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

Tax Tips Tuesday – Do you have to pay super?

Tax tips, accounting, pay super, bookkeeping, small business, nudge accounting, startups

Do you have to pay super in your business? We go through the key requirements that business owners have to meet around superannuation for employees and contractors. The key steps to understand are as follows:

1. Relevant employees

(a) Full-time, part-time and casual employees
When it comes to superannuation contributions, you are required to pay contributions for employees if they are aged 18 years + and if they earn at least $450 or more in gross wages in a month.

b) Contractors
A common mistake we see businesses make is that they assume that they are not required to make superannuation payments for contractors. If an individual is paid mainly for their labour for hours worked under a contract, then you will have to pay super for them, irrespective of whether they are a contractor or an employee.

2. How much superannuation do you need to pay?

The current rate of superannuation is 9.5%

This rate of superannuation must be applied to the Ordinary Time earnings of your employees. This includes payment for your employees’ ordinary hours and whilst it includes commissions and performance based bonuses, allowances and shift-loadings; it does not include overtime payments.

3. When is superannuation due?

Superannuation guarantee contribution payments for your team need to be paid by the 28th day of the month following end-of-quarter. i.e. for the June quarter, payment of superannuation payments is due 28th July.

This Tax Tips Tuesday is brought to you with love by Nudge Accounting.

Tax Tip Tuesdays – Are client meetings tax deductible?

Tax tips, accounting, client meetings, tax deduction, bookkeeping, small business, nudge accounting, startups

Are client meetings tax deductible? We often get this question so we thought that some simple tips can help go a long way in working out whether you can claim a tax deduction. It often comes down to what is provided at the client meeting (i.e. food or drink). So what are some things you should you know:

  • What is the purpose of the event – if food or drink is being provided in a social setting, then the chances are that the client meeting would be classified as entertainment and not tax deductible
  • What is being provided in the meeting – is it a light meal provided at work or is it a set menu with matching wines. As the meal starts to become more elaborate, it starts to take the character of entertainment and is not tax deductible
  • When is the meeting being held – meals provided during work hours are less likely to be entertainment, however with this point it’s especially important to consider the purpose and whether it is social.
  • Where is the meeting being held – meetings held on your business premises (and meals consumed) are less likely to be entertainment. At a restaurant or cafe, it is more likely to be entertainment.

Are your client meetings tax deductible? Always make sure you consider these initial steps when looking at client meetings for your business.

This Tax Tips Tuesday is brought to you with love by Nudge Accounting.

Tax Tips Tuesday – Home office deductions

Tax tips, accounting, home office deduction, bookkeeping, small business, nudge accounting, startupsMost if not all small business owners understandably say they work from home and want to claim home office deductions. So with this being the case, we have covered off some of the areas where small business owner may be able to claim a tax deduction for occupancy and/or running expenses.

  • Occupancy expenses are expenses incurred in keeping or maintaining the premises and includes things like; rent, mortgage interest, rates, land taxes and house insurance premiums.
  • Running expenses as those incurred in running the small business like; phone rental and business calls, internet fees, depreciation of office furniture and equipment and any additional heating, cooling, lighting and cleaning expenses.

First thing to make sure of is whether or not the home is a place of business and if an area has been set aside exclusively for business activities. If the home is a place of business and an area has been set aside exclusively for business activities, then a portion of both running and occupancy expenses can be claimed as a home office deduction.

Unfortunately if someone just does some work at home but have a business premises somewhere else as well, they cannot claim a deduction for Occupancy expenses.

The downside of claiming occupancy costs means that if the home owner ends up selling their home, they may need to pay capital gains tax upon sale on the portion that was business related. This really needs to be considered when claiming a deduction for Occupancy Costs.

Also a small business owner who derives Personal Services Income cannot claim Occupancy Costs.

This Tax Tips Tuesday is brought to you with love by Nudge Accounting.

Tax Tips Tuesday – Registering for GST?

Tax tips, accounting, gst, bookkeeping, small business, nudge accounting, startups

Knowing when to register for GST is something that all startup businesses should be aware of. GST stands for Goods and Services Tax which is a consumer tax of 10% that is applied to most supplies of goods and services in Australia. You can read more about it here.

So when do you need to register for GST?

  1. You must register for GST if you are running a business and your turnover is $75,000 or more ($150,000 or more for non-profit organisations). Registration is optional if your turnover is below this threshold.
  2. Calculating ‘GST turnover’ is essentially your gross business income excluding GST for either the 12 months to the current month (current turnover) or the 12 months starting with the current month (projected turnover).
  3. So if you start a business and you have projected that you will earn more than $75,000 in the first year of operation, then you should register for GST

The ATO requires you to have an Australian business number (ABN) so your business can be part of the GST system. Often, they can be obtained as part of the same registration at the Australian Business Register.

This Tax Tips Tuesday is brought to you with love by Nudge Accounting.

Tax Tips Tuesday – Motor vehicle deductions?

Tax tips, accounting, bookkeeping, small business, nudge accounting, startups, motor vehicle deductions

How to claim motor vehicle deductions.

