Met some great business people at the 2016 Nifnex Perth Business Expo last Friday 8th July.
Here is Sheetal Shah from our Axia Accounts Malaga office explaining our mobile bookkeeping services to Perth WA business owners.
2016 Bookkeeping Software Guide With Pricing
This is the current pricing of various cloud-based software used in Australian businesses (as of 2016).
The most popular being MYOB, Xero and QuickBooks.
MYOB
MYOB Essentials
Payroll for one
$35 p/m
Unlimited payroll
$45 p/m
AccountRight Standard
For businesses that need to manage inventory
$55 p/m
AccountRight Plus
For businesses that need to manage inventory and payroll
$85 p/m
Xero
Starter
Payroll for one. Limited to 5 invoices and bills.
Reconcile 20 bank transactions
(only for a micro business or managing an investment fund)
$25 p/m
Standard
Payroll for one.
$50 p/m
Premium 5
Payroll for 5
$60 p/m
Quickbooks
Quickbooks Online SimpleStart
Up to 10 employees
1 user
$15 p/m
Quickbooks Online Essentials
Up to 10 employees
Automatic re-occuring invoice generation
3 users
$25 p/m
Quickbooks Online Plus
Inventory
5 users
$35 p/m
Australian Business Taxes
Australian Business Taxes
Australian Business Taxes
The key taxes affecting businesses are Company (income) Tax, Capital Gains Tax (CGT) and the Goods and Services Tax (GST).
These taxes are all set by the Australian Taxation Office (ATO).
Company Tax
A resident Australian company is subject to company tax which is currently 30%.
Capital Gains Tax
Capital Gains Tax (CGT) applies on any capital gain made through the disposal of assets. It is paid as part of income tax. Businesses are required to keep records upon acquiring assets that may be subject to CGT in the future. Small businesses may also be eligible for CGT concessions under certain circumstances.
Goods and Services Tax
The Goods and Services Tax (GST) is a national, broad-based consumer tax on most goods and services sold or consumed in Australia and is currently at the rate of 10%.
Most businesses are required to register for GST with the Australian Taxation Office (ATO).
These include any business with an annual sales turnover of $75,000 or more.
If a business is earning less than $75,000 annual sales they can choose whether to be GST registered or not.
If they are not registered then they do not need to complete and submit a Business Activity Statement (BAS) every quarter.
Sample GST due calculation
If a business makes sales of $88,000 which include GST and has expenses of $66,000 including GST, then GST to be paid is applied on the balance of $22,000.
10% (GST) of $22,000 is $2,000 which is the amount to be paid to the ATO.
Assistance with bookkeeping, GST calculations and BAS submission can be provide by us at Axia Accounts.
Contact one of our experienced Australian bookkeepers.
Payroll Tax
Payroll tax is a state tax on the wages paid to employees.
It is calculated on the amount of wages paid per month and must be paid if total Australian wages exceed the exemption threshold in the relevant state or territory.
The payroll tax exemption threshold and the payroll tax rate varies between states and territories.
Other Business Taxes
Other Australian Government and state and territory government taxes may be relevant to certain business activities.
This may include items such as land tax and fringe benefits tax (FBT).
Contact Axia Accounting to find out if this applies to you.