Accountability BAS & Bookkeeping Services - Mount Richon

09/03/2026

📊 ACCOUNTING FOR A VEHICLE PURCHASE ON FINANCE

Buying a vehicle for your business through finance? Here's how to correctly account for it so your books reflect the true picture:

🔹 1. Record the Vehicle as an Asset
The full cost of the vehicle (including stamp duty and delivery) is recorded on the balance sheet under "Motor Vehicles". Even if you haven't paid upfront, the business still owns the asset.
🔹 2. Record the Loan as a Liability
The financed amount is recorded as a liability—often labelled as "Chattel Mortgage Payable" or "Vehicle Loan Payable". This shows your obligation to repay the lender.
🔹 3. Split the Repayments
Each repayment typically includes principal and interest.
The principal reduces the loan liability.
The interest portion is recorded as an expense on your profit and loss.
🔹 4. Depreciate the Vehicle
You'll need to depreciate the vehicle over its useful life. This spreads the cost over time and is a non-cash expense that reduces taxable income.
🔹 5. GST Credits
If you're GST-registered and the finance is structured as a chattel mortgage, you may be entitled to claim 100% of the GST on the vehicle cost upfront—even though payments are made over time. Be sure to check the terms with your bookkeeper or accountant.

💡 Tip:
Proper accounting not only keeps you compliant—it helps manage cash flow, maximise deductions, and show a clear financial picture.
Need help setting this up? Our experienced bookkeepers at ABBS are ready to help keep your accounts roadworthy! ✅

If we can help with any of your bookkeeping, payroll, superannuation, or BAS services, call us.

We can share your burden and lighten your load.

📞1300 0 ABBS 0 (1300 022 270)

27/02/2026

26/02/2026

✨ Exciting News from ABBS! ✨

We're thrilled to share that Accountability BAS and Bookkeeping Services (ABBS) has expanded!

🎉 Introducing ABBS Tax 🎉
Alongside our usual bookkeeping and BAS services, we can now assist with personal and business income tax returns — giving you a more complete, end-to-end solution under one roof.

👩‍💼 Our Tax Services
All tax returns are prepared by Victoria Mendoza, operating under the supervision of the Tax Agent Pathway (TAP) (Tax Agent No. 26113206) until full registration.

As always, all work is completed in line with ATO requirements and professional standards.

💡 What this means for you:
✔ One point of contact for bookkeeping, BAS and tax
✔ Better alignment between your records and tax reporting
✔ The same trusted ABBS support you already know
✔ No changes to your current bookkeeping relationship — just more support available

📋 Our Services
💡Existing ABBS Services:
• Bookkeeping
• Payroll
• BAS & IAS lodgements
• Superannuation

💡New ABBS Tax Services:
• Individual tax returns
• Sole trader tax returns
• Partnership tax returns
• Company tax returns
• Trust tax returns
• SMSF tax returns
• FBT returns
• Capital gains tax (CGT on assets)
• Tax return amendments
• Nil tax returns

Want to chat about your next tax return or have questions?

📞1300 0 ABBS 0 (1300 022 270)
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We look forward to continuing to support your business and your tax needs 💙

30/12/2025

30/09/2025

🔥 Calling all business owners! 🔥

Want to take your business to the next level?

Here are some HOT tips to ignite your success:

Know your audience inside and out. Understand their needs, desires, and pain points to effectively tailor your products or services.

👉Build a strong brand that resonates with your target market. Consistency in branding across all platforms fosters trust and loyalty.

👉 Prioritize customer service. Happy customers are loyal customers. Go above and beyond to exceed their expectations.

👉 Embrace innovation and adaptability. Stay ahead of the curve by constantly seeking new opportunities and embracing change.

👉 Invest in your team. Your employees are your greatest asset. Nurture their talents, provide growth opportunities, and foster a positive work culture.

👉 Keep a close eye on your finances. Monitor cash flow, budget wisely, and invest strategically to ensure long-term sustainability.

👉 Leverage the power of networking. Build strong relationships with other professionals, mentors, and industry leaders to open doors to new opportunities.

👉 Stay focused on your goals. Set clear objectives and develop a roadmap to achieve them. Stay disciplined and persistent, even in the face of challenges.

👉 Embrace feedback and continuous improvement. Learn from both successes and failures to refine your strategies and enhance your business.

👉 Don't forget to take care of yourself. Maintaining a healthy work-life balance is crucial for long-term success and happiness.

Ready to take your business to new heights? Implement these tips and watch your success soar! 💼✨

We are on the home stretch to the end of the financial year!

In our recent blog, we provided some hot tips for Business Owners on how to have a smashing end to this year and a successful new financial year.

Read more tips here 👇👇
https://bit.ly/39aviBx

If we can help with any of your bookkeeping, payroll, superannuation, or BAS services, call us. We can share your burden and lighten your load.

📞1300 0 ABBS 0 (1300 022 270)
📧 [email protected]
🌐 https://www.myabbs.com.au/

29/09/2025

This quote emphasizes the power of clear, focused goals. Just like a magnet attracts metal, having well-defined goals can draw the right opportunities, resources, and actions toward making those goals a reality. It suggests that when you set your sights on something, the right elements will start to align to help you achieve it.