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The amount of tax an Australian business should pay depends on various factors, including the type of business structure, the level of taxable income, eligible deductions, and any applicable tax credits or concessions.
For the 23-24 Financial Year the standard company tax rate is 30%. Small Businesses are eligible for a 25% company tax rate provided they are a base rate entity.
The amount of tax an Australian business should pay depends on various factors, including the type of business structure, the level of taxable income, eligible deductions, and any applicable tax credits or concessions.
For the 23-24 Financial Year the standard company tax rate is 30%. Small Businesses are eligible for a 25% company tax rate provided they are a base rate entity.
A bookkeeper is the financial guardian of a business, meticulously recording, organising, and managing its financial transactions. They ensure that all financial records are accurate and up-to-date, offering insights into a company’s financial health and helping it make informed decisions. In short, a bookkeeper is the backbone of financial stability, providing businesses with the clarity and compliance they need to thrive.
Their typical responsibilities include:
Bookkeepers record every financial transaction, such as sales, purchases, payroll, and expenses, into an accounting system. They ensure that all transactions are accurately recorded.
Bookkeepers reconcile bank statements with the company’s financial records to identify any discrepancies, ensuring that the company’s cash flow is accurate.
They manage accounts receivable by tracking customer payments and accounts payable by overseeing vendor bills and payments.
Many bookkeepers handle payroll, including calculating employee wages, preparing pay runs, and ensuring compliance with tax laws.
They generate financial reports, such as income statements, balance sheets, and cash flow statements, to help business owners make informed decisions.
Bookkeepers ensure that all financial records are in order, helping businesses meet their tax obligations and avoid penalties.
If you sell assets, such as property or shares, you may be liable to pay CGT on any capital gain. Small business concessions may apply in certain circumstances.
In some cases, businesses may be subject to stamp duty, which is a tax on certain transactions and documents.
At Retinue we offer bookkeeping as part of our standard service, which is included alongside a 24/7 accounting team and monthly reporting.
Qualifications
Bookkeepers typically hold a Certificate IV in Bookkeeping or a similar qualification, while accountants require a bachelor’s degree and professional certification, such as being a Certified Practising Accountant (CPA) or a Chartered Accountant (CA).
Scope of Work
Bookkeepers focus on day-to-day financial tasks, including data entry, reconciliation, and reporting. Accountants provide broader financial services, including tax planning, financial analysis, and audit support.
Regulations
In Australia, bookkeepers are not authorised to provide tax or financial advice, while accountants are subject to stricter regulatory oversight and can offer a wider range of financial services.
Reporting
Accountants typically review and analyse the financial data provided by bookkeepers to offer strategic financial advice and make high-level financial decisions.
We envisage a future where every small business can get the right advice, at the right time, at the right price.
We envisage a future where every small business can get the right advice, at the right time, at the right price.
The hourly rate of a bookkeeper can vary widely. While there is no one-size-fits-all formula, the following elements are typically considered in bookkeeper fees:
Experience and Qualification
A bookkeeper’s level of experience and qualifications significantly influence their hourly rate. Those with more years in the field or advanced certifications may charge higher rates.
Scope of Service
The complexity of the bookkeeping tasks you require can affect the rate. Some bookkeepers may offer more specialised services or may charge more for their expertise.
Industry Knowledge
If a bookkeeper has experience in a particular industry, they may charge more for their specialised knowledge and understanding of industry-specific financial processes.
Software Proficiency
Proficiency in accounting and bookkeeping software can also influence the rate. A bookkeeper who is well-versed in a variety of software platforms may command a higher rate.
Overhead Costs
A bookkeeper’s overhead costs, including office space, utilities, and software subscriptions, may be factored into their hourly rate.
Demand and Availability
The demand for a bookkeeper’s services and their availability can also impact their rate. A highly sought-after bookkeeper may charge more.
As a small business owner it can be difficult to select the most cost-effective bookkeeping service for your business. But at Retinue, we don’t believe in an hourly-based billing model. You should have certainty and transparency around the cost of important services such as bookkeeping and accounting. That’s why we offer a fixed fee subscription model with no hidden fees or extra costs.
The hourly rate of a bookkeeper can vary widely. While there is no one-size-fits-all formula, the following elements are typically considered in bookkeeper fees:
Experience and Qualification
A bookkeeper’s level of experience and qualifications significantly influence their hourly rate. Those with more years in the field or advanced certifications may charge higher rates.
Scope of Service
The complexity of the bookkeeping tasks you require can affect the rate. Some bookkeepers may offer more specialised services or may charge more for their expertise.
Industry Knowledge
If a bookkeeper has experience in a particular industry, they may charge more for their specialised knowledge and understanding of industry-specific financial processes.
Software Proficiency
Proficiency in accounting and bookkeeping software can also influence the rate. A bookkeeper who is well-versed in a variety of software platforms may command a higher rate.
Overhead Costs
A bookkeeper’s overhead costs, including office space, utilities, and software subscriptions, may be factored into their hourly rate.
Demand and Availability
The demand for a bookkeeper’s services and their availability can also impact their rate. A highly sought-after bookkeeper may charge more.
As a small business owner it can be difficult to select the most cost-effective bookkeeping service for your business. But at Retinue, we don’t believe in an hourly-based billing model. You should have certainty and transparency around the cost of important services such as bookkeeping and accounting. That’s why we offer a fixed fee subscription model with no hidden fees or extra costs.
Bookkeeping is the process of recording and organising financial transactions for a business. It is essential for several reasons:
• It helps you track your business’s financial health and performance.
• Accurate bookkeeping is necessary for compliance with tax regulations.
• It provides a clear picture of your cash flow, making it easier to manage finances.
• It facilitates informed decision-making and helps secure financing or investment.
Bookkeeping is the process of recording and organising financial transactions for a business. It is essential for several reasons:
• It helps you track your business’s financial health and performance.
• Accurate bookkeeping is necessary for compliance with tax regulations.
• It provides a clear picture of your cash flow, making it easier to manage finances.
• It facilitates informed decision-making and helps secure financing or investment.
Bookkeeping is the process of recording and organising financial transactions for a business. It is essential for several reasons:
• It helps you track your business’s financial health and performance.
• Accurate bookkeeping is necessary for compliance with tax regulations.
• It provides a clear picture of your cash flow, making it easier to manage finances.
• It facilitates informed decision-making and helps secure financing or investment.
*Retinue’s payroll service includes the processing of hours and wages rates provided by you. We do not determine award rates for your employees or provide advice on the correct employment status of your employees. It is your responsibility to ensure that your employees are paid correctly and we recommend obtaining advice from specialised employment relations experts.
*Retinue’s (ABN 66 658 618 449) payroll service includes the processing of hours and wages rates provided by you. We do not determine award rates for your employees or provide advice on the correct employment status of your employees. It is your responsibility to ensure that your employees are paid correctly and we recommend obtaining advice from specialised employment relations experts.
Protection is only provided for ATO investigations notified to us during the period which you are a client and relating to any tax returns or lodgements prepared by us. Fines includes any penalties and interest that may result from any errors made by us but does not include any additional tax liability that may result from an amended lodgement.
Liability limited by a scheme approved under Professional Standards Legislation.
