Gusto mo bang maging

@remotereyz

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Remote Australian Bookkeeping Services

Why it worked

The video provides valuable educational content for aspiring bookkeepers, breaking down complex Australian financial terms into easily digestible explanations. The creator's clear delivery and the use of on-screen text make the information accessible and memorable, encouraging viewers to save and follow for more.

Summary

The video introduces common bookkeeping terms for those looking to work with Australian clients. It explains terms like ATO, ABN, TFN, GST, PAYG, Superannuation, Tax Agent, ASIC, and Fairwork Ombudsman, highlighting their functions and relevance in Australian business and accounting practices.

Structure

1Introduction to Australian bookkeeping terms
2Explanation of ATO, ABN, TFN, GST
3Explanation of PAYG withholding and installments
4Explanation of Superannuation
5Explanation of Tax Agents, ASIC, and Fairwork Ombudsman

Product placement

Australian Taxation Office (ATO) - acts as the Australian equivalent of the BIR in the Philippines, collecting taxes, monitoring GST, payroll taxes, and superannuation. Removing it would change the context of the video. Australian Business Number (ABN) - a unique 11-digit identifier issued by the Australian Business Register, required for businesses to operate, issue tax invoices, and register for GST. Removing it would change the context of the video. Tax File Number (TFN) - a nine-digit number used in the Philippines for tax-related transactions with the BIR. Removing it would change the context of the video. Goods and Services Tax (GST) - the Australian equivalent of VAT in the Philippines, applied to businesses with an annual turnover of $75,000 or more. Removing it would change the context of the video. Pay As You Go (PAYG) withholding - income tax deducted by employers from employees' wages in Australia. Removing it would change the context of the video. PAYG instalments - pre-payments of a business's income tax, made in instalments throughout the year. Removing it would change the context of the video. Superannuation - Australia's retirement savings scheme, where employers are required to pay 12% of ordinary time earnings to their employees' chosen super fund. Removing it would change the context of the video. Tax Agent - professionals registered with the Tax Practitioners Board (TPB) who can prepare and lodge tax returns and activity statements on behalf of businesses or individuals. Removing it would change the context of the video. Australian Securities and Investments Commission (ASIC) - the Australian equivalent of the SEC in the Philippines, regulating companies and financial services. Removing it would change the context of the video. Fairwork Ombudsman and Fairwork Commission - Australian bodies that enforce minimum wages, entitlements, and working conditions under the Fairwork Act. Removing it would change the context of the video.

Original caption

📚 Becoming a Remote 🇦🇺 Bookkeeper – Episode 2 Before you can confidently work with Australian clients, you need to speak the language of Australian bookkeeping. In this episode, we’ll cover the terms that you’ll probably hear every day. Learn them early, and everything else will start making more sense. Save this for your study notes, and follow the series for more beginner-friendly Australian bookkeeping lessons. 💻✨ #AustralianBookkeeper #Bookkeeping #Xero #VirtualBookkeeper #RemoteWork

Transcript

Gusto mo bang maging Australian bookkeeper? You need to memorize these terms because trust me, maririnig mo sila everyday. Hi, I'm Reyz. I'm an accountant and bookkeeper for Australian businesses for more than a decade now. And today I'm going to share with you some of the common terms that you will encounter while working as an Australian bookkeeper or accountant. Let's start with the first one. The first one is Australian Taxation Office or the ATO. Sila yung parang BIR nila sa Australia, but think of it as much bigger. They are the ones who collect taxes, they monitor the GST, the payroll taxes, and superannuation. And they also make sure that compliant yung mga businesses. The next one is Australian Business Number or ABN. ABN is a unique 11 digit identifier issued by the Australian Business Register. Kailangan to ng mga businesses to actually operate, to issue tax invoices, and also to register for GST. It's like a business ID in Australia. The next one is Tax File Number or TFN. Ito naman yung parang TFN natin sa Philippines. So, individuals and businesses needs this nine digit number if they need to do any tax related transactions to the ATO. The next one is Goods and Services Tax or GST. This is also called as VAT or Value Added Tax natin sa Philippines. A business has an annual turnover of 75,000 per year, they are required to register for GST. It's like a business ID in Australia. The next one is Tax File Number or TFN. Ito naman yung parang TFN natin sa Philippines. So, individuals and businesses needs this nine digit number if they need to do any tax related transactions to the ATO. The next one is Goods and Services Tax or GST. This is also called as VAT or Value Added Tax natin sa Philippines. A business has an annual turnover of 75,000 per year, they are required to register for GST. The next one is Pay As You Go or PAYG. By dalawang klase ng PAYG, PAYG withholding and PAYG installments. PAYG withholding is yung winith-hold ng employers sa mga employees nila. So, instead na magkaroon sila ng very big tax bill at the end of the year, yung mga businesses, they are paying or they pre-pay their income tax in installments throughout the year. Same din sa Philippines, our employees deduct income taxes and then they report it to the BIR. Same din sa Australia, yung employers, they will deduct the PAYG withholding from the employees and then report it to the ATO. The next one is PAYG installments. PAYG installments is basically pre-payment ng income tax ng business. So instead na magkaroon sila ng very big tax bill at the end of the year, yung mga businesses, they are paying or they pre-pay their income tax in installments throughout the year. So yun, those are the common terms that I will encounter if you're working as an Australian bookkeeper or accountant. I will also add two key regulators in Australia. The first one is Australian Securities and Investments Commission or ASIC. ASIC is just like SEC here in the Philippines. The last one is Fairwork Ombudsman and Fairwork Commission. Sila naman yung parang dole sa Australia. So they enforce minimum wage rates, entitlements, and working conditions under the Fairwork Act. If you are a bookkeeper who's also doing payroll for your clients, you need to ensure na yung payroll is complying sa mga Fairwork awards and agreements. Again, Tax Agent is also registered under the TPB or Tax Practitioners Board. They are the ones who can nominate or act on behalf of the business or the individual sa ATO. Again, Tax Agent is also registered under the TPB or Tax Practitioners Board. They can represent the business or the individual sa ATO. Bonus! I will also add two key regulators in Australia. The first one is Australian Securities and Investments Commission or ASIC. ASIC is just like SEC here in the Philippines. The last one is Fairwork Ombudsman and Fairwork Commission. Sila naman yung parang dole sa Australia. So they enforce minimum wage rates, entitlements, and working conditions under the Fairwork Act. If you are a bookkeeper who's also doing payroll for your clients, you need to ensure na yung payroll is complying sa mga Fairwork awards and agreements. So that's all the terms that I am sharing with you for now if you're learning to become an Australian bookkeeper. Say this video because these are the terms that you will hear from day one. Hi!