Welcome to Nudge Accounting, We have over 80+ years of expertise in accounting and bookkeeping services.
Online Bookkeeping & Accounting Services Nudge Accounting

Suite 139/243 Pyrmont Street, Pyrmont NSW 2009

Mon - Fri 9.00 AM - 6.00 PM (AEST)

Saturday, Sunday Closed

Your Work-Related Travel Expenses Can Lead To A Healthier Tax Refund

Tax tips, tax, it expenses, startups, small business
Employees can incur substantial work-related travel expenses. This is almost unavoidable given the nature of personal business transactions and the importance of outbound client management. These travel expenses can, however, boost your tax refund with some big tax deduction claims!
 
Of course, if your employer has already reimbursed you, you cannot claim! Though if the claim is up to you, be sure to follow this guide.
 
Work related travel expenses refer to any travel related expense that directly relates to your specific job function. Depending on your circumstances, and provided you have the necessary documentation, you can claim the cost of transport, incidentals and even meals if you were away overnight!
 
Travel expenses you can claim on your tax return under item D2 can include:

  • Accommodation
  • Incidental expenses
  • Air, bus, train and taxi fares
  • Bridge and road tolls
  • Parking fees
  • Car hire charges
  • Meals (if your travel included an overnight stay)

To claim any work travel expenses, your travel must be specifically work-related. Taxi, bus, train and rental car expenses are tax deductible if you travel for work purposes.
 
Keep a travel diary to support your claim, particularly if your work trip goes overnight or longer. If you don’t have a travel diary you can download a travel diary template from etax.
 
You can also claim the cost of travel between two different workplaces. These rules apply whether you travel by train, bus, taxi or your own private vehicle.
 
Do not under any circumstances forget the golden rule – keep your receipts!
 
For more information on tracking your expenses, or claiming tax deductions, please visit nudgeaccounting.com.au or call 1300 068 343.

Business Activity Statement (BAS) returns

The basics of setting up a start-up
Whether you are a small business operator or just starting up, you often find yourself flat out running the daily business operations and focusing on the bottom line to spend any time thinking about ATO requirements.
 
Knowing and addressing these tax requirements can be difficult. At Nudge, our Chartered Accountants look after your small business accounting needs including GST and BAS lodgement, making it easy for you to focus on what’s important to you – running a successful business.
 
Put simply, the BAS return is a by-product of the GST. It is the difference between GST collected (for customers) and GST paid (to suppliers).
 
Your BAS is used for reporting (where applicable) on a range of tax obligations including:

  • Goods and Services Tax (GST)
  • Luxury Car Tax (LCT)
  • Fuel tax credits
  • Wine Equalisation Tax (WET)
  • Pay-As-You-Go (PAYG) withholding and instalments
  • Fringe Benefits Tax (FBT) instalments, and
  • Deferred company instalments

 
The overall aim of the BAS is to allow you to report and pay a number of tax obligations in one transaction.
 
All businesses who are registered for GST must lodge a BAS for each period (monthly or quarterly). As part of our featured services we lodge your BAS quarterly on the following dates:
 

 Quarter

 Due date

 1 – July, August and September

 28 October

 2 – October, November, and December

 28 February

 3 – January, February and March

 28 April

 4 – April, May and June

 28 July

 
The benefits of using a qualified Nudge Chartered Accountant to lodge your BAS form for you are limitless. We know all the requirements and will help you maximise your deductions, meet your commitments on time and provide constant support if you have any questions or concerns.
  
References

Australian Government (2015) Reporting activity statements
ATO (2015) Due dates for lodging and paying your BAS

How we spend our well-deserved Tax Refund

Tax tips, tax, it expenses, startups, small business
Once you have lodged your tax return, refunds are usually issued within 12 business days when lodged online, or up to 50 business days if lodged with an accountant offline.
 
On average, Australian’s receive a tax refund of $3,630. But what do we do with it? The Australian Taxation Office (ATO) reports that in 2014/2015 Australians spent their tax refund in the following way; 31% of people saved it, 29% paid off a loan, credit card or mortgage, 24% paid bills, 7% went on holiday, 7% spent it on other things, and 2% spent it on household appliances. Continue reading “How we spend our well-deserved Tax Refund”

The law behind tax effective investing

Tax tips, tax, it expenses, startups, small business
Managing your financial affairs to minimise your tax is commonly known as tax planning or tax effective investing.

Taxpayers are legally allowed to minimise their taxation liabilities through tax planning as long as it is done within the spirit and letter of the law. Tax law is intricate and thus a fluent understanding of the law is required if you wish maximise your investment strategy with out breaching the law or by becoming involved in a tax avoidance scheme that could result in you receiving severe penalties. Continue reading “The law behind tax effective investing”

The Future of Online Accounting

The Future of Online Accounting
The increase in the number of online accountants seems to have has coincided with the elevation of online software. As such, small business accounting is as efficient as it has ever been.

