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How to prepare and lodge BAS online

When you’re in business and you have to do your own BAS, it can be frustrating. Each quarter, GST-registered small businesses submit a business activity statement (BAS) to the Australian Tax Office (ATO). The BAS will show how much GST was collected from customers, and how much GST was paid to suppliers. This lets the business work out their GST bill or refund, what tax needs to be withheld from payroll and submitted to the ATO, and …

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FBT hot spots for employers and employees

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Important Issues Crackdown on salary sacrifice calculations Exempt fringe benefits during emergencies Employee contributions by journal entry Motor vehicles – using the company car outside of work Safe harbour for utes and commercial vehicles Car parking – are you really declaring the true cost of parking? The living away from home allowance – the common errors Salary …

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Six things to consider for online accounting software in your retail business

There is a lot to consider when it comes to selecting the software that is right for both you, your business and most of all your customers. Start by talking to your customers and asking what they really need and want from the business, like payment gateways, terms, shipping, costs and most of all ease of use. Talk to product sellers about testing and how it can roll out to be best fit for purpose. Suppliers could …

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