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.
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.
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.
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.
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:
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.