Posted 3/03/2011 Updated 3/03/2011 Tags: Accounting Business Drawings Employing Income Tax PAYE Salary & Wages Tax Compliance  

There are a couple of ways to pay owners of a business and to account for the income tax on these. The most common way is the owner taking drawings - drawings are withdrawals from the business for personal use. The... more

Posted 15/09/2010 Updated 15/09/2010 Tags: Accounting Business Record Keeping Tax Compliance  

With so many fantastic options available for small business owners to keep track of their financial transactions we're often asked which is the best way to go. The key is to work through the options and find the most... more

Posted 21/10/2008 Tags: Accounting Terminology  

Accounts Payable Amounts companies owe suppliers for goods and services. Listed in the current liabilities section on the statement of financial position. Accounts Receivable Amounts customers owe a company from sales... more

Posted 8/10/2008 Updated 3/03/2011 Tags: Accounting Business Income Tax Tax Compliance  

When you operate a business, each year you are required to prepare financial reports showing all of the business income and expenditure incurred which will result in an overall net profit or loss for the year. If your bu... more

Posted 7/10/2008 Updated 3/03/2011 Tags: Accounting Stock  

Stock on Hand is accounted for at the end of each financial year. The reason this is included is because the purchase of goods has been claimed for but you haven't sold the stock yet - it is still available for sale.... more

Posted 7/10/2008 Updated 16/10/2008 Tags: Accounting Claimable Expenses Income Tax Tax Agents Tax Returns  

Using a tax agent to prepare your business or rental property accounts and returns will ensure your returns are correctly calculated and prepared and will make sure you are saving as much tax as possible. Also... more