Fair Work Information Statement to make it easier to understand minimum workplace entitlements.

Every worker in Australia needs to get a copy of the FWIS when they start a new job.

Follow the link for more info -

Information and advice about Australia’s workplace rights and rules.

01/03/2020

Fuel Tax Credits (FTC) are a big part of GST reporting for agricultural businesses.

The ATO describes FTC as; fuel tax credits provide you with a credit for the fuel tax (excise or customs duty) that's included in the price of fuel.

Make sure you’re claiming the correct FTC rate, follow the link for up to date rates;

https://www.ato.gov.au/Business/Fuel-schemes/Fuel-tax-credits---business/Rates---business/From-1-July-2019/

💡Tip ~ Download the ATO smartphone app, select business section then FTC calculator to save time on manual calculations!

Fuel tax credit rates from 1 July 2019 to 2 February 2020.

27/02/2020

Is your business registered for GST?

The ATO has put together a basic guide to accurate GST recording for small business. It’s a great starting point to understand requirements.

This is a general ATO Simpler BAS GST bookkeeping guide for assistance with classifying sales and purchases for GST.

27/02/2020

A Friday funny to kick off the last day of the week - Happy Friday 😃

21/02/2020

‼️UPCOMING DUE DATE‼️

December BAS, due Feb 21nd!

Struggling to meet lodgement due dates? With 5 years hands on tax accounting experience, Ideal Balance can help!

Find out about lodgment and payment due dates, concessional dates if you lodge eligible quarterly BAS electronically and what to do if you can’t lodge on time.­

17/02/2020

Would you like to spend more time doing the things you enjoy and not with your head stuck in the books? Have you thought about hiring a qualified bookkeeper? Check out the link to see some of benefits of having a bookkeeper.

Get in touch through messenger to see how Ideal Balance Bookkeeping can help!

Find out when you should hire a bookkeeper. Read more on the guides