Fuel Tax Credit Rate Changes for the 2020 financial year

For those businesses who are registered for fuel tax credits (FTC), do you know there are THREE different rate changes (so far) in the 2020 financial year?

The following tables will come in handy when you prepare your quarterly BAS.

Remember we are always available if you need a helping hand!

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5 time saving tips to managing your business

Small business owners wear a lot of hats – they are managers, marketers, salesmen, customer liaison officers, human resource managers, workers, bookkeepers and more!

It can be overwhelming at times so smart business owners try to manage these by working smarter. While we cannot tell you how to run your business, if you are using Xero accounting software, there are smarter ways to run your business when it comes to bookkeeping and record keeping, here are 5 of them.

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Are you spending too much time on admin work in your business?

As a small business owner we wear a lot of hats:

  • generating income to the business (aka the bread winner)
  • issuing invoices and following up on overdue invoices from non-paying customers
  • managing bills and payment of such
  • recording transactions and preparing BAS
  • responding to requests from clients/leads
  • checking the mail/emails
  • keeping up with your industry’s regulations
  • Tidying up the office
  • … the list goes on.

Question to you: on average how many hours of admin work do you do every week?

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Why is my PAYG Instalment so high?

It is (again) time to pay (or vary) your quarterly PAYG Instalment.  A lot of us have received the “pink form” in early July or have received a notification from MyGov that their quarterly PAYG Instalment is available on MyGov.

Some of us would ask:

What is PAYG Instalment, why do I need to pay it?

How did the ATO work out the amount?

Why this quarter’s instalment is much higher than others?

Can I “dial it down” a bit?

Let’s have a look at the What, Hows and Whys.

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