Are you a registered BAS provider?

Yes, All BAS Accounting S.A.S is a registered BAS service provider. All bookkeepers providing a GST service are now required to be registered as a BAS Agent with the Tax Practitioners Board to ensure they have the necessary competence and personal attributes to run a bookkeeping business.

 

Why do you work as a bookkeeper when you are a qualified accountant?

I’ve worked in larger corporate businesses most of my working career as an Accountant but since having a family I decided it was time to open up my own bookkeeping business. The move seemed logical and this allows me to help small business owners get ahead and obtain advice from not only a qualified bookkeeper, but an senior experienced Accountant.

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What is the difference between Cash and Accrual Accounting?

The main difference between cash and accrual basis accounting is around the timing of when revenue and expenses are recognised, along with when the GST is reported to the ATO.

Cash accounting reflects the income and expenses on the date actual money exchanges hands, ignoring the invoice issue date or the period of time the income or expense might relate to.

Reporting GST on a cash basis is calculated at the time of payment or receipt (for expense & income) irregardless of when the services are for.

Accrual accounting reflects income and expenses based on invoice date and the accounting period of which they relate to (month by month or a particular financial year). Reporting GST on an accrual basis is based on invoice date only so it's important to enter correct invoice dates during data entry.

Accrual accounting will have balance sheet accounts such as prepaid expenses or prepaid income to ensure income and expenses can be recognised in correct accounting periods.

 

Should I register for GST on a Cash or Accrual Basis?

The cash method is most used by small businesses and for personal finances. It's a simple method that suits most small businesses.

For large businesses with an aggregated turnover of over $2 million you must report on accruals basis (non-cash), however if your turnover is less you can choose which method to report in. If you're unsure, so best to check with us before GST registration is complete.

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What does aggregated Turnover mean for my business?

Aggregated turnover is your businesses’ turnover and the turnover of any closely associated entities to yourself. Closely associated entities are entities connected to or an affiliate of yours, for that part of the income year.

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What are KPI's?

Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organisations use KPIs to evaluate their success at reaching targets​, they can be individual goals set for employees or team KPIs.

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I'm about to start up my new business, what are some tips?

Firstly, it would be ideal to have someone assist you with your startup registrations and explain the differences. There are numerous registrations to consider; ABN, GST registrations (should you register monthly, quarterly or annually), PAYG Withholding, FBT, WorkCover, registering business names, setting up Auskeys, just to name a few registration areas that all inter-relate so it’s important to get them right the first time.

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Secondly, know what money you will need to pay outside of normal business running costs. This includes items like payments to the ATO such as income tax, GST services tax (Monthly or quarterly), income tax installments (IAS), FBT Tax and most importantly keeping on top of superannuation payments for any employees.

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It may be overwhelming to get on top of these payments let alone also ensuring you have accurate bookkeeping and choose an accounting system best fit for your situation. For any assistance with startups, please feel free to drop us a line and we can guide you through the process.

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Do I need to register for GST?

You must register for GST if:

* Your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more.

* Your non-profit organisation has a GST turnover of $150,000 per year or more.

* You provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover. This applies to both owner drivers and if you lease or rent a taxi.

* You want to claim fuel tax credits for your business or enterprise.

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If your business or enterprise doesn't fit into one of the above categories, registering for GST is optional. However, if you choose to register you generally must stay registered for at least 12 months.

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I'm an Uber driver, do I need to register for GST?

Yes, you must register for GST if you provide taxi or limousine travel for passengers in exchange for a fare as part of your business regardless of your GST turnover. This applies to both owner drivers and if you lease or rent a taxi.

From August 2015, the ATO confirmed all Uber drivers are required to register for GST. This means you submit the GST portion of your Uber fares to the ATO less any claimable GST expenses. 

 

I'm an Uber driver, what can I claim on my BAS?

Below is a list of just a few work related expenses that you could be able to claim on your BAS as an Uber driver:

* Mobile Phone Costs

* Mints and water for passengers

* Relevant Spotify, Pandora or Apple subscriptions

* Stationery

* Registrations (Uber driver application fees, police checks etc)

* Motor Vehicle Running costs: Rego, Insurance, Repairs, Tyres, Car Maintenance, Car Cleaning Costs

* Work-related parking expenses

In order to claim any of these expenses you will need to keep receipts and you should keep a logbook in order to claim any motor vehicle expenses. Keeping a motor vehicle log book helps you calculate a work-related business portion for your car expenses (ATO approved method) and allows you to claim a wider variety of motor vehicle expenses.

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