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The Income Tax Implications of Property Lease Incentives

Friday, 26 Apr 2019

Property lease incentives are offered to entice tenants by landlords of commercial properties. It is typically a discount on the asking lease price which is based on the value of the lease term. It can be offered to persuade a …

What Payroll Taxes Do Not-For-Profit Organisations Pay?

Monday, 15 Apr 2019

Not-for-profit organisations in Melbourne have to abide by the payroll tax charged by the Victorian government. A payroll tax is a self-calculated state and territory tax assessed on the wages paid or payable to the employees by the employer. The …

Update On Small Business: Instant Asset Write-Off Extended Until 2020!

Monday, 8 Apr 2019

The instant asset write-off has been creating a lot of buzz in Sydney since January when the federal government announced about the extension of its deadline till 2020 and an increase of $5000 in its threshold value. The changes are …

Are You Ready For The New Financial Year?

Tuesday, 26 Mar 2019

The end of the financial year 2018-19 is approaching in a few months and before you know it, you will be feeling exhausted with all the workload. It is going be the busiest time of the year when you will …

What Are PAYG Instalments And Who Needs To Pay Them?

Monday, 18 Mar 2019

You must have often heard about the term PAYG instalments in your professional dealings, or as a business owner, or from several bookkeepers. The abbreviation stands for Pay As You Go (PAYG) and the instalments are a system for making …

Auditing Of Not-For-Profits, Is It Necessary For All?

Friday, 8 Mar 2019

Reviewing and auditing of financial reports is not just limited to the for-profit sector. It is equally applicable to the not-for-profit entities and the 55,000 charities registered in Australia. The financial statements of non-profits in Melbourne are audited for a …

Using Big Data To Develop An Advanced Bookkeeping Practice

Wednesday, 27 Feb 2019

The modern world has broadened its horizons magnificently through globalisation and technological advancements which have revolutionised all business functions. Consequently, bookkeeping in Melbourne has also been affected by the wealth of financial information being generated by an organisation as well …

Changes in Australian Accounting Standards for Non-Profit Entities

Thursday, 21 Feb 2019

The not-for-profit entities operating in Australia are required to adhere to the Australian Accounting standards which specify the financial reporting obligations. The Australian Accounting Standards Board (AASB) is involved in the development, issuance and maintenance of the Australian Accounting Standards …

Four Simple Steps To Prepare Your BAS

Thursday, 14 Feb 2019

Running a business in Sydney is not a walk in the park. It comprises working on a variety of job functions like management, organisation development, operations, production, supply chain, etc. Besides taking charge of all these responsibilities, managing the accounts …

Non Profit Bookkeeping Requirements You Need To Know

Wednesday, 30 Jan 2019

Not-for-profit (NFP) entities are not the usual revenue-generating business models. They aim at achieving a greater good for society and thus are not interesting in multiplying their profits. However, they do work like every other organisation in Melbourne which has …

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