Business Activity Statements (BAS) can be confusing and we understand people make mistakes. We are here to help and offer the expertise to make the process easier for you. Below are some examples of what to look out for: Not all expenses attract GST Common expenses that do not attract GST are: Bank fees (however merchant fees do attract GST) Government charges, taxes, levies, stamp duties (including the one on your motor vehicle registration) Salaries, wages and superannuation payments Loan repayments Interest expenses Unprocessed foods It should also be noted that not all of those expenses are reportable as expenses in your BAS. Double dipping You can claim GST credits in the period you made a capital acquisition, but don’t claim it again with your loan repayments afterwards. Those are essentially just transfers between accounts. Private expenses Certain expenses may need to be apportioned if you use them for business purposes but also privately, such as your mobile phone expenses, home office running costs or motor vehicle expenditures. Other cash outflows may be considered fully private in nature and have no place in your [...]

We are proud to announce that we have now been working with clients in the mining and wheatbelt communities of WA for 7 years! During this time, we have become a valued member of each community offering ‘in person’ tax advice and accountancy services, as well as financial planning advice to those that may not have access to a local tax accountant. Our customers include both individuals and businesses, and span from Boddington in the North, Williams in the East and Nannup in the South. During tax season (July and August), our tax accountants visit Boddington and Pinjarra up to four times, so clients from Williams and Nannup can meet with them there. During the rest of the year, we visit Boddington every few months to see business clients. It is important to us to maintain a personal approach to tax. Tax requirements can be complicated, especially when new laws have been passed or new regulations come into effect, so we like to speak to our clients face-to-face to really understand their needs and how we can help. We also provide regular free seminars [...]

Benchmark your business Want to see how your business is performing against competitors? Whether you’re running a bakery, an automotive repair service, a printing franchise or a dental practice, all small businesses can benefit from benchmarking information. It is a way that you can compare your business against other similar businesses to see how your performance ranks, giving you a clear picture of where improvements can be made. The ATO has developed a mobile app that you can download here, which has performance data from 1.5 million small businesses across Australia, covering more than 100 different industries and up to 15 million turn over. Using the benchmarking information, it will help you pinpoint the areas of your business that need your attention, to help you improve your performance, grow your business and potentially increase profits! Benchmarking looks at a number of categories including (but not limited to) turnover, total sales, profits, expenses, advertising, rent costs and staff. The ATO’s methodology recognises that there are many sub groups within an industry and they often have diverse product lines so you can have confidence that the [...]