Frequently Asked Questions
What is financial year? A financial year is a 12 month period that starts on the 1st of July of every year and ends on the 30th of June of the following year. What is the deadline for lodging the individual tax return? After   the   financial   year   ends   you   have   until   31   October   to   lodge   your   return   (unless   you   use   a   registered   agent)   then   you   can   lodge later than 31 October but you have to see your tax agent before 31 October. What expenses are classified as tax deductibles? There   are   many   deduction   that   you   can   claim   for   expenses   in   curried   while   performing   your   job   but   you   will   have   to   prove   the purchase or the claim by a receipt a log book or expense diary. What is BAS? The   Business   Activity   Statement   (BAS)   is   the   statement   of   reporting   GST   to   the   Australian   Taxation   Office   (ATO).   St.   George Bookkeeping is a registered BAS agent recognised by the ATO and is able to lodge BAS legally on behalf of your business. What is Bank reconciliation? Bank   reconciliation   is   the   procedure   of   comparing   and   matching   figures   from   the   accounting   records   against   those   shown   on   a bank statement. We balance your books with the bank's records on a regular basis (e.g. weekly / monthly / quarterly). What are the different parts of Payroll? If   you   employ   staff,   then   there   are   a   number   of   obligations   on   you   to   withhold   and   pay   income   tax,   work   cover,   superannuation, various   types   of   leave   and   allowances.   As   part   of   our   services,   we   process   your   payroll   and   also   return   payslips,   keep   track   of   your superannuation   responsibilities   and   also   prepare   the   employees   PAYG   Summaries.   Clients   who   require   payroll   service   should   have   their books done weekly. What is a Profit and Loss Statement? Profit   and   Loss   (P&L)   statement   helps   you   understand   how   your   business   is   progressing   at   a   specific   point   of   time   and   pin   point your   most/least   profitable   part   of   operations   and   show   you   whether   the   business   made   a   profit   or   lost   during   this   period   and   provides warning about areas of weakness that should be addressed. What is meant by business operated on a cash accounting basis? This   cash   accounting   method   is   where   income   is   recorded   when   you   receive   money   and   expenses   are   recorded   when   you   pay   for goods   or   a   service.   This   simple   method   allows   your   business   to   be   constantly   tracked   so   that   the   accounts   are   prepared   on   a   strict   cash basis to follow your cash flow exactly. Is it import to lodge BAS statement on time? Yes, the ATO could impose fines and interest penalties on late lodgement depending on the circumstances for the delay. Do I need an accountant? If you are a small business No, as we are responsible for ensuring all transactions are recorded in the correct ledgers (suppliers, customer and general ledgers). This financial information allows us to prepare your quarterly BAS and the annual tax return. Some medium size business, however, may require an accountant to analyse these prepared financial information in order to assist decision- making managers, investors, tax authorities to make sober resource allocation decisions. Do you coordinate with my accountant? Yes, we work closely with your accountant as a team in order to achieve the most professional result with minimum cost to you. Where do you carry out the bookkeeping? We   do   the   work   at   our   office   located   in   Narre   Warren   South,   Victoria,   Australia.   We   also   come   to   your   office   if   you   have   the required software How can we pay you? Payments can be made either by direct fund transfer to our allocated bank account, or by a cheque. Can I change my bookkeeping to another provider? Yes, St. George Accounting Services does not ask you to sign a contract. Therefore should you wish to move on we will co- operate fully with your new provider in the transfer. We will submit all your files in a format suitable for presentation to the ATO or other statutory reporting authorities.
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