Do you ever need to use your car for work? A common questions we get asked is can someone claim travel to and from the office from home. Generally the answer is a NO.

Examples of when you can claim motor vehicle deductions include:

  1. Travelling between jobs
  2. Travelling from the office to alternative workplace (eg a client)
  3. Travelling to a client if you were working from home
  4. Attending conferences or meetings
  5. If you need to carry bulky tools or equipment (not a laptop or tablet but say a ladder or lawn mower)

Once you establish that you can claim motor vehicle deductions, there are different methods you can use depending on the number of kilometres you travel and how careful you are with your record-keeping:

  1. Log book method – log book needs to be kept for 12 weeks – source documents need to be kept
  2. 1/3 of actual cost – if there are more than 5,000 work related km’s travelled during the year – need to keep source documents
  3. 12% of original value – if there are more than 5,000 work related km’s travelled during the year
  4. Cents per km method – if there are less than 5,000 work related km’s travelled during the year – based on engine size

Generally the log book is the most inconvenient method for someone to follow, but it usually gives you the most accurate indication of your work hours.

This Tax Tip Tuesday brought to you with love by Nudge Accounting.

Tax Tips Tuesday – Increase in superannuation rate

Tax tips, accounting, bookkeeping, small business, nudge accounting, startups, superannuation rate

On 1 July 2014, the superannuation rate for employees increased from 9.25% to 9.5%. Superannuation contributions form a key component of the pay that eligible employees receive as part of their normal salary and wages. You can read more about superannuation and eligibility of employees for superannuation here.

What impact does this superannuation rate increase have when running the payroll for your small business:

  1. If an employee receives a payroll package of say $50,000 including superannuation, more of this package will go to superannuation and employees will receive less cash in hand as part of their ongoing pay.
  2. If you are paying casual staff members, the superannuation rate increase will probably mean you are paying your staff members more each month as they are generally paid on an hourly basis plus superannuation.
  3. If you pay your employees fortnightly and the first pay day is 4 July 2014, you might be wondering if you need to use two different calculations for superannuation. According to the ATO, you only need to do one calculation and this would be using the new 9.5% superannuation rate.
  4. And don’t forget that superannuation is due by the latest 28 days after the end of each quarter.

Tax Tips Tuesdays is brought to you with love from Nudge Accounting.

Tax Tips Tuesdays – Tax change to impact employee pay

Tax tips, accounting, bookkeeping, small business, nudge accounting, startups

The Tax Tips Tuesday topic this week is on how changes to the Medicare Levy will impact how much you pay your employees.

Did you know that the Medicare Levy has increased from 1 July 2014 from 1.5% to 2%? The Medicare levy is an amount most taxpayers pay to the Australian Government and is based on a percentage of their taxable income. It is used to help fund the Medicare scheme that gives access to healthcare in Australia.

This means that for all your staff members, especially those that are full time and are probably on a recurring payment from your bank, you will need to make an adjustment.

While the numbers may not be significant, now is a good time to get the calculation right before it all starts to add up. And it helps to use some good accounting software to calculate payroll for your employees such as Xero or MYOB Essentials.

Tax Tips Tuesdays is brought to you with love from Nudge Accounting.

Online Accounting-1

Dynamic Online Accounting

Evolution, progression and growth are inevitable factors in the majority of industries. Technological advancements and leaps into the realm of the unknown have become a trend in today’s era, speculating whether or not our progressive minds might just be a tad too much. Traditionally, regarding the accounting world, an individual would pack their suitcase fill it up with a year’s worth of paperwork and spill them in front of the accountant so they could action it over a longer period of time. However, our adept thinking in concordance with the flourishment and uprising of the internet, have lead us to new and versatile ways of accounting. New accounting. Fast accounting!

First and foremost, online accounting is engulfed and executed by online accounting software. Something that not only boosts the speed of accounting procedures, yet also provides a user-friendly environment for both the understanding of the client and the efficiency of the accountants. Following this, one thing we always need and seek with our accounting, security. Security is key when dealing with financial statements and matters. With an array of security certificates embedded in online accounting, one can never go wrong in choosing online accounting. Safer, faster and more accurate accounting!

Invoicing, payroll management and cash-flow can all be measured and grasped in numbers and ease with online accounting. These factors are critical as they provide revenue for your company and valuable income. In addition, productivity is also increased. Paperwork can be tedious, causing employees to get distracted and become less productive. 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! Equipped with the necessary and up-to-date online accounting software, we propel our clients to prosperity and maintain an organised financial structure. Online accounting plays a pivotal role in today’s businesses and could turn out to be a detrimental factor for those who have elected against it.

Concluding, older and more traditional methods should be kept in the past! Immense paperwork and enormous amounts of time will and tend to lead to mistakes, costly mistakes! Newer and more adroit online accounting techniques are favorable, time-saving and accurate. Your choice…

online accounting

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
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FREE Business Health Check
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Scalable Pricing Packages
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XERO Integration
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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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