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Thread: David's bookkeeping corner.

  1. #166
    Senior Member BSD's Avatar
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    Default Re: David's bookkeeping corner.

    Bit tipsy after our originnnn win, and my redundancy issues......and, ..nup 4 got what i was going to comment on.

  2. #167
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    Quote Originally Posted by Redeye View Post
    I assume my new trailer is claimable?
    I believe it would be.
    Record the purchase as an asset.
    Being a vehicle.... you can depreciate $5,000 plus 15% remaining balance in same year of purchase - if you wanted.
    You need to discuss with your tax adviser you goal - least tax this year, stay under a tax bracket, or best disclosed position (if you a looking for finance or selling your business)
    David
    Mr Sparkle Car Spa

  3. #168
    Senior Member geoff's Avatar
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    Default Re: David's bookkeeping corner.

    Thanks David, bought my wife a new car this month and we normally claim 30% ( we get 100% for the work ute ) so would that first 5000 be up front or would it be pro rata as we have only had it for 1 month of the financial year???

  4. #169
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    If it applies to you, then $5,000 immediate, plus 15% of what's left - then 30% each year

    Your tax agent is qualified to advise you - I am not
    David
    Mr Sparkle Car Spa

  5. #170
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    New fuel tax credit rates apply from 1 July 2013
    You may be affected by rate changes:
    • due to increased carbon charge amounts
    • for fuels used in heavy vehicles for travelling on public roads
    • for transport and non-transport gaseous fuels.
    ATO online eligibility tool and calculator can help you get it right.
    David
    Mr Sparkle Car Spa

  6. #171
    Senior Member glassngrass's Avatar
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    Default Businesses urged to bring forward capital purchases before year’s end

    http://mybusiness.com.au/finance/bus...ore-year-s-end

    Story by "Justin Grey" | November 12, 2013

    Taxpayers Australia is urging small business owners to bring forward capital purchases before January 1, 2014 to maximise deductions following the government’s repeal of the Minerals Resources Rent Tax and the concessions that were to be funded by it.
    Taxpayers Australia, a not-for-profit organisation, says the fact that the repeal of small business capital allowance concessions will apply from January 1, 2014 (six months earlier than the proposed repeal of the MRRT) has slipped under the radar.

    The capital allowance concessions available to small businesses until December 31, 2013 are:

    An immediate tax deduction available for business plant and equipment purchased with a cost of less than $6,500; and
    A small business that purchases a motor vehicle for business use is entitled to an immediate deduction of the first $5,000 value of the motor vehicle plus 15 per cent of any additional value.
    The remaining value is allocated to the small business general pool with a rate of 30 per cent to be claimed in subsequent income years. However, when the proposed amendments are introduced, they will:

    Reduce the $6,500 threshold to the previous amount of $1,000 so that assets exceeding the $1,000 threshold will instead be allocated to a special small business general pool for depreciation claims; and
    Repeal the special rule for motor vehicles so that motor vehicles will be depreciated by small businesses in the same manner as other depreciable assets.
    Taxpayers Australia’s Head of Taxation Products and Services, Mark Chapman, said small business owners thinking of acquiring a depreciating asset costing less than $6,500, or a motor vehicle, to do so before January 1, 2014.

    “Eligible small businesses should make any planned capital expenditure in line with their Christmas shopping, and not the stocktake sales,” Chapman said.

    Chapman said it’s important to keep in mind that the instant asset write-off and special deduction for motor vehicles can only be claimed if the relevant asset is “first used” or is “installed ready for use” before January 1, 2014. The mere execution of a contract to acquire an item of plant or equipment would not be deemed sufficient under taxation law for there to be a deduction.

    “An increased deduction will only be available if the small business takes possession of the asset and uses it in business before the end of the calendar year,” Chapman said. “At the very least, the asset must be ‘installed and ready for use’ even though it may be intended by the business that the asset be used in the New Year. If you’re planning to buy a car, you should take one from the lot. Waiting for the car to be delivered in 2014 means you will lose out on accelerated deductions.”
    David
    Mr Sparkle Car Spa

  7. #172
    Translawner administrator's Avatar
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    Default Re: David's bookkeeping corner.

