What is liquidation is a common question for a business owner who is worried the company may no longer pay its debts on time. Liquidation is the process of winding up a company, reviewing the company’s financial affairs, selling the company’s assets where possible, and using available money to pay creditors.For many Australian businesses, the…
Tag: online bookkeeping
What Is HECS‑HELP and How Should It Appear in Your Payroll and Bookkeeping System?
What Is HECS-HELP and How Should It Appear in Your Payroll and Bookkeeping System? It is a practical payroll and bookkeeping question for Australian employers because Higher Education Contribution Scheme Higher Education Loan Program (HECS-HELP) debts affect Pay As You Go (PAYG) withholding, but they should not be recorded as a normal business loan, staff…
What Is a Business Trust and How Does It Affect Your Bookkeeping?
What is a business trust and how does it affect your bookkeeping is a question many Australian owners ask when they are choosing the right business structure. When you use a trust for your business, it changes how you set up your books, how you track income and distributions, and how you stay on top…
Setting Up a Family Trust for Your Business: What Your Bookkeeping System Must Track
Setting up a family trust for your business: what your bookkeeping system must track is the key to getting the real benefits of this trust structure without creating future tax or compliance headaches. When a family trust is not supported by accurate records, even a well‑drafted trust deed cannot fix poor trust administration or missing…
