Our Services
As your outsource bookkeeping partner we will supply you with a service provision document outlining exactly what services we will support you with on a weekly and/or monthly basis.
Our Services Include
- New system setup including general ledger chart of accounts
- Accounts payable data entry and ongoing management
- Accounts receivable data entry and ongoing management
- Bank and Credit Card Reconciliation
- Inventory control
BAS Service *- Fixed Asset Register management
- Reporting -
-Weekly, monthly & quarterly P&L, Balance Sheet and Cashflow reports
-Financial year end reporting
-Tax Reporting - GST, PAYG - Budget v Actual comparisons
* BAS Service: This service includes BAS report supplied to client showing all details to enable completion of their own BAS statement for lodgment to the ATO. At this stage, due to legislation requirements, Moneymind Bookkeeping cannot supply advice on how to lodge or fill out BAS Statements.
ATO Section 251L of the Income Tax Assessment Act (1936) and its Impact on Bookkeepers
Ordinarily, bookkeepers cannot legally prepare a BAS and charge a fee for doing so. Section 251 L prohibits this and imposes severe penalties. The ATO Fact Sheet titled "Important information for bookkeepers providing BAS services" discusses this issue in some depth.
However, Section 251 L(1) does allow bookkeepers to prepare BASs and charge a fee for doing so, provided they are "working under the direction of a registered tax agent". The ATO's Guidelines for 'working under the direction of a registered tax agent' were released in February 2006 and set out the ATO's interpretation in this matter.
