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Thread: David's bookkeeping corner.

  1. #61
    Translawner administrator's Avatar
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    Smile Re: David's bookkeeping corner.

    Hey David need your input on this if possible .

    Privacy act .

    Anyone buying or selling a business that includes a customer data base do they have to seek permission from there clients to disclose there details to the buyer .

    Whats your knowledge on this subject .

    Thanks

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  2. #62
    Senior Member glassngrass's Avatar
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    Default Sale of business & privacy implications

    Quote Originally Posted by administrator
    Hey David need your input on this if possible .

    Privacy act .

    Anyone buying or selling a business that includes a customer data base do they have to seek permission from there clients to disclose there details to the buyer .

    Whats your knowledge on this subject .

    Thanks
    Admin - great question - one I had not previously considered.
    I will not advise you on legal matters, however can share information provided by Office of the Privacy Commissioner.

    http://www.privacy.gov.au/faq/smallbusiness/q4

    What happens if I sell my small business including a customer database?

    A business which sells its assets, including personal information held in the customer database, is trading in personal information and will have to comply with the Privacy Act unless:

    •it has the consent of the individuals concerned before the sale is made; or
    •the sale of personal information is required or authorised by law.

    A sale of business is not trading in personal information, and the business will not have to comply with the Privacy Act, if the sale involves a change of ownership, or a sale of shares, of the business but the personal information is kept within the business. In this case, the business may have new shareholders, but the business itself has not given the personal information to anyone outside the business.

    I trust this is of assistance.
    David
    Mr Sparkle Car Spa

  3. #63
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    You are most welcome...
    David
    Mr Sparkle Car Spa

  4. #64
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    Intaxication (n.) - Euphoria at getting a refund from the Tax Office, which lasts until one realizes it was one's own money
    David
    Mr Sparkle Car Spa

  5. #65
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    Default Re: David's bookkeeping corner.

    Quote Originally Posted by glassngrass
    Intaxication (n.) - Euphoria at getting a refund from the Tax Office, which lasts until one realizes it was one's own money

    well said glassngrass

  6. #66
    Dedicated Member Cranbourne Lawnmowing's Avatar
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    Default Re: David's bookkeeping corner.

    G'day David, I am wondering if you or anyone else could help me out here.
    My problem is ,I've been really slack with all my paper work ever since I started my business ( about 4 months ago ) and decided i better get on to it. I've got receipts and invoices everywhere, prices for jobs,dates and other info scribbled in my diary and just don't know where to start.
    I'd like to have organized books covering everything on paper at the moment until I can work out how to do it on the computer.
    I figure I need to make a list of business assets ( that I started out with ) and value first. But am not sure.
    Any help with this would be greatly apreciated.

  7. #67
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    Getting organised and setting proper procedures in place is half the battle won.

    I can offer INDI members a free 'Business Roadworthy' - an interview which discusses all aspects of you business to evaluate just what your record keeping requirements are, and how I can assist you :
    - work less hours
    - enjoy more time away from your business
    - reduce stress
    - take the pain out of your bookwork

    or whatever else it is that frustrates you most about doing your books.

    This is NOT a 'sell'. I have had positive feedback from other INDI members who have already taken up this offer and have felt this a worthwhile investment of one hour of their time.
    David
    Mr Sparkle Car Spa

  8. #68
    Senior Member Bgs's Avatar
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    Default Re: David's bookkeeping corner.

    G'day Glenno,

    I have been plugging along on my own with minimal help for two years and I have just had the business roadworthy with David,

    I found it very worthwhile and learnt a lot and would highly recommend it especially if you are just starting out better to get it sorted out properly from the beginning.

    There is no hard sell and I could walked away with a lot of free valuable information.

    All the best with it.

  9. #69
    Senior Member glassngrass's Avatar
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    Default To Claim the Home Office or Not

    Thanks Dale. I do want to help you guys!

    Expenditure on a home office where claims can be made for a proportion of interest, rates etc. will normally expose the residence to capital gains tax (whether or not home office expenses are claimed). Let's assume an architect conducts his business from a home office and the space devoted to this activity is 25% of the total floorspace area. Claims can be made for 25% of interest, rates and proportions of utility costs, insurance, etc.

    The Taxation Office considers that on disposal, the property will be proportionately subject to capital gains tax. This may be of concern, particularly where the property has enjoyed real gains in value. Where such a claim may be optional, consideration should be given to not making the home office claim in the first place. This could ultimately save many thousands of dollars in capital gains tax.

    PS : don't confuse Home Office with home as a Place of Business

    Usual disclaimers apply!
    This bookkeeper's advice is - check with your accountant!
    David
    Mr Sparkle Car Spa

  10. #70
    Dedicated Member Cranbourne Lawnmowing's Avatar
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    Default Re: David's bookkeeping corner.

    Sounds good David, but your a fair way from me. do you do it over the phone or internet?

  11. #71
    Senior Member glassngrass's Avatar
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    Default Re: David's bookkeeping corner.

    A bit far away? - No problem...

    We can do the "Business Roadworthy" over the phone.

    For FREE chat, I use Yahoo Messenger or Skype. You will need a mike and speaker in your computer.

