Niki's Bookkeeping and Admin Coffs Harbour

01/11/2023

❓ Did you know the tax-free threshold for Australia is $18,200. That means if you’re an Australian resident and you earn less than $18,200 you won’t have to pay any tax. 💲 💲 If you have paid tax and have earned below the threshold, you’ll need to lodge a tax return for your money to be refunded. You also won’t be able to claim any tax deductions.

👉 Don’t forget, your income can come from many sources, and will contribute towards your total taxable income. You’ll need to include bank interest, overseas income and government payments in your total income.

The tax-free threshold is equivalent to earning:
✅ $350 a week
✅ $700 a fortnight
✅ $1,517 a month.

23/10/2023

⏳️📖📚Are you spending too much time doing your books and not enough time growing your business? Let me take the stress out of managing your accounts.

From processing invoices and receipts to reconciling bank statements and preparing financial reports.
I'll ensure your records are always accurate and up-to-date so you stay tax compliant and know exactly where your business stands financially.

With insights into your cash flow, expenses and profitability, you'll be empowered to cover costs, seize new opportunities, and take your business to the next level.

☎️Contact me today 0435 970 170

15/10/2023

🤔 How long has it been since you were able to add to your savings? Many of us are facing financial challenges these days as the cost of living continues to rise. If saving has become a struggle, you're not alone.👥

💭 Focus first on covering your essential expenses like bills, food and housing. Don't be too hard on yourself if you can't save as much as before - something is better than nothing.

👛 Have you taken a look at small ways to trim your budget to free up a little extra cash each month? Maybe there's a subscription you're no longer using that could be paused. Every bit helps when times are tough.

🎩 The key is to be gentle with yourself right now. Prioritize needs over wants as much as you can. Small savings each month will add up over time. You've got this!

10/10/2023

🤔 What can sole traders claim as business expenses?

Here’s a brief overview:
👉 Tools, equipment and computer software
👉 Travel costs
👉 Home office costs
👉 Vehicle expenses
👉 Clothing and laundry
👉 Self-education
👉 Conferences and seminars

You may also be able to claim:
👉 Marketing and advertising costs
👉 Business and accountancy fees
👉 Legal fees
👉 Bank fees and interest
👉 Insurance premiums
👉 Union fees
👉 Journals and subscriptions
👉 Repair and maintenance

30/08/2023

Can I claim it?
That’s the question for a lot of small business owners 🤔
Is the expense solely for your business use?
Do you have records to prove your purchase?
If the answer is yes, you can claim!
Note: If the expense is a mix of business and private use, you can claim the portion that is used for your business. This could be a mobile phone you use for business and private purposes.

22/08/2023

Reconcile bank accounts 👩‍💻🖥🖨

With the ease of internet banking, businesses can balance their bank accounts each week rather than waiting for a printed monthly bank statement to arrive. Weekly reconciliation allows you to quickly rectify any irregularities and detect fraud before it becomes a bigger problem.

12/08/2023

Fact- As part of your investment property expenses, rental advertising costs are eligible for tax deductions, and you can claim them in the same year you paid for them. Make sure to keep proper records and include these expenses when lodging your tax return.

10/08/2023

End of Financial Year

Fun fact:

Over 100 countries end their financial years in December. But don’t forget, you still need to include any foreign income you received in your Australian tax return.

Do you earn income from overseas? 🌏

There are a few things to remember when declaring your foreign income:
✔️ Calculate your overseas earnings to our financial year
✔️ Check eligibility to claim a foreign income tax offset if you’ve already paid tax in another country
✔️ Convert your income into Australian dollars.

10/08/2023

I'm a Xero advisor &. experienced bookkeeper, listed on the Xero advisor directory (Xero website) who can provide regular advice and support with Bookkeeping and Office Admin.

09/08/2023

How to claim income protection insurance:
👉 The policy must be specifically designed to replace your income in the event of illness or injury
👉 The insurance must protect against the loss of income rather than covering capital, such as medical expenses
👉 You can only claim a tax deduction for the portion of the premiums that relates to your work or employment.