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  • #969786
    BA Master
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    Hi all,

    i need help as i would like to lodge my own bas statements.

    currently im contracting in i.t through an agency so i invoice them and they pass on my earning + gst, so its pretty easy to bookkeep.

    i plan to use quickbooks but what is involve in lodging the bas?

    i also plan to give myself a small wage and the rest as distribution so how do i do that.

    my accountant is not too great at all this so in the process of looking for a new one.

    hope you can help.

    #1040851
    FiveWaysChartered
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    Hi BA Master,

    With accounting software for small business available today, preparing a BAS is a relatively painless process IF the accounting system has been set up correctly from day one.

    My advice would be to get an accountant to set up or review your ‘chart of accounts’ in whatever accounting system you choose to ensure correct GST codes have been set up and then get your accountant to show you how to prepare a BAS. Before lodgment, if you prepare your BAS ‘in-house’ it is in your best interest to have this reviewed by an accountant to insure validity of data etc.

    We recommend Xero for small business (http://www.xero.com) – Five Ways is proud to be 100% Xero and it really has changed the ball game for delivery of accounting services.

    At Five Ways, we often educate our clients to prepare their own BAS, with us providing a review and lodgment service. The primary reason for this is you as a business owner are ‘forced’ in some way to understand what has happened in your business – it might sound tacky but ‘knowledge is power’ and having your finger on the pulse every quarter is essential – especially in small business.
    There are many strategies for ‘paying yourself’ dependant on your current operating structure – I would recommend sitting down with a proactive accountant to review your needs and provide the best advice moving forward.

    Where are you located? Five Ways now has clients all across the Eastern Seaboard If you are interested in discussing your needs we would love to hear from you. Check out our website at http://www.fivewayschartered.com.au or download our iPhone app from iTunes (search FiveWays).

    Kind regards
    Ryan Tietjens

    #1040852
    StellarScott
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    Hi BA Master

    Agree with what 5ways has to say about setting up chart of accounts

    If your IT contracting with 1 client quick books will be sufficient but be wary of the Personal services income rules. I trust your current accountant has informed on you on those

    Be happy to assist on your quick books set up or any other issues

    #1040853
    BA Master
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    thanks for that, i’ll look into it.

    also do i need to register myself as an employee of the company somehow? do i need to fill in that form that you have to fill everytime you go into full time employment?

    #1040854
    Lorelle
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    also if you’re a sole trader and billing for hours be aware of the superannuation rules
    The tax dept offers free workshops for small business if you check their website for details in your area

    #1040855
    James Millar
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    BA Master, post: 49340 wrote:
    Hi all,

    i need help as i would like to lodge my own bas statements.

    currently im contracting in i.t through an agency so i invoice them and they pass on my earning + gst, so its pretty easy to bookkeep.

    i plan to use quickbooks but what is involve in lodging the bas?

    i also plan to give myself a small wage and the rest as distribution so how do i do that.

    my accountant is not too great at all this so in the process of looking for a new one.

    hope you can help.

    Get some good advice on this. Drawing a wage might create wasted “on cost” like Workcover and involuntary super (not wasted but not always ideal). It may also end up being attributed PSI income so the current company structure could be a complete waste of money (in compliance costs). I’m assuming you have a company because as a sole prop you can’t employ yourself.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
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