August 30th, 2010
The Australian Taxation Office is now assessing the taxation compliance from online sales made by businesses and individuals. The ATO has obtained data from classifieds site Trading Post Australia and the highly popular auction and shopping website eBay.
Under the program the ATO will identify and assess members of the websites who have sold in excess of $20,000 over the past three financial years. The ATO will use numerous methods to match online accounts to people including Tax File Numbers (TFN), Australian Business Numbers (ABN), addresses and dates of birth.
The aim of the data-matching is to identify businesses and individuals who have failed to report their full income or are running parts of their business off the books. Anyone who may have understated their taxable income over the past three financial years can make a voluntary disclosure which can reduce penalties by up to 80 percent.
Tags: ATO, eBay, online sales, Trading Post Australia
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July 20th, 2010
The team at Accounting for Small Business have recently become a Bronze Partner for the online accounting software Xero. While we are both MYOB and Quickbooks professional partners, we can see the benefits of Xero which has additional features.
Small and medium business owners, office managers and shareholders can benefit from Xero’s unique time saving features, such as automatically having your bank transactions feed into Xero, and automated coding.
What we love best is that it allows you to provide support to clients in real time. For example, no more sending your accountant your finance documents and waiting for them to email you a general journal that you have no idea how to enter or that just doesn’t make sense. Our professional accounting team can log in and input the transaction for you – now how is that for amazing service!
We are excited by the opportunity of online accounting software and no more having to worry about backups and software updates. What we like most is that we are always able to help you in real time, can have a look at how your business is performing on an ongoing basis, and can work with you to improve your financial systems and management.
For more information about Xero please visit www.xero.com.au or contact Keith Marshall at our office on (08) 9226 0332.
Tags: Accountant, Accounting for Small Business, AFSB, Perth, Xero
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July 7th, 2010
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