Indian Muneem

No one loves paying taxes. However, as a small entrepreneur, this is a reality. Numerous entrepreneurs end up dodging the submission of their Business Activity Statement (BAS) prompting superfluous penalties and headaches. A BAS is a form that you fill out somewhere between one and twelve times a year, contingent upon your business size. The ATO utilizes the information on your BAS to work out your GST bill or refund. It's likewise utilized for business income tax (in case you're in the pay-as-you-go system), employee income tax, luxury car tax, fringe benefits tax, wine equalization tax, and fuel tax credits.Common acronyms found on the BAS.  ATO = Australian Taxation Office BAS = Business Activity Statement GST = Goods and Services Tax   PAYGW = Pay as you go Withholding FBT = Fringe Benefits Tax LCT = Luxury Car Tax WET = Wine Equalization Tax FTC = Fuel Tax Credits GST Registration How frequently should you lodge your BAS? The BAS is requ

Today, in the era of digitization and automation, there is not a single organization that wants to lag behind in upgrading their digital infrastructure. Every function that can be technology driven is being automated. This includes accounting as well. Accounting software will make most accounting processes much speedier and convenient.    Online accounting software is beginning to overtake the old method of manually writing down every number that can be found on a receipt, order, invoice, and so on.   Online accounting software is important for tracking your business success. It enables customers to store all the information that gives a clear picture of the business financial health. The software can effortlessly maintain bookkeeping and allows tracking fees and sales to maximize profit margins. According to a research, ran over 3000 companies in 2017 that were looking for accounting software revealed a statistic that among them 37% were new buyers of accounting softwar