    Thanks Dave thats very good info as usual cheers

    Please Support The Sponsors www.lawnmowingdirectory.com.au

    As they support this forum




    Carrum downs Dandenong Doveton

  8. #173
    Senior Member glassngrass's Avatar
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    Default Getting Paid....

    You have every right to expect to get paid for the work you do, but unfortunately this doesn't always happen.
    How can you increase your chances of getting paid, minimise disputes and reduce write offs?

    One step is by Establishing and Enforcing Payment Terms
    David
    Mr Sparkle Car Spa

  9. #174
    Senior Member 4 Gardens's Avatar
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    Default Re: David's bookkeeping corner.

    Thanks David, some great tips that I need to implement

  10. #175
    Member Vic joeymoey's Avatar
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    Default Re: Web-based accounting with Xero

    Can we still get this deal for Xero?

    Quote Originally Posted by glassngrass View Post
    Xero, unlike most accounting programs, is not software at all.
    It is a Web-based service.

    This means no software to install, no updates, service packs, patches, bug fixes, or out-dated tax tables.
    All that is needed is a computer with a web browser and an internet connection.

    Xero makes coding and allocating of transactions fast and easy.

    Being off-site, in the event your PC is stolen, zapped by power surge, lost in fire/flood, etc.. your data is safe!

    Xero has GST support, invoicing (you can email straight from Xero), and great reporting.

    Xero business is multi-user - you, your bookkeeper (if you use one) and your accountant can all be working on your books at the same time! - no more exchanging data files!

    Xero speeds up bank reconciliation, as it can accept imported bank statements, but what is unique to Xero is it's ability to accept bank feeds.
    What's that? With ANZ, CBA and NAB, almost as soon as a transaction hits your bank account, it is visible in Xero.
    What about other banks? Commencing June/July this year, over 120 more will have feeds daily.
    I got a high volume transaction web-based client on Xero - 20,000 transactions a year, mostly thru PayPal, in USD, GBP, AUD and EURO. Xero holds these values in their respective currencies, not a converted to AUD value.
    Feeds are not available on the Xero Personal product (yet)

    What does Xero NOT do? - It does not have inventory (which you don't need) or payroll, which some of you may.
    There are a growing choice of third party developers that have services that integrate with Xero - including payroll. Some of these are FREE for your first employee.

    I love my QuickBooks - I've been 7 years on it.
    I believe in the Xero product so much, I switch on 1st July for my own business

    Xero for business starts at $29/month, up to premium product with multi-currency support at $64/month.
    You guys would need the mid-product at $49/month

    That's nearly $600/year - perhaps twice what you currently pay for your basic MYOB and QuickBooks.
    If Xero saved you just 15 minutes each week - you've more than got a return on investment.

    As an Approved Advisor (Certified Consultant/Professional Partner) with Xero I get better rates and I want to pass savings on to you. I offer INDI members the Managed Client $49/month product for $29/month (includes GST reporting)

    For what you get, at $348/year, Xero is outstanding!

  11. #176
    Senior Member glassngrass's Avatar
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    Default Re: Web-based accounting with Xero

    After several years of static proving Xero have revamped their pricing structure just recently - and I no longer remain subscriber on client accounts - YOU would remain the subscriber directly with Xero.

    It remains an outstanding solution for your accounts platform.
    If you do proceed with Xero, I would be appreciative if you signed up from this link, which will assign a referrer bonus to me.
    Go here for Xero - and then from the drop down tab 'More' select 'Pricing'

    Xero is not the only outstanding solution you should consider.
    Intuit's Quickbooks Online is a worthy contender as well (do not confuse with Reckon's QuickBooks products - they are definitely NOT the same.

    Reckon no longer hold a license to use the trade mark "QuickBooks" which was leased from Intuit.
    The Reckon "QuickBooks Online" is now branded as Reckon Hosted.
    The Reckon and Intuit range of products are different beasts, however Intuit do have a FREE migration from Reckon products to QuickBooks Online
    David
    Mr Sparkle Car Spa

  12. #177
    Senior Member glassngrass's Avatar
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    Default intuit QuickBooks Online - a fantastic deal for INDI members to keep their books

    Quote Originally Posted by glassngrass View Post
    Xero is not the only outstanding solution you should consider.
    Intuit's Quickbooks Online is a worthy contender as well (do not confuse with Reckon's QuickBooks products - they are definitely NOT the same.
    Hi team

    I have recently completed QuickBooks Online training and achieve acceptance as a a new Intuit ProAdvisor
    I am now able to offer INDI members a deal I think might appeal to many of you.

