Easter is coming! And so it is Fringe Benefits Tax time. (Insert applause). We know. It's not half as exciting, is it? Yet it is all just as important as unwrapping those golden chocolate eggs on Easter Sunday. We'll leave those visions with you but for now, back to FBT. What is Fringe Benefits Tax? Fringe Benefits Tax, known as ... read more >>
What's that phrase we are taught by our parents as kids? You learn from your mistakes. In some cases, not! We continue to see the same mistakes pop up year after year. So we bring you our top 6 mistakes for 2023. It's just those same mistakes over and over! Top 6 Trust Accounting Mistakes for 2023 Revoking Don't ever ... read more >>
We all know those people who like to eat their ice cream cones from the bottom up. Note to self - do not hang out or be influenced by these people. They are odd. Same goes for your ledgers and banking. Do not do your process in reverse. You'll just end up with ice cream all over your shirt. So ... read more >>
Earlier this month we discussed unpresented payments and how to avoid them. This week we go one step further with best practice when dealing with unpresented cheques. The use of cheques has been declining in Australia and many other countries due to the increasing popularity of online banking. According to 9news.com.au cheques will be completely phased out in Australia by ... read more >>
We all have those things that keep rearing their little heads every month. One being unpresented payments. Do we hear a hell yeah? What is an unpresented payment? An 'unpresented payment' in a Trust Account typically refers to a transaction or payment that has been recorded in the Trust Accounting system but has not yet been presented to the bank ... read more >>
Earlier this month we bought you our Top 5 Trust Account Reporting Requirements for End of Month. Now, it's time to tackle the same for general record-keeping. Monthly reporting requirements queries are some of the most common questions and searches we see in our industry. Even the most seasoned of Agents and Licensees need a refresher sometimes. Ain't no shame ... read more >>
Need a brush-up on your End of Month Trust Accounting reporting requirements? Do not fear we have you covered. Better yet, we have kept it nice and straightforward to summarise our top 5 pointers to ensure you have your Trust Account in working order. These 5 simple and straightforward requirements are all you need to know to complete your End ... read more >>
Earlier this month, we discussed various rent payment options and the importance of offering your tenants several ways to pay their rent. Now let's chat about what happens with a dishonoured rent payment and what to do when Landlords change their banking details. Dealing with dishonoured rent payments A dishonoured rent payment is when a payment made by the tenant ... read more >>
We've all heard the expression less is more? Whilst this may not always be the case (pastries, good books and quality wine), it is bang on when it comes to rent payment options. The NSW Residential Tenancies Act 2010 stipulates a minimum requirement of 2 payment methods of which to pay rent. One of these must be free to the ... read more >>
End of the month and bank not reconciling? Freaking out and wondering where to start looking? It can be really stressful not being able to reconcile your Trust Account. Especially if it happens on the last day of the month. So where do you start? This all depends on the Trust Accounting software you use. However, generally, the principals for ... read more >>
