Whether under the terms of engagement with your client or under the Professional Code of Conduct, an increasing number of bookkeepers can at least in part be held responsible for the record keeping practices of their clients. This Bookkeepers Knowledge Base focuses on the complex topic of record keeping with an emphasis on the importance of good record keeping, BAS Agent responsibilities, GST, CGT, FBT and Superannuation.
 

The Paid Parental Leave (PPL) system is now operational. Although entirely Government-funded, the scheme will have a significant impact on many employers, necessitating various changes to payroll systems not to mention additional record keeping and reporting requirements.
 

GST is a topic which impacts virtually all businesses. This edition offers bookkeepers practical guidance on how you can make the GST system work for you and your clients including in the areas of accounting methods, reporting cycles, business sales, cash flow, grouping, imports, registration, and SBEs.
 

Aside from client dealings, as a bookkeeper the Tax Office is likely your most frequent interaction/point of contact. This edition offers you some insight on dealing with the Tax Office, including who can deal with the Tax Office, proof of identity, lodgement, phone contact, and further resources.
 

Bookkeepers can no longer provide BAS services to the general public for a fee without being registered with the Tax Practitioners Board. For those who have registered, you face ongoing obligations and responsibilities in your capacity as a BAS Agent. This edition is a must-read for both registered and unregistered bookkeepers.
 

GST and invoices lie at the heart of a bookkeeper’s day-to-day work. Without invoices, GST cannot be claimed, and therefore a business will be out-of-pocket. This edition recaps the rules in this area, including an important change designed to streamline the system.
 

Knowing who is an independent contractor and who is an employee is important as it impacts on a wide variety of payments and obligations such as superannuation, withholding tax, Work Cover and payroll tax. This edition provides a one-stop-shop for the tricky rules in this area.
 

This edition explains how the new Federal Workplace system impacts your clients and even you in your bookkeeping business. Everything from leave to payslips has been impacted by the new system.
 

In this edition we look at the tax treatment of trading stock. While bookkeepers do not directly deal with the tax aspects of trading stock, it is important you understand the effect that trading stock has on client affairs, particularly issues such as donated stock, stock taken for personal use, the treatment of lay-bys
 

Whether GST applies to Government grants and charges is a confusing and multi-faceted area. With most of your clients having Government dealings at some point, this edition resolves the uncertainty in this area, and also looks at the BAS treatment of these amounts.
 

Cash flow is the lifeblood of every business – including yours. This edition outlines the recourse you have as a bookkeeper when clients have not paid. We then conclude by providing some practical tips on how to manage your debtors.
 

The Tax Office has changed the reporting rules for employer superannuation contributions. For the many bookkeepers who handle superannuation and payroll for their clients, this edition acquaints you with these changes and recaps Superannuation Guarantee.
 

Special rules apply to the claiming and remitting of GST in relation to second-hand goods. For those of you with clients who deal with second-hand goods, this edition is a must-read.
 

Depreciation is something which impacts virtually every business. Whether preparing the management accounts or maintaining the depreciation schedule it is important that as a bookkeeper you are familiar with this topic. This edition looks at when a depreciable item is claimable outright.
 

With most bookkeepers intimately involved in BAS preparation, this edition completes a two-part series on the BAS, this time focussing on the non-GST labels such as FBT, luxury car tax, fuel tax credits, PAYG and more.
 

With most bookkeepers either completing client BAS or at least involved in the preparation, this edition examines all things BAS with a particular focus on the GST-related labels.
 

In order to minimise GST, many of your clients who sell property will be involved in transactions which invoke the margin scheme. When can it be used? How should it be recorded on an Activity Statement? This edition answers these questions and many more.
 

In day-to-day work, few bookkeepers are untouched by FBT generally and exemptions from FBT in particular. This edition recaps the accounting and tax aspects of FBT, before moving on to examine the minor benefits exemption.
 

If you run your own bookkeeping business, you have an asset which has value! This edition examines how bookkeeping businesses such as yours are valued, and offers some tips on how to prepare your business for sale and thus maximise your return.
 

With an increasing number of bookkeepers now handling payroll, this edition looks at the tax, bookkeeping and reporting implications of Employment Termination Payments.
 

Following a series of conflicting court rulings, there is much confusion surrounding the issue of when GST is payable on the payment and subsequent forfeiture of a security deposit. This edition clears up that confusion.
 

Many clients will be small business taxpayers. As such, it is imperative that you as their bookkeeper have a working knowledge of the GST, income tax, CGT, PAYG, FBT and other concessions available under the Small Business Concession system.
 

In this second of a two-part article series, we complete our analysis of the disposal of capital assets by examining the GST and luxury car tax issues surrounding the trade-in and disposal of motor vehicles.
 

Disposing of capital assets is a regular part of business. This edition closely examines the GST implications of such disposals, which bookkeepers must be aware of given many are involved in completing client Activity Statements.
 

With fuel tax credits now widely available, many of your clients will have an entitlement in this area. As these amounts are only claimable through Activity Statements, a working knowledge of this area is essential.
 

Whether resulting from a change in creditable usage, or a mistake, GST adjustments and corrections often need to be performed by bookkeepers. This edition tells you all you need to know.
 

For the many bookkeepers who handle payroll, this edition closely examines the many issues surrounding PAYG withholding. From which payments should you withhold? When to report? What’s a variation? These and many other questions are answered.
 

Virtually all of your business clients will pay tax via PAYG instalments. As such, it is essential that bookkeepers have an understanding of this area. Whether calculating PAYG instalment amounts, recording PAYG instalment amounts on BAS, or varying the instalment rate, this edition has it all.
 