    The Intuit's QuickBooks Online is a great online accounting platform - one that rival's Xero, and in some ways is superior.

    http://www.intuit.com.au/index.jsp

    intuit QuickBooks Online has three subscription levels - Simple Start, Essentials and Plus. ($15/month. $25/month and $35/month)


    Already embedded in MYOB of Reckon QuickBooks desktop versions?
    We can import your data from MYOB or QuickBooks Desktop for FREE
    Includes all your historical transactions - the lot.
    This is a limited-time offer.

    OFFER : If you arrange your subscriptions thru me, I can offer it to you for much less - for life !
    So, here is the deal.
    QBO+.jpg
    intuit QuickBooks Online Plus edition for just $20/month
    This is the top of the line subscription, allowing
    • Track inventory
    • Track profits by class and location
    • Over 60 reports
    • Track sales and expenses online
    • Create & send unlimited sale invoices
    • Track GST and complete BAS
    • Automatic Bank feeds (or manual import)
    • Quotes and estimates
    • Track supplier bills and payments
    • Multi-currency
    • Payroll up to 10 employees
    • Create budgets
    • Up to five users included, and that's not including the two free logins for bookkeeper and/or accountant.


    "But what if I try it and decide I don't like it?"
    Risk free, 60 day money-back guarantee...

    Fine print -
    1. Life = meaning as long as the subscription is thru Vanguard Bookkeeping - and this offer will not be open indefinitely (likely six months).
    2. Requires direct debit paid in advance, either quarterly or annually.
    3. Direct Debits will be free of fees if paid from a bank account, but a small charge will added if paid from a from credit card.

    Guys - this isn't a hard sell or self promotion - but a sincere offer to help you guys access a great service to keep your own books and save some dollars at the same time.
    (I'm not going to retire offering this....)
    Attached Images Attached Images
    David
    Mr Sparkle Car Spa

  13. #178

    Default Re: intuit QuickBooks Online - a fantastic deal for INDI members to keep their books

    Quote Originally Posted by glassngrass View Post
    Hi team

    I have recently completed QuickBooks Online training and achieve acceptance as a a new Intuit ProAdvisor
    I am now able to offer INDI members a deal I think might appeal to many of you.

    The Intuit's QuickBooks Online is a great online accounting platform - one that rival's Xero, and in some ways is superior.

    http://www.intuit.com.au/index.jsp

    intuit QuickBooks Online has three subscription levels - Simple Start, Essentials and Plus. ($15/month. $25/month and $35/month)


    Already embedded in MYOB of Reckon QuickBooks desktop versions?
    We can import your data from MYOB or QuickBooks Desktop for FREE
    Includes all your historical transactions - the lot.
    This is a limited-time offer.

    OFFER : If you arrange your subscriptions thru me, I can offer it to you for much less - for life !
    So, here is the deal.
    QBO+.jpg
    intuit QuickBooks Online Plus edition for just $20/month
    This is the top of the line subscription, allowing
    • Track inventory
    • Track profits by class and location
    • Over 60 reports
    • Track sales and expenses online
    • Create & send unlimited sale invoices
    • Track GST and complete BAS
    • Automatic Bank feeds (or manual import)
    • Quotes and estimates
    • Track supplier bills and payments
    • Multi-currency
    • Payroll up to 10 employees
    • Create budgets
    • Up to five users included, and that's not including the two free logins for bookkeeper and/or accountant.


    "But what if I try it and decide I don't like it?"
    Risk free, 60 day money-back guarantee...

    Fine print -
    1. Life = meaning as long as the subscription is thru Vanguard Bookkeeping - and this offer will not be open indefinitely (likely six months).
    2. Requires direct debit paid in advance, either quarterly or annually.
    3. Direct Debits will be free of fees if paid from a bank account, but a small charge will added if paid from a from credit card.

    Guys - this isn't a hard sell or self promotion - but a sincere offer to help you guys access a great service to keep your own books and save some dollars at the same time.
    (I'm not going to retire offering this....)
    Hi David,

    David, I run 2 businesses, ie:2 abn's, bank accounts etc. How much if I go ahead?

  14. #179
    Member Mick's Avatar
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    Default Re: David's bookkeeping corner.

