Small Business

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

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/

Xero Online Accounting Software

Xero online accounting software is cloud-based software that can be accessed anywhere. Features include entering daily transactions, processing payslips for employees, sending quotes and invoices to customers and completing bank reconciliations using the bank-feed feature. This software also allows you to complete and lodge ATO forms like activity statements, payment summaries and statements, taxable payments annual reports and tax file number declarations. This cloud-based software will save and back-up your data automatically and will even allow you to save copies of original documents (e.g. receipts and tax records).   

Xero allows a one month free trial to all new clients to decide if this is the software for them. Please click on the below link if you would like to know more about this software or contact my office as I am a Xero Certified Advisor and have experience using this software.

https://www.xero.com/au/why-xero/benefits/online-accounting/

Simpler BAS

If you are a small business and you have Business Activity Statements lodged, then from 1 July 2017 your BAS forms will automatically transfer to Simpler BAS forms. The only items that will need to be reported include: Total Sales, GST on Sales and GST on purchases. Please see below for more information from the ATO.

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Goods-and-services-tax-(GST)/Simpler-BAS/ 

2017 Federal Budget Highlights

Please see the below link for an overview of the 2017 Federal Budget which was handed down last night.

“Instant Asset Write-Off – The $20,000 instant asset write-off for small business will be extended by 12 months to 30 June 2018, for businesses with an aggregated annual turnover of less than $10m. Assets must be acquired and installed ready for use in your business by this time.”

“Foreign Worker Levy – As an incentive to employ Australian workers, businesses that employ foreign workers on certain skilled visas will be required to pay a levy that will provide revenue for a new Skilling Australians Fund from March 2018.”

There are many more changes that can be read below.

http://abnblog.austbook.net/2017-federal-budget-hightlights/

Accelerated depreciation for Small Business

Are you aware of the small business accelerated depreciation ? If you trade as a small business entity than you are entitled to an immediate deduction for purchases of depreciable assets costing less than $20,000. This will end on 30 June 2017 so now is a great time to consider new purchases to reduce tax. Please click the link below for more information.

https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/Small-Business—expanding-accelerated-depreciation/

 

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