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Last week we were flooded with enquiries from small business owners around Bankstown and Panania asking about MYOB Bookkeeping for the December quarter BAS that’s due 2 March 2010

If you are a small business owner in and around Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown, we encourage you to focus on what you do best, and we’ll do the rest

contact our Panania Bookkeepers, your local mobile bookkeeping service today

Savvy business owners around Bankstown have contacted our Bankstown Bookkeepers, looking for a mobile bookkeeping service.

Rather than you struggling and getting stressed out over it, give us a call, and we’ll come to your premises and review your MYOB data files.

Our Panania bookkeeping service can help you with reconciling your bank account statements. We’ll run various checks and reports to ensure that all the data has been entered correctly and allocated in the correct accounts

The Australian Taxation Office [ATO] advise that almost 80% of BAS forms are lodged incorrectly - as many small business owners are challenged with the task of completing their Business Activity Statements

Contact our Panania bookkeeping team today

Had a phone call today from a lady who told us she works at the ATO Australian Taxation Office.

She’d been reading our website and wanted to correct our entry regarding the due date for the December Quarter Q2 BAS lodgement for Business Activity Statements

“I’m calling from the ATO and noticed your website states the BAS is due 2 March 2010″

“Yes, That’s right!”

“Well, they are actually due on 28 February”

- “Really? What day is 28 February?

“Oh, I don’t know, I’ll see if I can find a calendar,” she said [One wonders why she can't use the calendar on her computer]

Amazing! People at the ATO have nothing better to do than web-surfing and calling up website owners

It’s wonderful to know that our hard-earned tax dollars are keeping Australia’s Public Servants so gainfully employed and contributing so much to the Australian Economy

Reminds us of an incident last year where the ATO sent out a letter advising that 5 cents was owing

Unfortunately the call dropped out, and the woman from the ATO didn’t get back to us.

Maybe she did find the ATO website page entitled “Activity statement generate dates” (BAS) which shows the Legislative due date as being 2 March 2010,

The reason the BAS is due 2 March is owing to the fact that 1st March (Monday) is a public holiday in Western Australia

It’s good to know that the staff at the ATO feel the need to search our website to see what dates the BAS are due

Probably because it’s so confusing trying to navigate around the ATO website

With Christmas out of the way, and many small businesses returning to work, it’s time to get all your paperwork together and get it to your bookkeeper or outsourced bookkeeping service- to report on the 2nd quarter (1 September to 31 December 2009) to get your BAS lodged on time.

Maybe the Australian Taxation Office (ATO) does have a heart, after all. Rather than asking for lodgements on 28 January, they automatically give everyone an extension to the BAS lodgements to 2 March.

However, don’t be fooled by their grace, because there is NO WAY that they’ll consider granting an extension after that date. So you need to ensure that you have your Business Activity Statement lodged by 2 March 2009

If you are struggling and need help, if you do not have a bookkeeper, or are looking to outsource to a mobile bookkeeping service, then contact us now

Our bookkeeping Service has clients in and around Campbelltown, Bankstown, Sydney CBD and Northern Beaches, Australia. Contact us here for details

Is your paperwork in order, have you got your bookkeeping up to date ready for the BAS due on 28 October? If you are a small business owner in and around Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown, we encourage you to focus on what you do best, and we’ll do the rest

With less than three weeks away before the first quarter Business Activity Statements [BAS] are due for lodgement, there’s not much time to get your bookwork organised

Cash flow has certainly tightened up in the economy. As bookkeepers, we’ve seen that invoice payments are being dragged out longer and longer, as suppliers wait to be paid by customers, and service providers wait to be paid by their clients

For small businesses in and around Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown, we have a mobile book keeping service that can come to your office and do the work on-site, or we can take the paperwork away with us and complete your bookkeeping work in our offices

Either way, it’s not a good idea to leave your bookkeeping until the last minute and risk a fine from the ATO for a late lodgement Call us today on 0415 453 536 for more information

Business Activity Statements, for business owners reporting quarterly, are due on 28 July 2009.

For many small business owners and especially for their bookkeepers, July is always a busy time of year in Australia.

With end of financial year reporting, together with reporting of the 01 April to 30 June quarter, businesses that are behind in their paperwork can struggle under extra pressure that they really do not need

Cash flow has certainly tightened up in the economy. As bookkeepers, we’ve seen that invoice payments are being dragged out longer and longer, as suppliers wait to be paid by customers, and service providers wait to be paid by their clients

The phone’s been ringing as desperate business owners in a panic wanting help with their MYOB and Quickbooks files. In most cases, they can simply email us the files and we’ll have a look at their reporting and can generally work out where the problems are within a short time

One lady contacted us after spending two days trying to reconcile her Quickbooks bank accounts. We had a look at her file and solved the problem in 35 minutes. Look at the time and stress she would have saved if she had contacted our bookkeeping company when she first noticed that there was a problem

As a small business owner we encourage you to focus on what you do best, and we’ll do the rest

Could 80% of BAS forms really be completed incorrectly? Apparently this is the figure that the Australian Taxation Office estimate when reviewing Business Activity Statements.

Are You Paying More GST than You Should?

When you consider that many small business owners around Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown believe that bookkeeping is an expense, rather than an investment, it is hardly surprising that so many people who have no idea what they are doing complete Business Activity Statements.

Many clients approach our professional contract bookkeeping service because they realise that a mobile bookkeeper can save them heart-ache and stress in getting their paperwork upto date.

