Small Business

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

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/ 

Scroll to Top