Lack of cash flow is common business killer. As a bookkeeper, you are in an excellent position to prepare cash flow forecasts; performing a vital role for your clients, and also adding to your own menu of services. This edition tells you all you need to know.
 

Salary Sacrifice arrangements have grown in popularity over time and bookkeepers are often required to account for payrolls which feature such arrangements. From accounting entries, PAYG withholding, Superannuation Guarantee through to FBT, this edition tells bookkeepers all they need to know.
 

A number of your clients will operate through a trust structure. In addition to providing you with some fundamentals, this edition examines the important peculiarities of accounting for trusts as well as associated GST and income tax issues.
 

For the many bookkeepers who handle client payroll and record keeping, this edition examines all matters superannuation, including special issues with respect to contractors and workers compensation.
 

Wine Equalisation Tax is a little-understood area. This edition provides you with some fundamentals to assist you in relating WET to your client’s business, and also features a comprehensive case study.
 

Whether it’s second-hand goods, reimbursements, vouchers or agency arrangements, this edition looks at the GST treatment of some less common supplies.
 

This edition looks in depth at the criteria for determining whether the cash or accruals method of GST accounting should apply and then provides a step-by-step methodology for dealing with GST and BAS issues surrounding a change of basis from cash to accruals, or vice-versa.
 

Often a source of confusion, this edition takes a close look at input taxed supplies. Financial supplies, mixed supplies and apportionment, the de minimus rule, reduced input tax credits, residential and commercial premises are all put under the microscope.
 

As a bookkeeper, knowing which period GST (payable and claimable) relates to is crucial. This edition looks at the intricacies of attribution across a variety of payment methods so that you know exactly how to treat every transaction.
 

Whether it’s in the area of food, health, education, exports, property etc. many supplies are GST-free. This edition is a one-stop-shop for GST-free supplies; featuring BAS treatment, a ready reckoner and various checklists.
 

There are various ways to finance and account for the acquisition of a motor vehicle. This edition looks at the common methods your clients will use and the associated accounting, GST, income tax and luxury car tax implications of each method.
 

Whether for asset protection or other reasons, some of your clients will operate through company structures. This edition examines the peculiarities of company accounting as well as associated GST and income tax issues.
 

With SMSFs growing in popularity, this edition contains detailed advice on the bookkeeping issues you will face in accounting for SMSFs. Additionally, it also contains a pro forma chart of accounts which bookkeepers can use when setting up SMSFs in their accounting software packages.
 

Most businesses will incur some type of expenditure during a year on food, drink, amusement or other entertainment. This edition provides an introduction for bookkeepers to the intricacies of entertainment and some handy tables setting out the type of expenditure, and its FBT, GST and income tax treatment.
 

This edition looks at the accounting, GST and income tax treatment of less common transactions such as lay-by sales, barter transactions and retentions.
 

Whether preparing depreciation schedules for your clients or recording depreciation in the management accounts, as a bookkeeper you can’t avoid the topic of depreciation. This edition looks at the different rules that apply for different types of taxpayers.
 

Many clients will lease assets rather than purchasing them outright. This edition provides bookkeepers with a comprehensive guide to the practical leasing issues you will encounter.
 

An increasing number of bookkeepers are dealing with payroll. In the course of doing so, PAYG instalments and withholding, ETPs, labour-hire arrangements, personal services income (PSI), leave, allowances as well as reporting are all issues that are likely to arise. This edition is a one-stop payroll shop!
 

Insurance has become an increasingly difficult area to account for, in part due to the different styles of product that are now available, and as well as the GST complexities. This issue clarifies the important bookkeeping issues you will encounter, as well as all matters BAS.
 

Bookkeepers are often asked to take on roles in clubs and associations that are considered not-for-profit entities. This edition examines the accounting and income tax issues which may impact your bookkeeping role.
 

The sale of a business carries with it a significant number of issues from an accounting, income tax and GST standpoint. This edition examines these issues with emphasis on the accounting entries which bookkeepers may need to undertake.
 

Property development and investments are commonplace amongst many business taxpayers. As such, bookkeepers require a working knowledge of how GST applies to the many different types of property dealings including sales, development, rental, subdivision and any combination of these.
 

Many business purchases are financed using credit. As such, bookkeepers must possess a working knowledge of how to deal with issues surrounding interest and borrowings. This edition takes a comprehensive look at the issues in this area, including practical issues with respect to the books of account.
 

An adjustment is required to be made on a BAS where there has been a change in creditable purpose compared to its original intended use. This edition examines: all the important bookkeeping issues that arise in this area.
 

With Australia leading the world in share ownership on a per head basis, increasingly share transactions and other financial securities are featuring in the day-to-day work of a bookkeeper. This edition considers the many issues in this area, including BAS and GST matters.
 

The term ‘primary producer’ is broadly defined, and therefore may include more of your clients than you realise. This edition examines exactly what constitutes a primary production business as well as the many tax incentives available for these taxpayers.
 

In this second of a two-part series, this edition covers imported goods that are not subject to the GST deferral scheme, as well as how GST is accounted for in relation to exported goods.
 

In this second of a two-part series, this edition examines how GST applies to imports. We consider when an import attracts GST, how you can defer GST for your clients, as well as how to deal with the BAS.
 

This edition takes an in-depth look at asset disposals (balancing adjustments). Deductible balancing adjustments, assessable balancing adjustments and balancing adjustment offsets on the purchase of other assets are all covered.
 

Some of your clients will acquire assets via hire purchase. This edition considers the important bookkeeping issues in this area including the recording the H.P. liability, recording repayments and interest, early payout, as well as the GST and BAS treatment.
 

This edition considers the interaction of FBT and GST, including when a fringe benefit is subject to GST, grossing up a fringe benefit to account for GST and much more. We then top it off with in-depth case studies, tailored for bookkeepers.