Speaking to a client in Bankstown last week, it transpired that he had absolutely no idea what was involved in running a business from the financial aspects. As long as there was money in his pocket at the end of each week to pay the bills, he was happy.

When the first BAS form arrived on his doorstep he just figured he’d guess what figures went where and hope that it would all sort it self out at the end of the financial year

The crazy thing is, that by having to report quarterly Business Activity Statements, small businesses are being encouraged to record their business activities every three months.

If you leave it all for your accountant at the end of the financial year, then guess what? It’s all too late.

If you’re now faced with a large tax liability after the end of the year, there’s nothing you can do about it. Whereas if you are aware of the situation beforehand, then there maybe avenues that you can follow to reduce your tax liability. We are not registered tax agents and cannot give guidance in such matters, so you need to speak to your accountant.

We’ll look at your bookkeeping and assess your requirements. It’s not uncommon for us to find some major savings for our clients. Contact us today for more information.

We’ve spoken on a number of occasions about the proposed changes to tax legislation, and how that affects bookkeepers, and ultimately the effect it will have on the small business owner.

We received a response from Matthew, Executive Director, Institute of Certified Bookkeepers Ltd:

I came across a recent article you have posted. Feel free to accept or ignore my thoughts below but I did think I would pass on a few responses

I share many of the concerns your article makes reference to and a review of
recent newsletters and comments, submissions about the proposed law will see that we have been making the same comments to government that they are not prepared to listen to nor accept.

By and large bookkeepers are not the problem, they aren’t always 100% perfect but most bookkeeping is performed by the owner or employee. Accountants are not perfect either.

I am concerned about the underground bookkeeper and that many will become
more underground.

I am concerned about the cost increase to business that will be necessary
for the Bookkeeper now BAS Agent to meet all their regulated obligations.
(Interesting that some others feel that costs should go down as a result of
this new system…)

Keep up the good work

Thanks
Matthew
——————–
Executive Director
Institute of Certified Bookkeepers Ltd

Are you struggling to complete your BAS form?

No sooner have we finished lodging BAS for the December Quarter, to find the January - March 2009 Quarter will soon be due. Contact us for HELP

Quarterly BAS
Most businesses submit quarterly, and the 1 January – 31 March 2009 (Quarter 3) BAS is due 28 April 09 for lodgment and payment with the Australian Taxation Office (ATO).

A new client contacted us out of desperation. Struggling to prepare all the documentation for the Business Activity Statement, she could not get the figures to balance.

We suggested she email us the MYOB data file, so that we could get a clearer understanding of where she was at with her bookwork. Contact us for HELP with your BAS

“I had trouble with my MYOB files and contacted Carol and her team and they were just excellent.
They listened and then explained what they could do to help.
Everything was done speedily, efficiently and most of all cost effectively.
They emailed me how to send my files and worked on them that day!
Most of all “they listen” and don’t treat you like a dummy!
It got me out of a potentially tricky situation and literally saved the day!
Thanks Carol.
Liz Bird”

Monthly BAS
If your business submits the (BAS) Business Activity Statement monthly, then 21 March 09 was the due date for lodgement and payment of the February 2009 monthly activity statements

Superannuation Guarantee Contributions
Also on that date are due the Quarter 3 Superannuation guarantee contributions (1 January -31 March) contributions to be made to the fund by this date.

If you are struggling to complete your BAS form, contact our team of Panania Bookkeepers for HELP

As bookkeepers servicing the suburbs to Liverpool and Bankstown area, we are often asked: “What Bookkeeping Records Do I Need?”.

When a business gets started, the first thing you should do is to make sure that you keep track of all the costs involved in setting up you business, so that you can set up a book-keeping system correctly from day one.

If you need some help in establishing your bookeeping, then contact us right now.

What’s become a nightmare for her, is a bookkeeper’s dream

A new Padstow bookkeeping client has been running her graphic design business for over a year operating on one bank account for everything. She’s made her book-keeping become a nightmare for her by using the same bank account for both her personal and business expenses. That makes our job as mobile book keepers quite an interesting challenge. We have to ask her which items on her bank account relate to business, and which are personal.

What Bookkeeping Records Do You Need?
The type of business you operate affects the type of records you need to keep for ATO purposes. You should have your bookkeeper set up your books using an accounting method that clearly shows your income for your selected tax year.

From a bookkeeping viewpoint there are a few basic bookkeeping matters that every small business owners should focus on to reduce the fees you will otherwise have to pay your bookkeeper or accountant

Depending on your business, whether you are located in Bankstown or Liverpool, you should get into a habit of keeping records daily

• Identify the source income that you’ve received
• Ensure you keep your dockets for expenses, and a note of any petty cash expenses
• Keep a record of all your assets

The Australian Taxation Office requires you have supporting documentation such as invoices and receipts for all transactions incurred in running your business such as purchases and sales. You might generate invoices electronically using an accounting software package such as MYOB or Quickbooks, or you may hand write your invoices using an invoice book Read more… »

Every small business owner in and around Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown, NSW, Australia needs to keep records. Why? Because it’s a legal requirement. Many business owners choose to outsource their bookkeeping requirements using our mobile bookeeping services. Contact us for more information

The Australian Taxation Office (ATO) requires you to keep business records:

• for five years after they are prepared, obtained or the transactions completed (whichever occurs later), and
• in English, or in a form that the ATO can access and understand in order to determine your tax liability.

You should keep book keeping records for Read more… »