The false and distorted campaign regarding franking credits continues even after the election . A column by Alex Carey @carey_alexis, a "Finance Reporter" with news.com.au this week continued the false narrative of franking credits being "FREE MONEY". Anyone with the slightest knowledge of the tax system knows it is nothing of the sort, like any other tax payer it is a refund of overpaid tax on earnings.
Back in early April the Four Corners program aired a segment on the conduct of the ATO. A large portion of the program was devoted to the ATO management's instructions to staff to ignore their own guidelines and issue more Garnishee Notices as they were behind on the year end revenue targets.
Recently the opposition leader Bill Shorten announced the ALP's intention to change the way credits are allowed on Franking Credits stating it only helped the rich and big business. Either Mr Shorten is totally ignorant of how these laws actually work OR he is telling a Politicians "Truth".
Here are some other quick tips to ensure your invoicing process is as seamless as possible
- Include all details: Include your purchase order (PO) number as well as the regular information such as company number, address and VAT number.
- Send your invoice to the right person: While it may seem obvious, there is a chance the person who employed you for the work isn't the one who pays the bills. Therefore always ask for the relevant person to invoice.
- Check your format: Most people accept PDFs but Word documents are usually returned, due to their editable nature.
- Keep accurate records. It's very easy to forget the exact time and materials that go into completing a specific job. Keeping clear records helps you invoice (and be paid for) the correct amount.
You may still need to lodge a tax return if your taxable income come's in under the tax free threshold.
In 2014 a survey of 500 small business owners was carried out, as to what they loved and hated most about owning their own business.
If you’re like most small business owners, you are likely to spending a majority of your day managing the day to day operations, keeping your customers happy, and furthering your businesses growth.
Keeping track of your expenses, purchases, sales and earnings is fundamental to the overall sustainability of your business. Effective bookkeeping produces the correct data you need to plan for the future, while also evaluating current practices.
Preparing for tax season is really a year-round task. The first tip is to update financials on a monthly basis, using a streamlined software or cloud-based system.
By handling their financials themselves many small business owners think they’re saving money. While it is a skill to learn bookkeeping basics, cash flow management and tax obligations, there are several benefits to hiring an accountant to oversee your finances. By leaving your books to a pro you will have more time to better serve your clients and implement plans for growth. Here are a few ways an accounting professional can help you save money to put back in your business.