New requirements for lodging Payment Summaries

Submitted by Rob Boon on Sat, 06/13/2015 - 20:18

In the past payment summaries have been lodged annually using CDs, DVDs or flash drives. The Australian tax office will be closing this service which means that you will now need to lodge your payment summary reports online.

Lodgement of your annual report online can be completed in the following ways: Read more about New requirements for lodging Payment Summaries

$20,000 Immediate Tax Deduction for Small Business

Submitted by Rob Boon on Wed, 06/03/2015 - 14:30

The immediate tax deduction for small business announced in the federal budget has been broadly welcomed, but what may have been missed is the fact that what the government doesn’t collect now, it will collect later.

Australia's largest penalty for breaches of the Tax Agent Services Act 2009

Submitted by Rob Boon on Tue, 05/26/2015 - 18:24

The following case poses a warning to those who do not take the TASA registration requirements seriously. One serious penalty though. Read more about Australia's largest penalty for breaches of the Tax Agent Services Act 2009

Accounting System Outline

Submitted by Rob Boon on Wed, 07/30/2014 - 20:53

I have made a number of attempts over the years to put together a graphical outline of an accounting system. The result of these endeavours is the graphic that you see here. With it I will try and make some endeavour to explain this in a meaningful way. My ultimate aim for this is to assist both students and professional bookkeepers gain a better understanding of the processes involved. Read more about Accounting System Outline

Recording an Over-payment in MYOB

Submitted by Rob Boon on Wed, 07/30/2014 - 09:46

There are times when the payment has been made that is greater than the invoice which is outstanding, or as in the case of a bookkeeper I was talking to recently a credit required to be given was greater than the amount owing. The question is how do we deal with this credit when applying it back to the original invoice to ensure that it does not create a finance charge for the excess.

The credit invoice is first created Read more about Recording an Over-payment in MYOB

PAYG Instalment - Asset or Liability?

Submitted by Rob Boon on Sat, 07/19/2014 - 17:04

PAYG Instalment

What is it? ...and what makes it different to PAYG withholding? Read more about PAYG Instalment - Asset or Liability?

Recommencing Employment after Termination

Submitted by Rob Boon on Sun, 06/22/2014 - 12:45

I have been asked about an employee that was terminated in MYOB and how to make them active again, so I thought I would share this in the blog for the benefit of all readers. Read more about Recommencing Employment after Termination

Monthly Payment of Chattel Mortgage

Submitted by Rob Boon on Wed, 06/18/2014 - 07:49

This weeks' discussion will look at at the monthly repayment of the loan account that was created and entered in last week's blog post. This discussion will look at the three components that will make up this monthly payment.

The loan repayment component
The interest component
The borrowing cost component

The Repayment Component Read more about Monthly Payment of Chattel Mortgage

Entry of a Chattel Mortgage subject to LCT

Submitted by Rob Boon on Wed, 06/04/2014 - 19:43

A business often has a need to borrow money from financiers for a variety of reasons, which could include short term bridging finance, purchase of assets or business expansion. Purchase of business assets can be made through a variety of options. The most common of these would be Chattel Mortgage, Hire Purchase and lease. Remember that we as bookkeepers are not in a position to advise a client which option they should choose for tax purposes Read more about Entry of a Chattel Mortgage subject to LCT

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