Tag: bookkeeping

Business accountant reports are only as useful as the bookkeeping behind them, because accurate records give your accountant reliable information to review and explain. For small business owners, incomplete or outdated bookkeeping can make it harder to understand cash flow, profit, expenses, tax liabilities and the overall financial health of the business.Accurate Bookkeeping Gives Business…

How HECS or HELP Debt Can Change PAYG Withholding in Small Business Payroll depends largely on an employee’s income, their declaration to their employer and the current Australian Taxation Office (ATO) withholding rules. When an employee has a Higher Education Loan Program (HELP) debt and has told their employer about it, the employer may need…

ATO HECS and payroll setup should be checked before an employee’s first pay run because incorrect study loan information can affect how much tax is withheld from their pay. Employers should make sure employee declarations and payroll settings for Study and Training Support Loans (STSL) withholding are recorded correctly before processing wages. This matters when…

ATO business services should broadly align with the information recorded in your bookkeeping software, especially where figures are used to prepare tax, payroll and Business Activity Statement (BAS) reporting. When the numbers do not match, it can make it harder to lodge accurately and understand what your business really owes. For small businesses, regular bookkeeping…