Running a small business comes with numerous responsibilities, and one of the most important is staying compliant with the various regulatory authorities.
We cover a wide range of business compliance services to help business owners navigate this complex landscape. Following are some of the reporting obligations we can assist you with and an explanation of what the requirements are.
Business Activity Statements (BAS) and Instalment Activity Statements (IAS):
A Business Activity Statement (BAS) is a form used by your business to report and pay your various tax obligations to the Australian Taxation Office (ATO). It is a crucial component of the taxation system in Australia and is required to be lodged either monthly, quarterly, or annually, depending on the size and turnover of your business.
The BAS includes information about various tax-related transactions and obligations, such as:
Businesses that are registered for GST must report the amount of GST collected on sales and the amount of GST paid on purchases.
Employers must report the amount of tax withheld from employees’ wages and salaries.
Businesses may be required to make regular payments towards their expected income tax liability based on their previous financial activity.
If a business provides fringe benefits to employees, they must report and pay FBT.
Businesses involved in the wine industry must report and pay WET on wine sales.
If a business sells or imports luxury cars, they may be liable to report and pay LCT.
Businesses that use fuel for eligible activities can claim FTC for the fuel tax they’ve paid.
Filing a BAS accurately and on time is essential for avoiding penalties and ensuring compliance with Australian tax laws.
Navigating payroll tax obligations can be complex, particularly if you’re a business that has employees working across more than one State in Australia. With varying requirements across different states we manage both monthly and annual payroll tax returns, ensuring that your business meets the specific obligations of your state’s revenue office.
For businesses in the building and construction industry, Portable Long Service Leave reporting is essential to ensure your employees are credited for their service in the industry. Heart Bookkeeping can handle the management and reporting of portable long service leave obligations, ensuring your business remains in good standing within your industry.
We complete your Workers’ Compensation/WorkCover Actual Wages Declarations and review your estimate each year to ensure you don’t get any big nasty premium adjustment notices.
Businesses need to report payments made to contractors or subcontractors during the financial year in their Taxable payments annual report (TPAR). You must report by 28 August each year. The ATO have expanded the industries that need to lodge a TPAR with this extension now including:
Security, investigation and surveillance services.
We also assist our clients with reporting on other industry specific obligations. Heart Bookkeeping’s comprehensive compliance services are designed to lighten your load and ensure that your business adheres to the stringent standards set by the Australian Taxation Office, State Revenue Offices, and other regulatory bodies. We work in conjunction with your accountant to ensure seamless coordination and compliance so you can confidently focus on growing your business, knowing that your compliance needs are expertly handled.
Introducing Xero, the ultimate online accounting solution for modern small business success!
Xero is the number one cloud-based accounting platform for small to medium sized businesses in Australia and we’re so in love with it that we built our entire business around it.
Join the millions of businesses worldwide that trust Xero to revolutionise their financial management.
Whether you’re a newbie to Xero or simply want to enhance your skills, we offer two fantastic options that will help you harness the full potential of Xero.
Nestled in the picturesque Northern Rivers region of New South Wales, Lismore is a vibrant and culturally rich city that beckons residents and entrepreneurs alike. With its stunning natural surroundings, a thriving economy, and a strong sense of community, Lismore and its surrounding areas offer an appealing blend of lifestyle and business opportunities.
Hobart, the capital city of Tasmania, is a charming and picturesque destination situated at the southernmost point of Australia. Known for its stunning natural beauty, vibrant arts scene, and thriving economy, Hobart is an ideal place to live and conduct a small business.
Located in the tropical north of Queensland, Townsville is a thriving city renowned for its unique blend of natural beauty, economic opportunities, and welcoming community. With its stunning landscapes, strong economy, and numerous amenities, Townsville has become an attractive destination for both residents and entrepreneurs looking to start or expand their small businesses.
Heart Bookkeeping was intentionally built in the cloud, providing services to our clients from day one on a remote basis. And although we’ve expanded our physical footprint to include Lismore, Hobart and Townsville, we’ve been very intentional about designing our offering to ensure all business owners in Australia can access and benefit from the services we offer.
We work on your business remotely using Xero accounting software. We are available by phone or email and we customise our bookkeeping solutions to meet the changing needs of your business. Our fixed fee pricing structure means no nasty bill surprises and ensures we’re always working hard to create efficiencies in your bookkeeping processes.
We understand that each small business owner is at a different stage in their business journey so we have packages that support you through each of these stages. Those ready to get on top of their cash flow struggles should check out “The Cash Flow Project”
Why pay for the time spent rather than the results achieved? We don’t charge an hourly rate, but instead provide you with a fixed fee solution so you know exactly what to budget for, providing you with cost predictability and removing the possibility of bill shock.
Fixed fees align our interests with yours as we have every reason to make your bookkeeping processes more streamlined and reduce the amount of time you spend on bookkeeping related tasks.
At Heart Bookkeeping we only use and recommend Xero online accounting software. Born in the cloud just like us, Xero provides small business owners with a user-friendly accounting experience and can handle all your day-to-day bookkeeping tasks as well as connecting with over 1,000 apps to simplify tasks such as payment collections, inventory, job management, CRM and more.
If you’re currently using another accounting software or struggling on excel, Heart Bookkeeping can get you set-up on Xero and transfer your important contact, payroll and other business information across so that you’re up and running in no time.
Yes we do! Depending on your learning style you can choose between two different delivery methods for your Xero training with us:
We believe you get the best value out of working with us when we connect with your accountant so we’re all working together.
During the onboarding phase we reach out to your accountant to introduce ourselves and give them an overview of the services you’ve engaged us to deliver. We ask them to provide us with information that will help us do our job and that will ensure we provide them with a Xero file they’ll love.
We also touch base with them at key points in the year to update them on your business performance and get guidance from them on varying the business’s quarterly tax instalments you’re paying to the ATO if needed. After the end of the financial year we send them all the information we know they’ll need to get started on your tax and financial statements and make ourselves available for any queries they may have.
Coming from a public practice background, the leaders at Heart Bookkeeping have been on the receiving end of client and bookkeeper-prepared Xero files just like you, and know the difference a great bookkeeper can make to both your client and your accounting firm.
Heart Bookkeeping partners with responsive and proactive accountants and accounting firms to get the best outcomes for our mutual clients. Not only do we provide you with beautiful Xero accounting files and year end workpapers, we flag any changes in the client’s business that may require your advice and expertise. We also handle all your client’s Xero and transaction level queries so you have more time to spend on services such as tax planning and business structuring that will make a real difference to the lives of your client.
Find out how you can partner with Heart Bookkeeping here
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