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Up0Andrew1960, post: 258140, member: 102355 wrote:Thanks Tact,
So even if the business is not profitable you still need to submit a detailed bas lodgement?
Yes because you may still have GST to claim back and GST you have collected to submit to the ATO.
Up0I agree Cashflow manager is so 1990s…it is quite simple though and some people find it easy to use.. Xero & QBO are definetlty the best for most clients and what I recomend to 90% of clients.
To run petty cash properly in any bookkeeping system the best thing is to set up a new “bank account” called Petty Cash
When you move money from your takings or till to go and pay suppliers record this in a book somewhere then later enter it in your system as Sales & Deposit to “Petty Cash” — when you pay your supplier record it as paid from the “Petty Cash” Bank account. You would also generally have a tin or box which holds your petty cash the amount left in this box should equal the amount in your “Petty Cash” in your software.
^ Sorry I hope this is at least slightly helpfull…its hard to explain with written word.
Depending on the size and complexity of your business don’t rule out a simple paper ledger book which can be the best for very small businesses.
Up0You can open a Euro bank account in the name of your Australian business. You will be able to do this with any of the big 4 banks but my clients that operate like this often use a “more global” bank.
Separate to the bank account issue is would it be a good idea from a tax or operations point of view to have a business structure set up in the Eurozone.
Up0We have used Ezi debit for 6-8 years. Never had any issues and their system is very nice.
Up0Hi, to some degree these are things you will need to address with your suppliers and distributors / customers one on one but in general (numbers agree with your questions)
1. You will need to approach them – if they have no current importer it should not be too hard but it will be up to the manufacturer.
2. Seems like if you do not have the exclusive agreement then contacting major distributors could be an issue but not always. If you have the stock landed in Australia a distributor may see it as easier to buy from you than import themselves.
3. Generally in this type of business you are cashflowing the deal – most manufacturers will take a deposit on placing the order (often 50%) and the balance when the order hits either the OS Dock or our Dock. In an importa business it is common for your to hold stock for xxx days and then once sold you get paid in 90 – 120 days.xxx days will vary a lot depending on how good you are at selling your product and what the product is – payment terms you can negotiate with your customers but certainly any big player will seek to take advantage of you by getting long payment terms.
Up0One bank account is fine but as mentioned above it would be better for a range of reasons to have 2 accounts.
Also while the ATO is ok you having one bank account they would prefer you to prepare 2 separate sets of books for the 2 business operations. In practice many businesses in your situation only prepare one set of numbers but the law is that you should prepare 2 sets of numbers that are lodged as 2 business operations at the end of the year on the one tax return.
Up0Personally I will not read any email unless it is from a client. Even if the subject line says my office is burning down. As Accountants we get so much rubbish even emails from “good” places like the ATO or our industry associations commonly hit over 100 per week its ridiculous. Outlook filters it all out very well.
Up0I love a good contra deal – they are my favorite
I have not used any of the platform based concepts just do one off deals with clients.
Up0Hi we can get you a better rate on cash – you can email my colleague [email protected] – I believe around mid 3%s for on call cash and mid – high 4%s if you are willing to tie up your cash for 12 months or more.
Great rates compared to banks (sorry for blatant spam–precise Tax has already given you the good info)
Up0If you really want to be xxx pty ltd then you will need to change the company name. At $395 it is still cheaper then registering a new company.
FYI though you do not need to put ABC Pty Ltd T/as xxx on all your documents you can just put xxx on your cards, website etc if you register it as a business name (I think you realise this from your post?)
You can also put the footer you want on your websites to make it look bigger ie
Say you register xxx business name (your new “parent” and then you register bbb and ccc business names (all 3 business names of ABC Pty Ltd) on the website of bbb you can say bbb is part of the xxx group or the xxx group of businesses — the fact xxx does not own bbb does not mean they are not part of one group. – hopefully this makes sense?
Up0Fund it yourself or find a private investor to fund the project? Considering returns on “interest free loans” are generally around 12% or higher they can be a lucrative additional interest stream for your business or you can find an investor who is happy to earn this income. With paperwork done correctly risks can be quite low. (but paperwork burden is a little high)
Another thing we have done with a client is team up with a mortgage broker who then sources the best finance for the clients (either mortgage re-draw or personal loan or asset loan attached to the new asset) the broker then shares commission back to the business. Win win all around.
Up0You short answer is yes what you say could work and could be a good idea (depends on your tax position this year)
But the overall structures used and structures of your payments will effect this as mentioned by precise tax – really most easy to discuss with your Accountant but if you want us to answer properly you need to give us more info;
- What did you buy – ie did you buy shares in the new company or just the business (goodwill & assets)
- What did you buy it with? – ie did you buy the business in your name or did you use a structure like a company or trust to buy it with?
What business structure are you trading with for your existing business — Sole trader / Company or ?
Up0Yes this is something a small business can do – if you read the fine print you can discover that Mipetinsurance (MPI) is an Authorised representative of petsure – what this means in short is that MPI has entered a commercial agreement to distribute Petsures product and to use Petsure’s AFSL (Australian Financial Services License) to do so. (You need a financial services license in Australia to sell or give advice in financial products like insurance)
I can not say if Petsure will let you do the EXACT same thing as MPI but in general terms this is certainly something some can do (become a representative of an AFSL holder by entering a commercial agreement)
I run an AFSL so if you would like any more information please let me know – the above is a very brief explanation.
Up0Hi Shy I would recommend Vlad he is In Parra so not quite your area but worth the trip in my opinion — http://www.smallbusinessworks.sydney/
