A logical direction for your Business success

Solutions

What is a BAS Agent? 

 

A BAS Agent is an entity or an individual who is registered  with the Tax Practitioners Board to provide business activity statement (BAS) services for a fee or other reward to clients.

A BAS Agent must be adequately qualified/educated such as Certificate IV in Financial Services (Bookkeeping or Accounting) or further accounting qualification and will be sufficiently experienced to provide BAS services. They must have completed a minimum of 1400 hours of BAS work experience in the preceding three years and deemed to be a fit and proper person; A BAS Agent must follow a code of conduct which determines their behaviour as a BAS Agent and they must a current Professional Indemnity Insurance policy.

A BAS Agent is legally able to process and lodge your BAS (and other BAS related forms). You are not able to engage a bookkeeper who is not a registered BAS Agent to do these things for you and your business – this is law now! By engaging a BAS Agent, you can also avail yourself of the “safe harbour provisions” which remove penalties for any misstatement or late lodgement due to mistakes an agent may make in the course of his work. These safe harbour provisions are not available to you if you are not using a BAS Agent to process your BAS.
A BAS Agent is also a bookkeeper and will provide general bookkeeping services to you as well as BAS Services. But remember, not all bookkeepers are BAS Agents – they may possess the skills and knowledge to process BAS etc but it is now not legal to engage their services – only those who have registered with the Tax Practitioners Board can call themselves BAS Agents and can provide BAS services legally.  Logical Business Solutions and Sally Waldron are both registered BAS Agents with the Tax Practitioners Board.

 

For more information please visit  http://www.tpb.gov.au/TPB/BAS_agents/TPB/BAS_agents/BAS_agent_overview.aspx


Small Business Owners and Tax Reporting

A new survey entitled Tax Time - Time is Money released on 16th June, 2010 by Galaxy Research shows that small business owners are drowning in receipts and paperwork fulfilling their tax obligations.  The study included 500 small business owners across Australia with businesses of 20 employees or less generating an annual turnover up to $2 million.  It revealed that the majority of small business owners were working overtime to keep up with their tax reporting obligations.  More than 40 per cent of small business owners surveyed spent their evenings working on financial reporting and one in three spent time at the weekend on their tax reporting.  The survey found that if small business owners could save time on tax reporting that 43 per cent said they would spend more time with family and 36 per cent would use the time to increase their business.


Selecting a bookkeeper

The above survey shows that there is one thing that a small business owner needs more of and that is time; time to work on your business, time to enjoy family and personal interests and time just to relax. Quite often when time is short, the first business role to be left unattended is “the bookkeeping”. One way to help with this problem is to “outsource” a bookkeeper. Logical Business Solutions can assist you with your bookkeeping so that you can have more “time”.


When choosing your bookkeeper you should meet with them personally and ask them the relevant questions. We suggest that your bookkeeper have the ability to work with your Accountant, have the relevant skills, experience or qualifications, that you can access Client Referrals from your bookkeeper to confirm experience, that you define their list of duties and confirm whether they are a Registered BAS Agent. You may also ask them if they are a member of a professional bookkeeping body, do they participate in ongoing training courses and are they able to assist you if your business needs change in the future.


A bookkeeper can be very valuable to your business and if working with your Accountant (note: a bookkeeper is not a replacement for your Accountant), they can provide you with up to date and vital information such as Profit & Loss Statements, Balance Sheets and Cash Flow Statements. Good bookkeeping will give you an accurate financial picture of your businesses performance. This is extremely important if your bank or other interested parties require your financial information.

 

For a free, no obligation meeting with our bookkeeper, please us our “Contact Us” page and we will telephone or email you to discuss your requirements.

 

Starting a business

Starting a new business can be exciting.  It is a lifestyle choice for you and your family.  You can use your skills and expertise to build something that you are really passionate about.  Before you get started you need to do some research and ground work.    

  •  Find out if people are interested in purchasing your products and/or services
  •  Find out who your competitors are and whether or not the market can sustain your business
  •  Conduct research to see whether your idea will be feasible; gather, analyse and evaluate information for your business goals.  
There is a new business support website developed by the Australian Taxation Office to help your business which has a list of tax products and services.  Their link is below and this may be very helpful.
http://ato.gov.au/businesses/content.asp?doc=/content/00221703.htm

 
Business Structure
You will need to decide what type of Business structure to use.  There is a sole trader, partnership, company and a trust.  There are advantages and disadvantages to all of this to consider.  This is a really important decision, so you need to do some “homework” on each option to help you to decide.  You will need to consider if you are conducting a business or just have a hobby.  If you want to claim business deductions, you must carry on a business.  You also need to consider set-up costs, taxation implications, ongoing administration costs and financial liabilities.  You should consult your Accountant, Solicitor or Business advisor to discuss your options.  Logical Business Solutions can assist you in your decision.  

