Bookkeeping FAQ’s
Do I need to register for GST?
In Australia, the requirement to register for GST is based on your turnover.
If you are a business or an individual selling goods or services in Australia and your annual turnover exceeds the GST threshold of $75,000 ($150,000 for non-profit organisations), you will likely be required to register for GST. If your turnover is below the threshold, registration for GST is optional, but you can still choose to register voluntarily. Precision Bookkeeping and HR can help you with GST registration.
Why do I need to keep financial records and what do I keep?
The Australian Taxation Office (ATO) requires businesses to keep records to prove their income and expenses. Good records help you calculate your taxable income, claim deductions, manage cash flow, and prepare financial reports needed by banks and investors. They also make audits easier and help avoid penalties. You should keep records of income, expenses, GST, bank transactions, assets, loans, inventory, contracts, insurance policies, financial statements for five years and payroll for seven years.
Do Precision Bookkeeping and HR only deal with Small Businesses on the Gold Coast?
Precision Bookkeeping and HR specialise in providing expert financial and HR solutions tailored to the unique needs of small businesses throughout Australia, ensuring personalised attention and comprehensive support for your business.
What expenses can I claim?
In Australia, you can claim input tax credits for the GST (Goods and Services Tax) you’ve paid on business-related purchases, including goods, services, and other expenses directly related to your business activities. These can include items like office supplies, equipment purchases, professional services, and business-related travel expenses.
What is a BAS?
A BAS (Business Activity Statement) is used by businesses in Australia to report and pay Goods and Services Tax (GST), Pay As You Go (PAYG) withholding tax, and other taxes. Your BAS can be submitted electronically to the ATO.
What is the difference between a Registered BAS Agent and a bookkeeper?
Good question! A BAS agent is authorised by the Australian Taxation Office (ATO) to handle Business Activity Statements (BAS) and some other tax-related matters for businesses. They undergo specialised training and meet specific standards set by the ATO and the Tax Practitioners Board. They might also handle payroll tasks like calculating wages and managing superannuation contributions. On the other hand, a bookkeeper focuses mainly on day-to-day financial tasks such as recording transactions.
What is Single Touch Payroll (STP) and how does it work?
Single Touch Payroll (STP) is a way for businesses to report their employees’ pay and tax info to the Australian Taxation Office (ATO) every time they pay them. It works by using special payroll software that sends all the details straight to the tax
office whenever the payroll is run.
Will I retain control over my business if I delegate bookkeeping to a third party?
Yes, you will. Your bookkeeper is there to support you by managing the financial aspects of your operations, freeing up your time to focus on growing your business. All business decisions remain yours to make.
How will employing a bookkeeper benefit my business?
In addition to reducing time constraints, a bookkeeper ensures your business complies with all regulations. They stay updated on legal changes, especially regarding payroll and taxes.
Moreover, a bookkeeper offers an overview of your company’s financial well-being.
Partnering with the right bookkeeper provides more than just data entry; it offers crucial support and answers to your financial queries, enhancing your business operations significantly.
How much do you charge?
At Precision Bookkeeping and HR, we offer our bookkeeping and HR advisory services on a fee-for-service basis (not commission-based). Our fees can vary widely depending on the simplicity or complexity of your needs and the scope of the services required.
We recommend speaking with us so we can assess your individual circumstances and provide you with a tailored estimate. Give us a call today to get started!
Human Resource Management FAQ’s
Do Precision Bookkeeping and HR only deal with Small Businesses on the Gold Coast?
Precision Bookkeeping and HR specialise in providing expert financial and HR solutions tailored to the unique needs of small businesses throughout Australia, ensuring personalised attention and comprehensive support for your business.
How soon before hiring someone should I talk with an HR professional?
It’s a good idea to talk with Precision Bookkeeping and HR before hiring someone, especially when you’re in the early stages of planning to hire. They can help you understand all the rules and paperwork you’ll need, like contracts and finding the right people for the job.
Do I need an employment contract for my employees?
Yes, it’s important to have an employment contract for your employees, and Precision Bookkeeping and HR can help with that. An employment contract clarifies job details, pay, and rules for both you and your employees, reducing confusion and protecting everyone’s rights.
Do you help with employee onboarding?
Yes, at Precision Bookkeeping and HR, we assist with employee onboarding to ensure new hires smoothly integrate into your team. We can help develop onboarding processes and provide training materials to help new employees get up to speed quickly and effectively.
Why do I need to give my employee’s a copy of the Fair Work Information Statement?
Employers must give every new employee a copy of the Fair Work Information Statement (the Statement) before, or as soon as possible after they start their new job. The Statement provides information about an employee’s conditions of employment.
The Statement has information on:
- the National Employment Standards
- right to request flexible working arrangements
- modern awards
- making agreements under the Fair Work Act 2009
- individual flexibility arrangements
- freedom of association and workplace rights (general protections)
- termination of employment
- right of entry
- the role of the Fair Work Ombudsman and the Fair Work Commission.
What is involved in the process of hiring new employees?
The process includes advertising the role, conducting interviews, checking references, making a job offer, and ensuring compliance with employment laws regarding minimum pay rates and conditions.
Are there laws that protect employees in Australia?
Yes, Australian employment laws are designed to ensure fair and smooth relationships between employers and employees, offering comprehensive guidelines.
These laws cover workplace safety, wages, leave entitlements, discrimination, and dismissal. While the Fair Work Act 2009 is pivotal, it is just one among many legislations governing workplaces.
Given the regular updates and complexities in business modernisation, navigating these laws can be challenging. That’s why industry experts are relied on to provide up-to-date advice, helping our clients manage their affairs professionally and in compliance with the law.
What are my rights as an employee regarding unfair dismissal?
Employees have rights against unfair dismissal under the Fair Work Act 2009. You can lodge a claim with the Fair Work Commission if you believe you were unfairly dismissed.
Can I terminate an employee’s contract of employment?
Yes, employers in Australia can terminate an employee, but they must adhere to specific legal requirements to ensure the termination is fair and lawful. It is advisable for employers to seek legal advice or consult with HR professionals before terminating an employee to ensure compliance with legal requirements and minimise the risk of unfair dismissal claims.
How much do you charge?
At Precision Bookkeeping and HR, we offer our bookkeeping and HR advisory services on a fee-for-service basis (not commission-based). Our fees can vary widely depending on the simplicity or complexity of your needs and the scope of the services required.
We recommend speaking with us so we can assess your individual circumstances and provide you with a tailored estimate. Give us a call today to get started!