 

There are several reasons for the rise of online accounting services. In a world where ease of use is a necessity not a luxury, it seems the simple nature of online accounting platforms employed by accountants has genuine appeal.

 

For instance, online accounting firms make the hassle of paperwork a distant memory by providing a simple online uploading system. You can lodge all of your documents by scanning them in or using your smartphone. You can then leave the rest to your online accountant.

 

Take Nudge for example. Once you have sent your documents through, we crunch the numbers, prepare the paperwork and lodge it on your behalf. When that is done we send you an ongoing monthly statement of your business performance. As the meerkat says, it’s “simples!”

 

Online accounting provides time poor businesses with a contemporary and affordable financial management system. It takes the time constraints of paperwork (sometimes poor paperwork that has to be done again) away from less experienced employees or bookkeepers who should be focusing on running their departments and dealing with staff, customers or stakeholders. It allows business owners to wipe their brow and focus on growth.

 

A further benefit of the online accounting model is the fixed fee structure. With online accounting you know the services you will receive for the price you have paid. There are different fee structures for the level of service you require, but again we live in a world where ease of use and transparency is a major caveat as to whether goods and services are purchased or not.

 

The future lies in a world where there are no appointments, flat fee structures, and any time, anywhere services.

 

It doesn’t matter whether the service or product is tea, tapware, telecommunications or accounting, there is an inbuilt need for online services. And with today’s technologies, there is no excuse for poor online experiences.

 

There is no expectation that traditional accounting will disappear, but as time-poor people look for ways to reduce stress and alleviate any business burden that can be outsourced, there will be an even bigger shift towards the delivery of online accounting.

Top Five Tips For Effective Tax Record Keeping

Top Five Tips For Effective Tax Record Keeping
Keeping tax records should be a simple process: hold onto records that identify your sources of income, know your expenses, determine property value and then prepare your tax returns.

Few of us, however, are that diligent. We throw away vital documents due to space constraints; we fail to see the relevance in certain invoices, or we store them in a shoebox making it impossible for rediscovery.

Keeping records and forgetting about them isn’t such a bad thing if the auditor does come knocking at your door. At least you can turn your place upside down and then spend the required hours sifting through the relevant (and irrelevant) piles of crumpled paper. It’s better than having no records at all.

Here are the top five ways to keep your records in order.

     

  1. Keep records in an organised system
  2. The advantage of keeping your records in order is that your last five years of invoices are easily maintained and accessible. It is important to note that you need five years of records just in case the taxman does come knocking. Good record keeping makes it easier for you to meet your tax obligations, gives you a better understanding of how your business is running and it helps you make the right financial decisions.

    Record keeping is also a legal requirement, with poorly kept records resulting in fines. The ATO suggests that individual and businesses allow time each week to ensure their records up-to-date.
     

  3. Keep it digital
  4. Electronic records (using accounting software approved by the ATO) will save you time, hassle and money. While it takes time to install the software, the advantages are numerous and include automatic calculations of earnings and profits. You can also claim the cost of record keeping software as a business tax deduction. It’s a win-win.
     

  5. Seek professional help
  6. If you are not an administrative type (and let’s face it, not many of us are) it may be worth seeking out someone who is. Hire someone internally who can manage the books, keep the invoices in check and your paperwork in order. Make sure this administration guru is someone you trust.
     

  7. Ask the ATO for help
  8. The ATO makes it as easy as possible for you to comply with your tax obligations and can arrange a confidential assistance visit. Visits are conducted by tax officers at your place of business where a tax officer will work through any issues you may have. If you are unsure of what records you need to keep it could be worth spending half a day seeking expert advice. You can also use the ATO’s record keeping evaluation tool. This is a free, interactive software program that will help you understand what your record keeping obligations are. It provides a list of records tailored specifically for your business and reports on how well the business is keeping records, including recommended improvements.
     

  9. Separate business and private expenditure
  10. Sometimes it is difficult to remember what you purchased and why. It is important to keep your business and personal records separate so there is no confusion.

    Record keeping should be simple, but most of us see it as more of a chore and a burden than something conducted out of necessity that could save you time and money. Change your mindset and then change your habits and you will find that it is easier to stay on top of your paperwork.

What does a bookkeeper look like in 2015?

The basics of setting up a start-up
Accounting and bookkeeping are considered to be conservative, unchanging professions. However, the financial services industry, like any other industry, has undergone a rapid transformation in the last few years and the role of a bookkeeper is vastly different to what it was 20 years ago.

