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30 May 2018

GST on Imported Low Value Goods

If you are importing low value goods after the 1st July 2018 you need to be aware of the new Goods and Service Tax (GST) collection process.

GST on imported goods over AUD$1000 (Higher Value Goods) has been applied for some time by the Australian Tax Office (ATO), where these higher value goods have been stopped by customs until the payment of GST and other duties have been made by the importer.  This also applies to all Goods that are classified as tobacco product or alcoholic beverage regardless of the value.

However as at the 1st of July 2018, GST will apply to consignments of Low Value Goods (LVG) to the value of AUD$1000 or less.  

What does this mean to you and your business

4 September 2017

Balancing Your Books Every Time

Have you been puzzled in how to use Credits and Debits when creating transaction records?
Maybe you have an account that is showing the incorrect amount and don't know how to fix it.
We trust this document will explain it a little better.

Debit and Credit
Business transactions are events that have a monetary impact in your financial records. When recording these transactions in what we refer to as a “Double Entry Accounting System” such as Xero, MYOB etc, we assign the transaction value to two or more Accounts (Eg Bank and  Purchase Of Stock), where the Debit column is on the left and the Credit column is on the right.

The net result is the total of all Credits must equal to the total of all Debits.  Eg $100C = $100D  It is said to be "In Balance."

Now the logic is a little misplaced when it comes to the terms Credit and Debit so the table below will help you to identify which Account Types will increase or decrease in value when assigning the Debit or Credit side of your transaction.

Hint for Xero Users -  To create a Journal transaction, select Adviser -> Manual Journal.  If Advisor is not show in the menu, go to Settings -> General Settings -> Users -> select you name -> change from Standard to Advisor ad.  If you can not access your setting, you need to contact the subscriber of the Xero application to make the changes.


29 June 2017

New Online Business Toolkit

Good quality business tools can be difficult to locate or use but not now with the Adelaide Hills Business Centre's revised Online Business Toolkit.

For startups, a easy to use online accounting system, business plan template, budget and price calculator for your products and services plus more.  For growing businesses, employment "Letter Of Engagement" and other document to minimise business risk in your business.

Your Business Toolkit is online and live, so if you need assistance or advice, the AHBC can access your files as you are working on them.  You can also share your files with your accountant, business partner and others.  Avoid multiple revision documents, now work from your master documents.

AHBC members can freely create their online folder of Business Tools any time and for each of their businesses.  Non members can also create an online folder of Business Tools for only $75.   An email will be sent to you soon after creating your folder of online Business Tools along with payment details for non members.

Create Your Shared Folder of Business Tools Here

Main Documents Supplied: 

5 December 2016

Congratulations on becoming a new business owner

Congratulations on becoming a business owner and getting your first business up and running.

While the initial task of getting your business started is under way, your time is now focused on bringing customers on board and increasing revenue.

The reality of going into business is about surviving the first, second and third year, but more importantly gaining a level of profit that makes the business sustainable and worth owning.

 The graph shows the current Australian Business Survival Rate from the Australian Bureau of Statistics (

The Yellow Survival Rate are businesses that consider and action the 5 key points below. This is based on a 90% improvement in business survival.

Businesses that use external advisors and business Intelligence are more likely to be faster innovators, gain a competitive advantage and become more profitable and sustainable over the long term.

Actions That Will Make Your New Business Succeed.
There are several reasons why small businesses don’t survive and it's not normally contributed by global or local economic trends. Here are five top reasons why and what what action you can take:-

19 August 2016

Local Knowledge - The Little Secret Garden at Littlehampton SA

The Little Secret Garden is a hidden treasure, set back off the main street of Littlehampton, South Australia. You can expect to have your taste buds go wild. The appeal lies in its emphasis on beautifully presented cakes and wholesome light lunches that will remind you of a good home cooked meal.

27 July 2016

Accepting Credit Cards Online, In-Store or Anywhere

What to use to process credit and debit card transaction such as Mastercard & Visa in your business

At its core, it's a two-step process.
  1. POS System.pngHow do you want to do business with your customer? In person via a Point Of Sale system (POS), a traditional credit card swiper or a mobile device or online Internet / phone.
  2. Determine whether you will need a merchant account, a financial middleman (Bank) that approves transactions and deposits into your bank account, or credit cards transactions go directly into your bank account without the need for a merchant account.

