What is a Sole Trader?

What is a Sole Trader?

So, you want to be a sole trader? Or you’re curious about what it means. Well, you’ve come to the right place. Put simply, a sole trader is a self-employed person who runs a business that typically consists of them, however they can employ others to help run their business. When you want to start your own…

What is GST?

What is GST?

If you were asked to explain GST, what would you say? Would it go something like this: “It’s a tax you pay on things you buy.” If so, you’re not alone. This was the typical response people gave us when we did a quick street poll on the topic – and while it’s not a…

What is Input Tax?

What is Input Tax?

Not all goods and services sold by businesses include 10% GST in the price. One type of sale that fits this description is called Input-Taxed. One of the most common types of Input-Taxed sales are financial supplies such as loans, bank account fees, life insurance, superannuation, shares and bonds. Residential rent, the money renters pay…

What Does BAS Excluded Mean?

What Does BAS Excluded Mean?

Goods or services that are BAS Excluded are outside of Australia’s Goods and Services Tax (GST) legislation, which means they are not subject to 10% GST. These transactions are also called “out of scope”. Some of the most common BAS Excluded items are: Wages and superannuation Depreciation Loan payments Dividends Stamp duty Gifts made to…

What Does GST-Free Mean?

What Does GST-Free Mean?

Did you know GST-free sales and purchases are actually not free from Australia’s Goods and Services Tax? A little bit confusing, hey? Don’t worry, let us break it down for you. There are many goods and services that you buy and sell that are GST-free, including milk, bread, eggs and some childcare, healthcare and educational services. They…

What Do Employers Need To Pay Superannuation On?

What Do Employers Need To Pay Superannuation On?

Employers play an important role in the retirement savings of many Australians.  Since the early ’90s, employers are required by law to pay superannuation contributions on behalf of their employees.  The minimum amount of super an employer has to pay is called the superannuation guarantee (SG).  But not every employee and not every type of…

Xero Bank Accounts – Remove and Redo versus Unreconcile a Transaction

Xero Bank Accounts – Remove and Redo versus Unreconcile a Transaction

In Xero, there are two ways you can unmatch reconciled transactions in your bank accounts: Unreconcile Remove and Redo The main difference is that remove and redo has a bigger effect on the accounts. Let’s take a look at each of the functions before discussing which one to use in different situations. The Unreconcile Function…