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)

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Tax Tip Tuesday – What is included in a BAS?

Tax tips, what is included in a BAS, ato, small business, startups

A lot of new small business owners think that a BAS (Business Activity Statement) is for them to record GST only. There are, however, three key sections (and even more for particular industries such as wine and farming/transport) that are included in a BAS. These are:

1. GST – this is where you record the net sum of (a) GST you have collected from sales and (b) credits for the GST you paid on purchases.

2. PAYG Withholding – When you pay staff wages, you are required to withhold tax from their salary. The tax withheld from their salary is included on the BAS as a PAYG Withholding amount. Continue reading “Tax Tip Tuesday – What is included in a BAS?”

Tax Tip Tuesday: Crowdfunding and GST

Tax tips, non-equity crowding funding and gst

In this Tax Tip Tuesday, we look at non-equity crowdfunding and GST and the implications for startups Australia wide.

Crowdfunding allows those with a brilliant idea or project to get it off the ground by asking the ‘crowd’ for financial support. Common crowdfunding platforms include Kickstarter and Pozible.

In the last week, the ATO has provided guidance to a Federal Government committee that companies using crowdfunding websites may be required to levy GST on donations if they provide something of value in return.

The ATO told the committee that the GST treatment of contributions would depend on a range of factors including:

  • whether the transaction takes place in Australia
  • the entity asking for the contributions is registered for GST
  • what the contributor gets in return.

Continue reading “Tax Tip Tuesday: Crowdfunding and GST”

Tax Tip Tuesday: GST and Small Business Cashflow

Tax tips, accounting, GST, bookkeeping, small business, nudge accounting, startupsMost small business are required to pay GST on a quarterly basis. A problem we see a number of small businesses encounter, particularly startups, is that cashflow can been a little tight when the end of the quarter comes around.

An important issue to remember is that when charging customers, the additional 10% invoiced as GST shouldn’t be considered as income or money coming in. The reason is that it will end up being paid to the ATO at the end of the quarter. This is easy to forget, particularly when decisions need to be made about paying yourself or making investments for the business and you look at your bank balance to see what you can spend.

To assist in dealing with this cashflow issue at the end of the quarter, some small businesses put the 10% aside into a separate bank account as soon as the income is received. By doing this, the funds are kept away from the general bank account.

At the end of the quarter, when the BAS is prepared, it is very likely that the GST put aside may be too much because it doesn’t account for the GST refundable on the expenses incurred. So rather being short on cash at the end of the quarter there would actually be a little extra, which has been saved in the separate account. This system works well with a number of small businesses and startups.

Other times, we see business who receive monthly performance summaries as part of a Nudge package look at what they owe the ATO at the end of each month and set that money aside.

Either way, these businesses are planning for the future by managing GST as part of their small business cashflow.

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.

The accountants for blogs and bloggers

Blogger, Nudge, Styling You, Blog

One of Nudge’s clients, Nikki Parkinson of Styling You was recently interviewed by The Courier Mail on her blogging success. Emma was also featured in the article giving some advice for bloggers regarding their accounting needs such as GST and tax deductions.

Blogs are no longer on the periphery of the publishing industry, they have cemented their place online, with some blogs having readerships that dwarf traditional publications. So if you are thinking of turning your blog into a business, here’s a few tips from Emma around the accounting and tax implications.

  • Choose a business structure and apply for an ABN
  • Do you need to register for GST? This is compulsory if your 12 month turnover or anticipated turnover is at least $75,000.
  • Keep good records: Does an expense relate to your ability to earn income? It could be a tax deductions.
  • Invest in accounting software such as Xero, for easy and hassle free record keeping.

You can read the full article in The Courier Mail here.

If you are a blogger looking for accountants who understand your business, then give Nudge a call on 1300 068 343.

Aaron

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.

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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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