A business is classified as a small business entity where the aggregated annual turnover is less than $10 million. The aggregated turnover is based on the ordinary income earned in the course of running the business (annual turnover) plus the annual turnover of any business connected or affiliated with you.
SINGLE TOUCH PAYROLL: Single Touch Payroll (STP) is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you pay your employees.
Single Touch Payroll – The Australian Taxation Office has extended the STP obligations to all employers. Parliament has approved legislation to extend Single Touch Payroll (STP) reporting to include all small employers (fewer than 20 employees) from 1 July 2019. Don’t know what STP is?
Hot Election Topic explained – Franking Credits Proposal What is the proposal? The House of Representatives Standing Committee on economics has announced an inquiry in the implications of removing refundable franking credits. The inquiry is going to report on the use of franking credits and who franking credits support and who would be impacted if
Merry Christmas – Staff Bonuses If you are considering paying your staff a bonus before Christmas keep in mind tax on the bonus will need to be calculated manually. If you allow your software to calculate the tax it won’t be able to differentiate between a bonus and weekly wage, hence the need to calculate
Australian Taxation Office Text Messages Over the last week we have been contacted by some concerned clients who have received ATO text messages. The ATO recently advised they will contact taxpayers via text message for overdue form lodgements or overdue payments of GST or Income Tax. However, the ATO will never ask you to respond via
With the banking review performed in March 2018 Lending rules have tightened. As part of this if any of you are considering applying for finance keep the below in mind: Finance applications are not being approved as quickly as they have been historically; Current financial information is required, this means current year tax returns and
In order to claim superannuation contributions as a tax deduction your payment to super has to be made and cleared within the superannuation fund by 30th June 2018.
Over the years the Australian Taxation Office have continued to wise up and reduce or completely remove previously available deductions. Years ago when year end approached it was a crazy shuffle of money, cheques and paperwork. The Australian Taxation Office has sealed a lot of the old cracks, but there are still a few legitimate
The sharing economy is booming thanks to the far-reaching capability of the internet and the growing use of smart phones. While it might have started as a good way to get a little more cash and fun, people often are unaware that sharing their private home or car with strangers or doing the lawn for
The Federal Government recently announced a raft of new initiatives under their “National Innovation and Science Agenda” which you may have seen advertised on television. One of these initiatives was incentives for anyone who invested new equity capital in an eligible startup business.
“What’s the best accounting software for my business?” As accountants we’re asked that a lot. And for most small- and medium-sized businesses the answer is, without hesitation, Xero. Why? Because we think it’s the best accounting software currently available. And here are ten reasons why we keep recommending it to our clients. Easy to use
One of the biggest advantages of working with Xero and the cloud is having instant access to the information you need. Xero’s daily bank feeds provide access to the latest financial data as soon as it’s available. However, as a business owner you need more than just the standard Profit & Loss (P&L) and Balance
Taking control of your cashflow and managing debtors are challenging elements to running a successful business. Reminding people to pay you on time is a crucial function in a business, yet often business owners are so busy that they overlook it. Sure, you could hire staff to chase up and remind your debtors for you,
We love the Xero cloud accounting platform, but one of the reasons for that is not just the Xero app itself: It’s the ‘app eco-system’ of addon partners that provide specialist software programs that integrate simply and easily with Xero. These addon apps help you to improve efficiencies and information flow in your business.
Starting a new business for the first time can be tough. You’ve always dreamed of making a living doing what you enjoy, and you expect to take the world by storm the moment they hear about your new venture. Unfortunately, reality doesn’t always work that way. Chances are the world won’t fall in love with