 

Business Name

Selecting the right business name will help to create an image for your business and help to distinguish it from your potential competitors.  You will need to make yourself familiar with the different registration requirements.If you require assistance, Logical Business Solutions can help you. A business name is the name under which your business will trade and it will need to be registered.A company name must be registered with the Australian Securities and Investments Commission, referred to as ASIC.  If you want your company to trade under a different name, then you will need to register both the company name and business name.  

 

Business Plan

A business plan is an important part of your business.  It will help you to set a direction for your businesses future.  It is a requirement if you are seeking finance.  Business planning is an ongoing activity which should be reviewed regularly.  At Logical Business Solutions we can prepare a business plan for you. 

 

Business Types

You have decided that you would like to start your own business and now you need to decide which business type you will use.  You may be a stay at home mum who wishes to be available for her family, or someone who is in retail so some of the options are:-

  • Home based business – If you are running a home based business there are a wide range of government requirements that may apply to you, such as taxation, employment, council approval and licensing.
  •  E-Business – An online business can save you time, money, reduce your overheads and reach a larger diverse market.  It makes it easy for your customers to do business with you.  If you plan to trade over the internet, your business name will need to be registered and you will need to find out what other registration and licences apply.
  • Retail, Salons, Food, Accommodation etc.  These all require a premise to run your business from and there are council regulations, registration requirements, and health requirements etc to consider. 

 

Business Logo

The best business logo designs are the simplest.  People will remember more simple designs than remembering logos that are more visually complex.  Generally a logo should be two colours maximum, not including white.  And remember to check to see how the logo will look on letterhead, business cards, invoices etc. 

 

Web Development/Hosting

Many people now search online first for a business and then in print afterwards.  It is convenient for people.  If you do not have the skills to set up or maintain a website you are better off paying some else to do it.  Shop around and ask for samples of what the designer has done.  You need a site that takes minimum time to maintain once it is established.  Also, check what the annual costs are and what the regular costs will be, such as domain name registration (the web address), web hosting fees and maintenance.  When you have a website, make sure your URL is included on all emails, correspondence etc. We recommend Lateral Plains who is a small company with a niche on the human side of Internet and related Information and Communications technology (ICT).  www.lateralplains.com  

    

Insurance

Insurance is essential for your business.  Small businesses need more than just property insurance.  You need to take out the right insurance that can help to protect your business and minimise its risk exposure.  Insurance varies according to the type of business you are operating and some insurance is compulsory. Insurance needs to be part of your risk management strategy.  As your business grows, it is important that you keep your insurance up to date. Using a specialist small business insurance broker will help keep your premiums down and give you a wider choice of products available. Logical Business Solutions can recommend an insurance broker to you.  

 

Quality Assurance

Quality assurance is any action taken to prevent quality problems from occurring. This means devising systems for carrying out tasks which directly affect product or services quality.  Even "non-production" activities such as administration and sales, benefit from a quality assurance approach.To implement systems for an organisation, you need to carry out three basic steps: first develop the system; second, document it (this takes the form of policies, procedures, and reference information); and third, inform, instruct, and train staff to use it.  Logical Business Solutions can assist you in preparing your Quality Assurance system.  

 

OH & S

A small business owner has rights and responsibilities regarding health and safety in the workplace.  It is a crucial part of running a successful business.  Knowing and understanding the Occupational Health and Safety (OH&S) laws will help you avoid the unnecessary costs and damage to your business caused by workplace injury and illness, not just for employees but for your customers and the general public.  Logical Business Solutions can help you to understand these laws and assist you to ensure that your OH & S documents are up to date. 

 

Tenders and Contracts

You may be in a business that requires you to submit a tender to government and private sectors. Tendering has the potential to win significant business, but successful tender preparation requires significant commitment and resources, or there may be little point in proceeding with the tender. Logical Business Solutions can help you come to grips with the tender, prepare a professional submission and save you a lot of work and frustration.  To avoid rejection, a tender must be compliant and address every requirement.  Successful tendering demands a knowledge of your business, experience in the tendering process and excellent writing skills.  Logical Business Solutions can assist you with the skills you may require to prepare your tender documentation. 

 

Employing staff

To recruit and retain the right person for your business is crucial as good employees can be your businesses greatest asset.  You and your employees have obligations to each other under common law and you have obligations under federal, state and territory laws, industrial awards and agreements and contracts of employment etc. As your business grows so will the number of staff that you employee.  A formal human resource policy will need to be put into place.   We recommend VIP Careers Pty Ltd who is a Human Resources consultancy firm serving the Asia Pacific region. Their consultants excel in the areas of workforce planning and staffing, team building, learning and development, organisational development, performance management and employee relations. www.vipcareers.com.au        

 

Logical Business Solutions Ballarat - Small Business Bookkeeping, Powered by: Lateral Plains.