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Lydia & Associates
GL BAS Bookkeeping Services
LEAP Legal Software Certified Bookkeeper Advisor
MYOB Certified Consultant
Registered BAS Agent
Senior Bookkeeper

Importance of Bookkeeping Records

It is a LEGAL REQUIREMENT to keep records that are accurate and true for a period of at least 5 years from the date that the documents were prepared, obtained or the transaction completed, whichever occurs the latest. You can keep in English or in a form that ATO can access and understand in order to work out the amount of tax you are liable to pay. There are penalties for not maintaining the required records and for not keeping them for five years. KEEPING GOOD RECORDS WILL HELP YOU AVOID THESE PENALTIES.

Also GOOD RECORDS make it easier to complete your activity statements and prepare your annual income tax and fringe benefits tax returns; monitor the health of your business and be able to make sound business decisions – for example, by keeping track of debtors and creditors; help you to manage your cash flow so you can pay your tax when it falls due; demonstrate your financial position to banks and other lenders, and also to prospective buyers of your business; make best use of your tax adviser. Rather than paying them to sort through a shoebox of paperwork, give your tax adviser well prepared records and pay them instead to help you with your business and financial planning;

GL BAS & Bookkeeping Services provides:

  • BAS preparation & Lodgement
  • Invoicing- Time billing, service sale or item sale
  • Accounts Payables & Receivables Management
  • Bank Reconciliations
  • Inventory management
  • Payroll/ Superannuation/ Entitlements Management
  • Employee Time Sheet Process, link to wages and invoicing clients
  • Job/ Project Management
  • Profit & Loss Statements
  • Cash Flow Management
  • End of financial year processes
And for Legal Firms:
  • Trust & General Accounting
  • Receipts & Payments Processing
  • Disbursement and Invoicing Processing
  • Client's Accounts Management
  • End of Month Reconciliations & Reports
  • External Auditing Assistant
  • LEAP Accounting and LawWare Maintenance
Plus:
  • Employment Compliance Consulting
  • Accounts Trouble Shooting
  • Software On/Off site Training & Support
  • New Business Setup Advice & Register
  • Discounted Accounting Software- MYOB

Also we are Accounting System consultant, providing MYOB upgrading to Live version services & support.

Accounting systems and processes are an extremely important element of any business. Having the right accounting systems in place is critical to the success of managing your business.

There are a number of reasons why effective business accounting systems are important:
  • The right system can give you much more control on your business management and greatly improve the effectiveness of information share and security.
  • It will ease your data entry from department to department, or position to position..
  • It makes it cheaper, easier and quicker to complete activity statements and in turn your annual tax returns.
  • It enables businesses to monitor the health of their business and in turn make sound decisions.
  • It helps businesses manage their cash flow.
  • It demonstrates the financial position to banks and other lending institutions.
  • It enables business to make better use of their tax adviser.
Bookkeeping Services Sydney
Legal Firm Bookkeeping Services Sydney Parramatta

Including Hornsby, Pennant Hills, Chatswood, Turramurra, Thornleigh, Wahroonga, Waitara, Berowra, Parramatta, Carlingford











 

Small Business Quick Link:

PAYG Withholding Calculator Online

Minimum Wages Check Online

Findout an Award for Employees

Register ABN/GST/ Business Name

MYOB Trial Version Download

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The records you must keep for ATO
1. Income tax and GST:
 
– sales invoices, including tax invoices
  – sales vouchers or receipts
  – cash register tapes, credit card statements
  – bank deposit books and account statements.
  – purchase/expense invoices, including tax  invoices
  – purchase/expense receipts, which include an ABN
  – cheque butts and bank account statements
  – credit card statements
  – records showing how you worked out any private use of something you purchased, i.e. car.

2. Year-end income tax records

  – motor vehicle expenses
  – debtors and creditors lists
  – stocktake sheets
  – depreciation schedules
  – capital gains tax records.

3. Employee Payment Records
 
- timesheet showing start & finish time of normal and overtime work
  - issue Pay Slip showing normal and overtime hours, Pay rate, Allowance, Gross pay, Tax & Net pay, and Pay period

Small business benchmarks raise awareness

The ATO have developed benchmarks for over 900,000 small businesses in over 100 industries.

Approximately 90% of businesses in  bench marked industries fall within a benchmark range.

Where a business is reporting significantly more net income than their industry peers, this can alert the business to consider if they have forgotten to claim all of their business deductions.

On the other hand about 76,000 businesses report income that is significantly below that of their industry peers.

This requires ATO to do further checking, either through matching against known asset information, reports from the community or through direct queries from the ATO to the business.

Where a business is reporting significantly less income than the benchmark range for their industry, if they have good evidence to explain all of their income and expenses, they will not be subject to tax adjustments.


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