    We can PM to set up a day/time, and I'll call you!

    Once your records are in order and you procedures are set in place, you'll be quite surprised at how much pressure will be lifted off your shoulders!
    David
    Mr Sparkle Car Spa

  12. #72
    Senior Member glassngrass's Avatar
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    Default 10 Tips for Business Performance - Tip No. 10

    Tip No. 10: Make Technology Work for Your Business

    Computers allow you to enter information once and then use this information in many different ways.
    Accounting programs are sophisticated data bases that take financial transaction information and interlink this with other information to provide financial reports that managers can use to steer their business.
    Other technologies such as the Internet and emails now allow invoices to be sent as attachments and Accountants, Bookkeepers and Business Owners can share information and electronically receive and make payments.
    Increasingly, electronic transactions should automate the data entry required and reduce the amount of errors while increasing the volume of information available to make business decisions.
    David
    Mr Sparkle Car Spa

  13. #73
    Senior Member glassngrass's Avatar
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    Default 10 truths about DEBT

    Today, Aussies are up to their eyeballs in debt. Yet there seems little or no fear of owing money, especially among younger people. Clearly it’s a sign of the times. Nonetheless, it would be prudent to get an understanding of how debt works...

    1. If you have a mortgage you are NOT a homeowner because a mortgage transfers ownership (and ultimate control) of a property to the lender. Therefore any equity in the property belongs to the lender, not the borrower.

    2. Most borrowers do not read and understand their loan agreement. Consequently they don’t know what an all-monies-mortgage is; they don’t know what the events of default are; and they don’t realise the loan can be securitised (sold off).

    3. The Events of Default clause is a ‘time-bomb’ for many borrowers. It often happens that an event of default occurs without the borrower even realising it. Some loans require the borrower to notify the bank if an event of default occurs (or is likely to occur); if such notification is not given an event of default occurs!

    4. All bank loans are on 24 hour call. The technical term is ‘immediately due and payable’ once an event of a default occurs.

    5. Before borrowing money there are two warning signs that should not be ignored - (a) the need for a guarantor and (b) the need for mortgage insurance. If either of these conditions apply it means the borrower cannot afford the deal.

    6. If the bank requires a guarantor they are likely to also require an indemnity be signed by the guarantor; borrowers should understand the difference.

    7. If you have multiple loans with the same bank (say, on a portfolio of properties) you technically only have one loan because they are all linked (to the worst performing loan). So, if one loan defaults, they all default.

    8. Borrowers are always the slave of the lender! This truth is often confirmed in newspaper headlines such as these -

    * “Loan Slaves” (Herald Sun, 7 July 2003)
    * “Spiralling debt traps families” (Herald Sun, 5 November 2006)
    * “Buried in debt” (Herald Sun, 7 January 2007)
    * “Families losing war with debt” (Herald Sun, 6 May 2007)
    * “Housing stress through the roof” (Herald Sun, 19 October 2007)

    9. Household debt in Australia is out of control. The Wesley Mission found “one in three Sydney households beset by financial worries and almost one in seven are teetering on the edge of insolvency” (Sydney Morning Herald, 13 Nov 2006).

    10. There is a saying that “if you owe the bank $100,000 you have a problem; if you owe the bank $1,000,000 the bank has a problem.” This is a myth; no one is exempt when a credit crunch arrives or the banks go into panic mode.
    David
    Mr Sparkle Car Spa

  14. #74
    Senior Member glassngrass's Avatar
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    Default Cash Flow Tells the REAL Story

    Who will ever forget the HIH saga a few years ago; a company collapse involving, fraud, deception and massive losses for policy holders and investors?

    The really interesting thing about HIH was that in the two years before it collapsed the combined net profit was $164 million; but the operating cash flow showed a deficit in excess of $1 billion!

    The exact same thing happened to One-Tel, FAI and Harris Scarfe; they all bled to death; proving once again that profit is often a useless figure but cash flow tells the real story.
    David
    Mr Sparkle Car Spa

  15. #75
    Senior Member glassngrass's Avatar
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    Default Dealing with Lost Super

    At a glance: - In the May budget, the government announced that superannuation providers will be required to transfer lost super of under $200 to the Commonwealth from 2010-11.

    Under current legislation all unclaimed superannuation must be transferred to the Tax Office, where it will be held in trust until such time as the rightful owner makes claim.

    An amount payable to a superannuation fund member is deemed to be unclaimed if it meets the following criteria:

    • The member has reached eligibility age (65 years or older).
    • There has been no amount contributed by, or on behalf of the member for at least two years.
    • There has been no contact with the member for at least five years and the fund is unable to make contact with the member.

    Changes to the legislation will mean all superannuation which meets the above unclaimed criteria and has a total balance of under $200, will be forfeited to the Commonwealth.

    The Government has been receiving submissions in relation to this proposal and final legislation will be released in due course.

    Remember: - Lost superannuation meeting certain criteria will be forfeited to the Commonwealth.

    Might be worthwhile bundling all those small amounts you accumulated under your various casual employers into a single fund???
    David
    Mr Sparkle Car Spa

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