February Means Back To School
February means back to school for the kids, which for most of us is somewhat of a relief. We hope that all our clients in Ballarat and Torquay, Melbourne and elsewhere have had a fantastic summer holiday.
Perhaps some of you who reside in Ballarat spent time down at Torquay, in fact? It’s one of the go-to places for Central Highlanders to de-camp to in the summer.
Some of our clients will have had their first overseas trip since 2019; we hope those who did had a great time. Perhaps you enjoyed a white Christmas somewhere in the Northern Hemisphere…
Activities For The Month Of February
Do you feel like you need to ease back into things by keeping the kids entertained on weekends in February? In the Ballarat area, you could try Maze House, for some good old fashioned fun.
Get the children off their screens and get them lost in a proper old hedge labyrinth. It’s actually several degrees cooler in there on stinking hot days.
The garden provides lovely shaded areas, old time carnival games and a traditional milk bar. You’ll fine Maze House at 3155 Midland Highway, Newlyn. The day out might include a fabulous lunch at nearby Daylesford.
In Torquay, aside from the obvious laid back weekends at the beach, you could also get a bit of easy-to-digest culture into you, with a trip to Geelong to check out the world renowned ‘Wildlife Photographer of the Year’ exhibition.
The show has the most amazing photographs of animals and the natural world; widely considered to be one of the world’s most prestigious photography events. It’s on at the National Wool Museum, Geelong – on loan from the Natural History Museum London. Quite a coup for Geelong. Read more here:www.geelongaustralia.com.au
Business Accounting Reminders
Now that we’re all back to work, it’s a good time to make sure that everything is as it should be at your place of business. Are all your business details up to date? Are all your and employees’ superannuation plans good to go for 2023 calendar year?
We use the term calendar year here, as some of our accountants forget that the actual year, for most people, runs from January to December, not from June to June. They sometimes get confused about time and seasons.
But never when it comes to crunching the numbers.
Helpful Links
With a strong background in small business planning and business accounting, our CPA can assist small business and tradies every step of the way from ABN registration, offering relevant advice to end of year accounting so you can set real goals for 2023.
Need advice for debt resolution, or putting into place strategic plans to manage debt? We can help you with debt reduction.
Are you considering setting up a Company or Trust? CGH Accounting Ballarat will help you set up your Company or Trust structure correctly from the start.
Personal tax accountant. We make sure your income tax is actioned maximise refunds. Talk to Chris today.
Company Director ID
Also, again, we call attention to the fact that everyone who is a company director in Australia needs to get a Director ID. This was supposed to be done last year.
The cut-off date was in late November but there’s an amnesty period which is on-going. Who knows how long for though?
When might the ATO turn from gracious and patient to cross and vengeful?! There will be fines, lots of them, for those who neglect to take care of this simple task.
You can do it on-line pretty swiftly. Any issues, do get in touch and we’ll set you straight.
2023 Record Keeping Goals
One of the best things you can do for your business, for your tax, your accounting, your accountants and your sanity is maintain neat & tidy, accurate, up-to-date records. Record keeping may include various stock and sales information needed to keep your enterprise running from week to week.
Importantly, you must also keep spic & span records around all your tax, super and employer obligations. There are record keeping rules. You should be aware of these. If you’re not sure, our accountants can advise.
These Are The Most Important Business Records
The most important business records, from the Government’s point of view, are those which explain tax and superannuation related transactions.
The minimum information required is the date and nature of each transaction (sales, purchases, wages, rent etc.) and the applicable GST. Records should outline the purpose of and the relationship between the two parties in each transaction.
You are required to hold onto all records which relate to establishing or closing a business. You must keep records which demonstrate the division between business and personal expenses.
Make Sure Business Records Are Stored Accurately
Records must be stored appropriately, securely and should not should not show any evidence of having been interfered with.
This includes electronic records. If you (heaven forbid) get audited, the ATO may ask you to demonstrate how you have these precautions set up.
If your record keeping system changes, you can be asked to provide the original data.
The general rule of thumb is: keep records for five years.
Keeping orderly records is not just for keeping the tax office happy though. Your records should form a major element in the data which you use to monitor your business. Records show profit and loss and growth. They should help you to make the right decisions about your business, to oversee cash flow and keep an eye on money you’re owed.
Good Record Keeps Your Business In Order
Sound record keeping assists you in proving your financial position if you need to, avoiding penalties, meeting all your obligations as a boss, lodging forms and claims and generally helping your accountants to get you the most favourable result following tax time each year.