Point-of-sale (POS) systems
  • pph-tap-and-go-reader.jpgA complete checkout terminal that can include a credit card swiper, NFC reader, touch screen, barcode scanner, cash register, printer and other equipment.
  • Usually requires a merchant account and application can be made to provide Electronic Funds Transfer at Point Of Sale. (EFTPOS)
  • POS with accounts system, standalone or online system Eg. Vend.
  • Best for businesses with a physical location that want to connect multiple locations or cash registers to each other and/or to other business systems such as accounting or inventory.

Mobile credit card processors
  • credit-card-terminal.jpgA dongle and/or app that lets you accept credit cards anywhere using a smartphone or tablet.
  • Usually requires a credit card reader that attaches to your phone. Does not usually require a merchant account.
  • Software is normally online Eg. PayPal and via App Store.
  • Best for a business that sells in a variety of places, wants to process transactions anywhere in the store or does only a few transactions a day at its physical locations.

online-credit-card-processing.jpgCredit card terminal
  • A piece of hardware used to swipe credit cards in person or, in some cases, to manually enter credit card numbers from phone or Internet orders.
  • Requires a merchant account and is usually provided by merchant account providers as part of their service.
  • Software is built into the device and reporting is via bank / merchant statements
  • Best for a business that doesn't need its credit card processing system to do anything but accept payments.

Online payments
  • An e-commerce solution, shopping cart software or third-party marketplace — such as eBay, Amazon etc that lets Web-based businesses accept payments at their website, blog or online store.
  • Most e-commerce sites hosted by a third party do not require a merchant account. Stand-alone e-commerce sites that use shopping cart software may need a merchant account.
  • Software is via merchant provider.  Tools are normally provided to create “Pay Now” button code for websites and shopping carts.
  • Best for businesses that conduct a variety of business transactions online.

3 June 2016

Payroll Tax, What is it and how does it effect your business

"Considering South Australia has the highest unemployment and number of small businesses, we also have one of the highest disincentive taxes for small businesses to grow and create employment."

What is Payroll Tax

Payroll tax is a general purpose state / territory tax on businesses creating employment.  It applies when the total wage bill of an employer (or a Group of employers Eg. Companies related by common director(s)) exceeds a threshold amount. 

It is a complex tax and it can catch business owners and investors out particularly with the Grouping categories.  "Groups" are designed as a catch all approach to maximise state revenue by linking business owners, investors, employees and the like to more than one legal entity.

For example, if you own and operate a small business under the payroll threshold, and decide to purchase shares in a separate business also under the threshold level, than the accumulative payroll from both businesses may attract payroll taxes.  It can be an unwelcome surprise and expense for the other shareholders in both businesses.  The sharing of the tax free threshold and the different state rules further compound the complexity of this tax system.

Payroll tax is payable monthly in South Australia to RevenueSA.

Who is liable for Payroll Tax?
A payroll tax liability arises in South Australia when an employer (or a Group of employers Eg. Companies related by common director(s)) has an annual wages bill in excess of $600,000 for services rendered by employees anywhere in Australia if any of those services are rendered or performed in South Australia.

RevenueSA recommends employers register for payroll tax when their wages bill consistently exceeds $12,500 per week.

If you are reaching the Payroll tax threshold in South Australia, you will need to register with RevenueSA

You may also need to consider Contractors or Service Providers invoice payments when calculating your total wages bill. To check, you can use the ATO's Employee / Contractor decision tool.

Exemptions - As you may expect, certain non-profit organisations are exempt from paying payroll tax and believe it or not! the creator / producers of motion pictures are too, subject to the ministers approval.

Apprentices and Trainees had been exempt from payroll tax however on the 1st of July 2012, the South Australian Government enforced the payroll tax threshold to include the wages of people being training.

What are considered 'Wages'?

In South Australia any remuneration provided to an employee is considered a Wages. It is the sum total of Wages, salaries, superannuation contributions, commissions, bonuses, allowances, directors fees, fringe benefits, payments in kind, eligible and termination payments.


If you are unsure or need assistance to minimise your Payroll Tax and exposure, simply choose a suitable time to see us.