 

From technology to legislation, knowledge must be adapted, skills upgraded and services updated. In fact, the finance industry is virtually unrecognisable from what it was when bookkeepers first created financial records using quill, ink and parchment. It has lost considerable market share as increasing numbers of small business owners and entrepreneurs balance their own ledgers with DIY software packages.

 

The question with regard to all these changes is; have bookkeepers become redundant?

 

The answer is no. There will always be a need for professional bean counters; their skills are far superior and they take the bookkeeping burden away from people who should be focusing on growing and running their business, rather than monitoring where each cent to the dollar goes.

 

Bookkeepers, who have been able to adapt as times have changed, are invaluable.

 

The following situations provide an opportunity for bookkeeping professionals to take advantage of these industry changes:

 

Cloud accounting and cross collaboration

The Cloud has become an exceptional option for clients who want to manage the books themselves, but still require some assistance and collaboration. There are benefits for both parties when using cloud accounting including; reduced fees, reduced workload and additional control for businesses. A reduced workload for bookkeepers means that their time is freed up to take on more clients.

 

Bookkeepers can also expand their roles into management accounts and provide more in-depth information to the client and accountant.

 

Updated skills

Like any industry, skillsets change and bookkeepers must keep up with those changes. The best bookkeepers are the ones with the most up-to-date knowledge. Again, so much has changed within the industry and if you don’t keep up you won’t survive. There are many courses bookkeepers can take – far more than there used to be – so it’s worth looking into professional development options.

 

The bookkeeping timeline

Just to give you an idea of how bookkeeping has changed since the back-end of the 20th century, the following timeline displays some of the major advancements:

 

1979: The world’s first spreadsheet software was launched – VisiCalc

1983: QuickBooks was introduced

1985: Windows 1.0 was launched.

1996: Hotmail was launched and email was introduced

1999: Data-Tech became MYOB

2001: Cloud accounting was launched with Saasu.

2008: The launch of Xero also saw the instigation of free use of practice software.

 

In this day and age, bookkeepers travel less, have a better work-life balance, bring on more clients and have adapted to new technologies that help them run more lucrative businesses.

How to benefit from the 2015 Budget as a small business

The basics of setting up a start-up
The Small Business Development Corporation (SBDC) stated that, “The cuts to both company and income tax for small businesses will improve the cashflow of businesses and encourage more investment and employment generation. It is anticipated that these measures will assist small businesses to fund organic growth through reduced reliance on external sources of funding and assist employers to attract and retain key staff given the ability to increase staff remuneration.”
 
The 2015 Federal Budget was the friendliest we’ve seen for small business in some time. The Growing Jobs and Small Business package includes $5 billion worth of tax relief and that is just the start of the benefits. Other measures that will impact small business include:
 

  • cutting the company tax rate to 28.5% for incorporated businesses with a turnover of under $2 million;
  • a 5% income tax cut for unincorporated businesses, capped at $1,000;
  • an immediate tax deduction for any individual assets costing less than $20,000;
  • Fringe Benefits Tax exemptions for work-related portable electronic devices (e.g. laptops and tablets);
  • rollover relief from Capital Gains Tax when businesses change legal structures;
  • expanded tax concessions for employee share schemes;
  • a streamlined business registration process;
  • the introduction of GST on digital products bought from foreign businesses (from 1 July 2017);
  • $1.2 billion in subsidies for employers that hire specific groups of job seekers (both youth and older workers); and
  • an extra $265.5 million for the Australian Tax Office to crack down on GST fraud

 
Subsidies, a cut in red tape, less tax and the creation of a more competitive playing field, means small business can capitalise in ways that weren’t previously tenable.
 
“Not only will there be much greater flexibility for wage subsidy arrangements to help with the upfront costs of hiring staff, a new wage subsidy will be available for employers specifically to take on parents who want to return to work,” says NSW Chamber of Commerce CEO, Stephen Cartwright.
 
Another way businesses can capitalize on the budget is to accelerate depreciation of asset purchases.
 
“Measures to accelerate depreciation of asset purchases are designed to encourage more investment by small business operators in new assets, in order to stimulate cashflow and growth, and encourage the creation of new jobs,” states the SBDC. “They are expected to make an immediate difference by encouraging small business operators to bring forward investment in their businesses. The measure also reduces red tape as small businesses will spend less time tracking assets across years for tax purposes.”
 
The proposed changes will also reduce the cost and complexity of starting a new business in addition to making it easier for start-ups and budding entrepreneurs. So if you have a small business idea, now is the best time to instigate it.
 
If you are a small business, sit down with your accountant and review current and projected levels of profitability. By planning your future goals you can work to invest in more assets, grow your business and in-turn employ additional staff.

#TaxTipTuesday: Are my Small Business IT Expenses Tax Deductible?

