What is bookkeeping? Bookkeeping is the process of recording, organising and reporting financial transactions of an organisation on a daily basis. It may be your least favourite business matter to handle, however, it plays an important role. It is the initial step in alleviating the growth of your business by showing your business performance and […]
Generally, it is not a must to use a software for record keeping. In the following text, the importance on record keeping and features of record keeping manually and electronically will be discussed. Importance of Record Keeping According to the Australian taxation ruling, your business records must be kept or you can incur penalties. They […]
What is a financial statement? Financial statement is a collection of documents and reports which accounts for the financial status and activities of an individual or a business. It shows where the money is from, where it went and where it is now. The financial statement consists of: Balance sheet – Shows the company’s financial […]
Cash payment is preferred by most customers and businesses for small transactions to avoid card and electronic payment fees. However, some businesses overlook on the fact that they have to disclose their cash earnings. Cash is hard to trace when not banked in, so this attracts attention from the ATO. Some people of the cash […]
A. What is Cryptocurrency? A new electronic payment system – ‘virtual currency’ provides an alternative cash system. 2 parties can directly transact without need of 3rd party (bank). It can be managed by network of computer users and is not tied to any country. Acquiring Cryptocurrency – Cryptocurrency can be bought or sold through a […]
If you are thinking to start a new business, you will need to decide on structure. Will you operate as a sole trader or will you establish a company? Below is a summary of some common queries regarding the differences between operating as a Sole Trader or a Company. This information is taken from the […]
Single Touch Payroll or STP is a reporting change for employers. It is a new and simpler way to report employee’s payroll information. STP is mandatory from 1st July 2018 for employers with 20 or more employees. It will be expanded to all other employers with 19 or less employees from 1st July 2019. In which, subject to legislation […]
Save time With a minimum fee of $75, your tax return can be done as quickly as within 30 minutes to one hour. Doing it yourself may take a few hours or more. Affordable fees At Simpro Taxation Services, we offer tax payers a reasonable, affordable fee without compromising the quality of service. With a […]
