Single Touch Payroll is coming for small businesses

Single Touch Payroll is coming for small businesses If you have any employees, (including yourself), or You are self-employed as a PAYG earner, Then you need to be ready for the changes from 1 July 2019.   Big changes are coming to the way your small business reports its employee tax and super obligations to the ATO. The easiest option is using payroll or accounting software which offers Single Touch Payroll (STP). The software means Employers send their employees’ tax and super information to the ATO each time they run their payroll and pay their employees. The new system was launched last year for employers with 20 or more employees, but following legislation passed on 12 February 2019, it has now been agreed that STP will apply to all smaller employers (those with less than 20 employees) from 1 July 2019. No matter how few staff you employ (even one or two), the STP rules will still impact you, even if you don’t currently use a payroll software package. To help small employers, the ATO is preparing a number of measures to ease the burden for small employers still preparing payrolls manually, including asking software developers to build low-cost STP […] read more

Instant tax write-off for small business assets extended

Instant tax write-off for small business assets extended The Prime Minister has announced that, from 29 January 2019, the instant asset write-off scheme will be extended so that it is available to small businesses until 30 June 2020. It is proposed that the threshold for the assets purchased under the scheme be increased from $20,000 to $25,000. The scheme allows small businesses to claim a tax deduction for the purchase of a new or second-hand asset costing less than $25,000, instead of depreciating the cost over several years. There is no limit on how many assets may be claimed. It is important to note that this change must be passed by parliament. The government intends to introduce a Bill when parliament resumes on 12 February 2019. If you would like more information about the instant write off.   Please call our office to discuss how this can assist your business. read more

Scammers changing tactic

Scammers changing tactic The ATO has warned taxpayers to be alert for scammers impersonating the ATO, as they are changing tactics. “We are seeing the emergence of a new tactic, where scammers are using an ATO number to send fraudulent SMS messages to taxpayers asking them to click on a link and hand over their personal details in order to obtain a refund,” ATO Assistant Commissioner Karen Foat said. The ATO said that there are some tell-tale signs that a contact is a scam, including: • they send you an email or SMS asking you to click on a link to provide login, personal or financial information, to download a file or open an attachment • they use aggressive or rude behaviour, or threaten you with arrest, jail or deportation • they request payment of a debt via iTunes, Google Play or pre-paid Visa cards, cryptocurrency or direct credit to a personal bank account • they request a fee in order to release a refund owed to you. The ATO released data on scams in December 2018. Some of its findings include: • more than 25,000 phone scam reports were recorded by the ATO in December • more than 1500 […] read more

When is a contractor not a contractor?

When is a contractor not a contractor? Mistaking an employee for a contractor can devastate any business, with fines of up to A$63,000 per breach. Contract work is definitely on the rise. A recent survey by PwC revealed that 46 per cent of global human resources (HR) professionals believe contractors or temporary workers will comprise at least 20% of their workforce by 2022. The sentiment is strongest in China, where half of the survey’s respondents believe traditional employment is being chipped away by an emerging preference among workers for greater freedoms, entrepreneurship and specialist skills. In Australia, 23% of employers say they now regularly engage contract or temporary staff – with another 44% employing them for special projects – according to the 2017 Hays Salary Guide. The Australian Bureau of Statistics estimates there are one million independent contractors currently working in Australia, representing about 9% of the workforce – an increase of 2% in the last six year. Why use a contractor? For a businesses looking to lower overheads and improve flexibility, contracting appears to be a perfect solution. In theory, employers can hire the resources they need, when they need them, without taking on the associated infrastructure and taxation overheads required for permanent employees. In Australia, […] read more

2018 Tax Return Questionnaire

2018 Tax Return Questionnaire Please complete this form to assist us in completing your income tax return 2018 Tax Return Questionnaire Rental Property Checklist South East access services is always of exceptional quality, focusing on: Business Development & Support Management Accounting Tax Return Preparation Stress-free reporting to the Australian Taxation Office read more

2017 Tax Return Questionnaire

South East access services is always of exceptional quality, focusing on Tax Return Preparation and stress-free reporting to the Australian Taxation Office. read more

Small Business online seminars

Small business operators and those just starting or thinking about starting a new business, should consider participating in these free tax webinars. read more

Good Record keeping for small business

compliance-made-easy-package Businesses must keep the following records: Sales records Sales invoices, including tax invoices Sales vouchers or receipts Cash register tapes, credit card statements Bank deposit books and account statements Records of purchases expenses purchase/expense invoices, including tax invoices purchase/expense receipts, which include an ABN cheque butts and bank account statements credit card statements records showing how you worked out any private use of something you purchased Year-end income tax records motor vehicle expenses debtors and creditors lists stocktake sheets depreciation schedules capital gains tax records. Good records will help you determine if one is eligible to claim small business capital gains tax (CGT) concessions. Some of the records your business should keep include evidence of: the market value of relevant assets just before the CGT event (to demonstrate eligibility for the $6 million maximum net asset value test) carrying on a business, including calculation of turnover (to demonstrate eligibility for the small business entity test) how capital losses have been calculated and carried forward to later years relevant trust deeds, trust minutes, company constitution and any other relevant documents. South East Access can provide both on site and offsite bookkeeping services ranging from the simplest data processing through to a […] read more

Warning of Yellow Pages directory scam

Money Matters The Australian Competition and Consumer Commission (ACCC) is warning small businesses to watch out for a business directory scam. Small businesses have reported receiving a fax claiming to be from ‘Yellow Page Australia’ and ‘Open Business Directory Ltd’. The fax appears to be seeking confirmation of the contact details for their business. However on closer inspection, the fax is an agreement to sign up to an online business directory service charged at $99 per month for a minimum two-year period. Small business operators should be alert and follow these key rules: If you receive a ‘Yellow Page’ fax or email, bin it. Sensis, the owners of the Yellow Pages® directory, will never approach you this way If you get a threatening phone call, email or fax demanding payment – ignore it and report it Ensure employees are aware of this scam and know how to protect your business. If you think you have come across a scammer you can report it to the ACCC via SCAMwatch Don’t get caught by Business Scammers Should you require more information regarding financial and identity protection, please feel free to contact the team at South East Access read more

Don’t get caught by Business Scammers

SCAMwatch is warning business owners and individuals to remain vigilant against scammers impersonating government officials with false claims of owed money. A new scam targeting small businesses involves individuals claiming to be from the Australian Treasury, including the Treasury Reclamations Section, and offering to recover overpaid bank fees in return for a ‘processing fee’. Protect your business from a potential scam by: deleting a suspected scam email hanging up on a suspected scam phone call not sending money or giving away your financial details to anyone you don’t know or trust Businesses should be aware of scam calls or emails claiming you to be entitled to reclaim fees or rebates. The Australian Competition and Consumer Commission’s (ACCC’s) Small Business Scams Fact Sheet (PDF)  also provides tips to help protect your business from scams. Advice from the Australian Government Business Resource on preventing being caught by Business scams … More Details Don’t get caught. Don’t reveal to anyone you do not know your personal details, including your date of birth and tax file number. More details Scammers are targeting job seekers Should you require more information regarding financial and identity protection, please feel free to contact the team at South East […] read more