Chesterton Accounting

EOFY ready

Is your business ready for EOFY (end of financial year) ? Xero accounting software has a number of video series, articles and checklists to ensure that you have your financial information and data EOFY ready for your tax agent. Please follow this link:

https://www.xero.com/au/eofy/small-business/?mkt_tok=eyJpIjoiT0RWaFlqbG1ObVF5T0RNMyIsInQiOiJUZFZpWG1TdENXZzBKcnNJelErSERFK3hhNXR1UUxweW5rYnZMSXRIRlF1bFBlUlZYc0pyRFcrWUhTNjg1UXh2OEN2Sk5PUngxY29hZWNZUkU5N1NHTm51bHZYNGdFcnlRZ2hadTVIRnIrOTd3RzZHUm5vWHJGUmtQSUllOTZhMyJ9

Superannuation Guarantee Amnesty

The Government has announced from the 24th of May 2018, a 1 year Superannuation Guarantee Amnesty. This is a rare opportunity for employers to pay their overdue super liabilities without paying the ATO penalty and receiving a tax deduction for the payment. If employers with outstanding payments do not comply in the 1 year period, there will be harsher penalties. Please see the below link for more information.

https://www.ato.gov.au/Business/Super-for-employers/Superannuation-Guarantee-Amnesty/

 

Everlance Mileage Tracker Application

Do you want to claim more for business related car trips but hate the hassle of writing in a logbook ? Everlance is an android friendly application which can calculate the kilometres you drive for business trips. It also has automatic kilometre detection which can record kilometres for you without you having to do anything. Please see the below link for more information.

https://everlance.com/ 

The Notifiable Data Breaches Scheme

The Office of the Australian Information Commissioner (OAIC) has set out new privacy laws from the 22nd of February 2018 which could impact you. The Notifiable Data Breaches Scheme is a new process that must be followed if a data breach occurs. TFN recipients are one of the entities that are covered by the Privacy Act and therefore must comply with this scheme. So if you have employees in your business then you are a TFN recipient as you would hold that personal information of your employees. If you are a complying entity (TFN recipient or other entity detailed in below link) then you must keep these records safe and secure and notify the affected individuals and the OAIC if a breach occurs. If you would like more information about this then please see the below link for businesses.

https://www.ato.gov.au/General/Online-services/Identity-security/Security-and-privacy/Data-breach-guidance-for-business/

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