Live Accounting Services  & Associates

 

The Goods & Services Tax (GST) is formally and intentionally a consumption tax, a tax on the final consumption of a good or service.  It is created to be a tax on the ultimate end consumer and not a tax on business.

 

However every transaction between businesses or from a business to a consumer has to be considered for GST. The final amount of tax is collected at every transaction along the way.

 

 Every Business acts as a collection agent for the government in relation to GST.  From the initial raw supply of the base item through to the final sale and consumption of the end product GST may have been paid and refunded many times between the respective businesses and the tax office.

 

Bookkeeping Services rendered to consider whether the right paperwork has been created (Tax Invoices), whether GST applies (to charge or not to charge GST), whether the transaction has to be reported (the form), whether GST can be refunded (claiming credits) and whether to get help.

 

 

 

 

SOFTWARES

 

A business should be able to have their advisers (Bookkeeping and/or Accountants) access the actual file of the business without themselves losing access, from anywhere anytime.

 

We have in the Australian Market:

 

• MYOB – the long term small business solution alive and kicking with multiple solutions

• Xero – the newer cloud based / browser based solution expanding and awakening the market

• Intuit – the big USA player bringing its cloud based / browser based solution to Australia (branded as “QuickBooks Online”)

• Reckon – long term Australian player changing its solutions after breaking with Intuit (Previously Quicken and QuickBooks branded, now “Reckon” branded)

• Saasu – the quiet achiever, long term cloud based / browser based Australian solution.

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There are others as Handledger, Handitax, Quickbooks.