Tax tips, tax, it expenses, bookkeeper, ato, startups, small business,

If you are using the software or hardware for your small business, that generally speaking yes, it is a tax deduction. However depending on how much you paid, this will determine whether you can claim a tax deduction immediately or whether it must be claimed over a number of years (depreciated).

These rules apply not just to software, but to most other assets/equipment purchased for your small business.

What IT expenses are covered?

IT expenses that you incur for your small business can be claimed as a tax deduction. They can include ongoing expenses of your website in the year in which they are incurred. This may include maintenance, internet service provider fees, domain name costs and annual registration costs. Software can also include MYOB or Xero that you have purchased outright or on a subscription. If you have purchased this outwrite you may have to depreciate it. However with a subscription you can generally claim a tax deduction if you pay an annual or monthly fee. It is important to note that if software is purchased as part of a computer system then the total cost of the system would be depreciable. Continue reading “#TaxTipTuesday: Are my Small Business IT Expenses Tax Deductible?”

#TaxTipTuesday: What is Fringe Benefits Tax?

Tax tips, tax, fringe benefits tax, bookkeeper, ato, startups, small business,

What is a Fringe Benefit (FB)?

Fringe Benefits is a tax payable by you (as the employer/ small business owner) on benefits which you provide to your employees. Even though the benefit is received by your employees, it is you who bears the expense of the fringe benefits tax. This is different to employees’ salary and wages, where it is the employees who bears the cost of the tax through PAYG Withholding Tax.

Fringe Benefits do not include salary and wages or bonuses. They are generally non-cash benefits and can include the following:

  • Employee is provided a work car for use. However, the employee also uses this car for personal purposes (the personal component is subject to fringe benefits tax)
  • Holidays and entertainment
  • Payment of a non-work related expense incurred by an employee – e.g. school fees
  • and many others…

Continue reading “#TaxTipTuesday: What is Fringe Benefits Tax?”

We Are E.S.T. 2012

Who WE Are

At Nudge, we do it all for your small business: bookkeeping, accounting and tax. we can also help you with tax advice, company setups, personal tax, monthly performance summaries and specialist advice for small business owners. All work is completed by Aussie Accountants so you’ll never have to worry about compliance again.

Nudge Accounting
100% Online Accounting
Nudge Accounting
FREE Business Health Check
Nudge Accounting
Scalable Pricing Packages
Nudge Accounting
Easy Signup Process
Nudge Accounting
XERO Integration
Nudge Accounting
100% Satisfaction Guaranteed

TESTIMONIALS

OUR COMPANY

OUR COMPANY Quality

With the uprising of technology and the plethora of competition in the majority of industries, business owners tend to seek help and assistance in managing and tailoring their business to suit the era’s needs and expectations. The process of accounting provides reports that bring key financial indicators together. Understanding financial concepts and gearing clients to financial success is what we exceed at here at Nudge Accounting. Our expertise lingers throughout the field of online accounting and engulfs all financial cases. With years of extensive experience and a dedication for our clients success, we endeavour to evolve our existing methodologies, in order to transform into Australia’s leading online financial firm.

OUR COMPANY Commitment

A successful marriage between bookkeeping and accounting will contribute to the long-term financial success of any business. Nudge Accounting takes pride with their online bookkeeping and online accounting services that encompass all aspects and sectors of finance to ensure our clients receive the utmost finest service. Commitment is an attribute we stand for as client satisfaction is always key to evolution. Our reliability is second to none, as we ensure our clients are well organised and pursuit their financial tasks with accuracy and precision. Nudge Accounting propelled their excellence and with their dynamic team of online accounting professionals transcended competition and have cemented themselves as the leading online bookkeepers in Australia.

OUR COMPANY Success

Our software and technological client interface is meticulous and seldom do alternative online accounting companies acquire this quality of infrastructure. This is what portrays our excellence and gears Nudge Accounting towards success. We ensure client satisfaction, by going through all the details and explaining financial situations to our clients. Engaging the client is what makes us stand out! Online accounting software, combined with online accounting techniques is a much more effective procedure than filling out paperwork because half the work is already done for you! Nudge Accounting take pride in providing the utmost finest online accounting service across Australia, with a variety of small to medium businesses and accounting excellence, technology and Nudge go hand in hand, just like the glove fits the hand!

WE HELPING SMALL BUSINESSES

Nudge provide exceptional accounting service and support whilst remaining price competitive. All of our packages provide the same great features for your small business accounting needs, which includes:

  • Performance Management Reporting
  • Annual Tax Return Preparation and Lodgements
  • Annual Financial Statements
  • Financial Monthly Statements
  • QTR BAS Preparation and Lodgements
  • Monthly KPI's to Identify Improvement Areas
80
YEARS OF
EXPERIENCES
$250m
UNDER MANAGEMENT
REVENUE
$150m
TOTAL
ASSETS
100
% SECURE
CLOUD STORAGE

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