    For those who want to try it out without doing the free trial…. https://qbo.intuit.com/redir/testdrive

    David, Im interested in your offer but your prices are the same as the normal price. If I went ahead and subscribed without the free trial it actually costs me less than your offer. http://www.intuit.com.au/quickbooks-...g-software.jsp
    Can you tell me why exactly I should go through you? Is it the locked in price, you'll set it up, free support through you or what?
    Not having a go, honestly! I dont mind paying a few extra dollars if I get something for it!

    I will be going over to QBO soon, just trying to figure out what way to go.
    Basically, what are you offering that I cant get straight from QBO for less?

    Again, not having a go at you. Im asking you to sell it (your offer) to me!

  15. #180
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    Quote Originally Posted by Mick View Post
    For those who want to try it out without doing the free trial…. https://qbo.intuit.com/redir/testdrive

    David, Im interested in your offer but your prices are the same as the normal price. If I went ahead and subscribed without the free trial it actually costs me less than your offer. http://www.intuit.com.au/quickbooks-...g-software.jsp
    Can you tell me why exactly I should go through you? Is it the locked in price, you'll set it up, free support through you or what?
    Not having a go, honestly! I dont mind paying a few extra dollars if I get something for it!

    I will be going over to QBO soon, just trying to figure out what way to go.
    Basically, what are you offering that I cant get straight from QBO for less?

    Again, not having a go at you. Im asking you to sell it (your offer) to me!
    Hi Mick.

    You can obtain the 40% temporary discount direct.
    Whether you accept the offer makes little (if any) benefit to me.
    If you want the Simple Start or Essentials plan, then you can same yourself $8 or $12.50/month over my offer.

    I strongly believe that if you go for the Simple Start then you will quickly recognise that you wanted features available on the bigger plans, such as :
    - remittance advices and expense receipts
    - Set up invoices to automatically bill on a recurring schedule
    - Enter bills and schedule payments for later

    and possibly

    - Create and send purchase orders
    - Create budgets to estimate future income and expenses

    There are other features you 'may' use later - including the ability for employees to log into to the employee panel

    So why would you consider my offer of the full Online Plus plan?
    Well, primarily you get the complete package at the price fixed price for life - your rate will not go up for the life of the subscription.
    intuit are wanting to create an instant presence in Australia, and to that end they have chosen to offer significant price reductions thru their Pro Advisors.
    Once a number of subscribers have taken up the service, then you can expect the discounting to stop, and price increases to apply to existing subscribers later in future (but not to subscriptions thru me).

    If, however, you subscribe thru your intuit Pro Advisor (ME) before the end of June, then intuit will NOT increase the subscription rate for the life of the subscription.

    Mick :
    "..what are you offering that I cant get straight from QBO for less"
    You simply will not get the same for less directly.
    1. You can chose a lesser plan, pay less and get less.
    2. You can got the Plus plan and pay more direct than thru me, with likelihood of price increases in future once the discounting to public has been discontinued.
    3. You can get the full Online Plus thru me for a 'little' less than direct, with all the same direct support, however you can feel secure that your subscription rate will not change as long as your subscription remains active - life !

    You have two entities (two ABNs) so would need two subscriptions. For you I can do the first at $20/month and additional subscriptions for an additional $15/month - this is the full Online Plus

    Now is a perfect time to set things up before start of next financial year.

    Again, that's :



    Offer ends soon - QuickBooks Online Plus
    for just $20.00 per month!
    Sign up to QuickBooks Online Plus thru Vanguard by 30 June 2014 to get the Online Plus with payroll2, inventory, invoicing, expenses and more at the above discounted rate per month forever....
    Why upgrade your clients to the
    all-new QuickBooks Online?
    Business on the go
    With anywhere, anytime access, you and your clients can take the office with you wherever you go3.
    Client collaboration
    Stay in sync with just one set of books to manage. Now it's easy for you and your bookkeeper/accountant to be on the same page.
    Automated reporting
    Save time and harness powerful business insights with automated business reporting.
    Upgrading is easy
    Using QuickBooks Desktop or Reckon Accounts?
    We'll help you upgrade by importing your client data with a free conversion service4.
    Enjoy all of these benefits plus access to
    a local customer care team!
    David
    Mr Sparkle Car Spa

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