Reminders – February

Posted by Pene on 11/02/2018 in Tips and Tricks with Comments closed |

Dates you need to know for

February 2018

01 Feb 2018 – February fuel tax credit rates change due to indexation

21 Feb 2018 – January monthly BAS due

28 Feb 2018 – December quarterly BAS due
December quarter SG charge statement due
December quarter PAYG instalment due


February’s Tip

Set Aside Money for Taxes

Be prepared for end of year taxes. Setting aside  money each month for your small businesses taxes means you won’t have to cutback at the end of the year or use your overdraft to pay your taxes, you will already be prepared.


Reminders – January

Posted by Pene on 19/01/2018 in Tips and Tricks with Comments closed |

Dates you need to know for

January 2018

22 Jan 2018 – December monthly BAS due

29 Jan 2018 – December quarter SG due

January’s Tip

Keep Personal and Business Finances Separate

Never mix your personal and business finances, it will only make your bookkeeping  more difficult. It’s far easier to find mistakes and errors, and keep every thing orgainized if you’re dealing with one type of account at a time.

Reminder – December

Posted by Pene on 19/12/2017 in Tips and Tricks with Comments closed |

Dates you need to know

for December 2017


21 Dec 2017  –  November monthly BAS due

December’s Tip

Plan for Major Expenses

Budget for major expenses like inventory,  repairs and maintenance or office supplies. By setting aside funds for known needs, you can save a lot of worry about dealing with theses expenses in the future.

What is Profit and Loss?

Posted by Pene on 16/09/2014 in Uncategorized with Comments closed |

Profit and Loss

It might seem like a no-brainer to define just exactly what profit and loss are. But of course these have definitions like everything else.  Profit can be called different things, for a start. It’s sometimes called net income or net earnings.  Businesses that sell products and services generate profit from the sales of those products or services and from controlling the attendant costs of running the business. Profit can also be referred to as Return on Investment, or ROI. While some definitions limit ROI to profit on investments in such securities as stocks or bonds, many companies use this term to refer to short-term and long-term business results. Profit is also sometimes called taxable income.

It’s the job of the accounting and finance professionals to assess the profits and losses of a company. They have to know what created both and what the results of both sides of the business equation are. They determine what the net worth of a company is. Net worth is the resulting dollar amount from deducting a company’s liabilities from its assets. In a privately held company, this is also called owner’s equity, since anything that’s left over after all the bills are paid, to put it simply, belongs to the owners. In a publicly held company, this profit is returned to the shareholders in the form of dividends. In other words, all liabilities have the first claim on any money the company makes. Anything that’s left over is profit. It’s not derived from one element or another. Net worth is determined after all the liabilities are deducted from all the assets, including cash and property.

Showing a profit, or a positive figure on the balance sheet, is of course the aim of every business. It’s what our economy and society are built on. It doesn’t always work out that way. Economic trends and consumer behaviors change and it’s not always possible to predict these and what income they’ll have on a company’s performance.

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