Chesterton Accounting

Single Touch Payroll

Are you ready for Single Touch Payroll? As of the 1st of July, every employer will be required to use some form of payroll software to report to the ATO. Xero’s Payroll Only plan is just $10 a month, allowing you to efficiently report your payroll obligations to the ATO in a matter of clicks. If you are interested in learning more or would like assistance in your account set-up then please contact our office on 07 4179 0106.

https://www.xero.com/au/features-and-tools/accounting-software/payroll/payroll-single-touch-payroll/

Wage Theft is Now a Criminal Offence!

Wage theft is now a criminal offence! Employers who are deliberately under paying staff could find themselves in jail. Wage theft includes the following: underpayment of wages, unpaid super, unpaid penalty rates, unauthorized deductions from pays, the misuse of ABNs and sham contracting. Please see the below link for more information.

https://mysunshinecoast.com.au/news/news-display/government-supports-making-wage-theft-a-criminal-offence,58239

Are you engaging in wage theft or are unsure if you are? Please do not hesitate to contact our office for a wage review on 4179 0106.

Top Budget Announcements for Small Business

The Federal Budget was handed down on Tuesday evening with a few small changes for Australian tax payers. The most significant change which affects small and medium business, is the instant asset write-off increase to $30,000. This new measure is not a permanent one and is set to be extended through till June 2020, however this may change. Now is a great time to purchase those larger capital assets as a great tax planning strategy before it is removed. If you would like to know what else has changed then please read the below article and feel free to contact our office if you need any clarification on the changes.

https://www.publicaccountant.com.au/news/morrison-government-delivers-measures-favourable-to-sme-sector?fbclid=IwAR2QaZVutzOcjLdHEPAw8Ek-icxqvEzR7Onjw-COQOgV3AS6kEgqanvu59E

Small Business Instant Asset Write-Off Increase

The small business instant asset write-off is set to be increased from $20,000 to $25,000 and will be extended to 30 June 2020. The Prime Minister has announced this new measure and expects it to benefit more than 3 million small businesses across Australia. Legislation still awaits to be introduced by Parliament but it is set to commence from 29 January 2019, this means that any assets bought from this date that are under $25K can be instantly deducted. Link below posted by the Liberal Party.
https://www.liberal.org.au/latest-news/2019/01/29/stronger-economy-its-about-people?fbclid=IwAR1cxwxuI52roICxv0n6bZq3plZNmRfz1MEoQG8Oe1qqJT_gPMw7H1kd3dY

Podcast: First Year Frontiers

Are you in your first year of business and would like to hear others stories on their successes? Listen to the below podcast from Xero to hear Luke Buesnel and Richenda Vermeulen discuss how important having a robust idea is when starting a business. That includes testing your idea in the market, validating your idea with others, drowning out the doubters (because they’ll always be there), and what the next steps are once you decide to push the go button.

https://www.xero.com/au/campaigns/firstfrontiers/episode-1/?mkt_tok=eyJpIjoiTnpJeFpEUTFNRFZtT1RkaSIsInQiOiJxWUVpRmF5NVRHSmJBSzZoZGM3anI2Ym4wSHJrczFOekRPNldFRnVBY1FyeDVEc2RKSWFvak1YWWVDeGhxSzF6cGpRWGhsbmJlaENHUTllSWpUZkFFdERSSWtCUjVxVzh3a3I0SEwrSjl6QkhmOVZaTGVNQWpJOGp4Y29KV1RLeiJ9

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