Are you aware that there are specific superannuation rules for employees who are 70 years old or more?

• Up until recently, superannuation payments were NOT compulsory for employees over 70
• ALL employees are now entitled to superannuation, despite their age
• All superannuation must be paid into an exsisting super fund (not directly to an employee)
• If their super fund has been closed, a new fund must be opened

If your employee is 65 years old or over, and meets the required work tests, then other contributions can also be made. For example, salary sacrifice into superannuation and employee contributions.

If your employee is 75 years old or over, only mandatory super can be paid and no other contributions can be made.

If you have any further questions, or if we can be of any further assistance, please contact us on 0417 150 555 or via our Facebook Page

Confused if you need to submit a TPAR by the 28^th August?

TPAR, or Taxable Payment Annual Reports, are applied to business-to-business transactions made in the Building and Construction industry. If you are in the Building and Construction industry, and you hire sub-contractors to provide building services then you are required to report sub-contractor payments to the ATO annually. Here is some information to help you:

What is recorded:

• Contractor’s name
• Contractor’s ABN
• Contractor’s address
• Total amount paid over the twelve-month period

Some activities which are defined as “building activities”:

• Construction
• Demolition
• Design
• Excavation
• Installation
• Maintenance

 Some activities defined as “building services”:

• Architectural (including drafting and design)
• Cabinet making
• Decorating
• Fencing
• Installation of hot water systems
• Rendering

Businesses engaging contractors report to the ATO from 1^st July to 30 June annually, this financial year TPAR are due by the 28^th August 2018.

If we can be of any further assistance, please contact us on 0417 150 555 or via our Facebook Page

With the 1^st of August brings some new, modernised wage awards changes. One of these new changes is the allowance for casual employees to have access to five days of unpaid leave per year. This leave is explicitly to allow employees to take time off for:

• Making arrangements for the safety of themselves, or the safety of a family member
• Attending court
• Using police services

This new change does apply to any employee who falls under an industry or occupation based award. Please also note that this amendment now applies to all casual and permanent employees.

This does not apply to employees who are covered under an Enterprise Award, State Reference Public Sector Award, Award and Agreement Free or Enterprise, and other registered agreements.

This leave is not accrued annually.

Take advantage of this AMAZING offer from Xero:

Until the 31st July 2018, you can receive a 50% DISCOUNT for FIVE months on NEW Xero Business Edition Plans

This over is only available until the 31st of July - So HURRY!!

If you require further assistance with this, or any other bookkeeping issues, please contact us either via phone on 0417 150 555, or via our Facebook Page

So, what exactly IS Payroll Tax?

Payroll tax is the tax which you, the employer, pay on employees’ wages. This is determined by the calculation on the amount of wages paid each month, and it is payable in the state where the services were performed.

Some examples of Payroll Tax payments are:

• Allowances
• Apprentice and trainee wages
• Bonuses and commission
• Directors fees
• Employment agency contracts
• Fringe benefits

The Payroll Tax Threshold for 2017/2018 Financial year was $750,000, and annual reconciliation reports are due by the 21^st July 2018. If you need assistance with this, contact us on: 0417 150 555.

From the 1^st July 2018, as included in the recent NSW budget, a small relief for Small Business, is the Tax-Free Threshold for Payroll tax increase from $750,000 to $850,000.

If you require further assistance with this, or any other bookkeeping issues, please contact us either via phone on 0417 150 555, or via our Facebook Page

Important Dates to Remember

Be sure to update your calendar with these important Due Dates; they are the last possible days to perform these actions.

1 July 2018                   3.5% minimum wage increase

14 July 2018:                Payment Summaries need to be provided to all employees either hard copy or electronically. If Payment Summaries are emailed, employees need to give their employer permission to do so.  It is always best practice to have all details correct, for example: postal address, phone number, etc

21 July 2018:                June Monthly BAS is due for both lodgement AND payment

28 July 2018:                Super for the June 2018 quarter due for both lodgement AND payment

                                    June Quarterly BAS due for lodgement AND payment

14 August 2018:           Payroll data needs to be submitted to the ATO

28 August 2018:           Lodgement of the TPAR reports

Don’t forget: If your business has 20 or more employees, Single Touch Payroll will commence from 1 July

Need any help with the above contact us by phone on 0417 150 555 or via our Facebook Page

Our Offer in now extended! Available until 08-JULY-2018! Hurry Before Time Runs Out, only 2 places left!!

Does the Financial Side of Your Small Business Take You Away From More Important Things?

Then We Have A Brand New Exciting Offer from Us to You!

For the 2018-19 financial year, we are pleased to offer NEW CLIENTS a 10% discount on the first three months of your plan when you

sign up with us on a 12 month contract before the end of June 2018!

Whatever your financial needs are, we can cover it. Currently we offer three, non-contracted, seperate monthly subscription packages:

However, if you sign up, on a 12 month contract, the rate for your first three months is slashed by 10%:

 That's quite a huge saving!!

There are some terms and conditions:

• This offer is valid to NEW Clients only
• Offer is valid for the first 10 people/businesses to take advantage of this bargain
• The contract must be negotiated and signed prior to 30 June 2018, and commence in July 2018, then run for 12 months after the start date
• Requires payment of plan 1 month in advance
• Pricing may differ slightly if you have your own software subscriptions

Let us, at All Accounted For Bookkeeping take care of your Small Business Finances so you can spend
more time doing the important things; like enjoying this view with family and friends

To find out more, contact us on 0417150555, through our website, or via Facebook

Happy EOFY!!

 Does the Financial Side of Your Small Business Take You Away From More Important Things?

Then We Have A Brand New Exciting Offer from Us to You!

For the 2018-19 financial year, we are pleased to offer NEW CLIENTS a 10% discount on the first three months of your plan when you

sign up with us on a 12 month contract before the end of June 2018!

Whatever your financial needs are, we can cover it. Currently we offer three, non-contracted, seperate monthly subscription packages:

However, if you sign up, on a 12 month contract, the rate for your first three months is slashed by 10%:

 That's quite a huge saving!!

There are some terms and conditions:

• This offer is valid to NEW Clients only
• Offer is valid for the first 10 people/businesses to take advantage of this bargain
• The contract must be negotiated and signed prior to 30 June 2018, and commence in July 2018, then run for 12 months after the start date
• Requires payment of plan 1 month in advance
• Pricing may differ slightly if you have your own software subscriptions

Let us, at All Accounted For Bookkeeping take care of your Small Business Finances so you can spend
more time doing the important things; like enjoying this view with family and friends

To find out more, contact us on 0417150555, through our website, or via Facebook

Happy EOFY!!

By the end of this year, all customers who have access to Xero will be required to use “2 Step Authorisation” to access Xero. Xero will commence their communication to clients with either subscriber, or payroll admin permissions, who have over twenty employees. Other businesses will then follow. 2 Step Authorisation is an additional layer of security for your software, which is an ATO requirement.

Do you need additional help or information to ensure that your business is ready for these changes? Contact All Accounted 4 Bookkeeping on 0417150555, or you can also contact us through our website, or via Facebook

Following the 2018 Annual Wage Review, the Fair Work Commission has announced that there will be a 3.5% increase to base pay rates. This new increase will apply to full pay periods on, or after, 01 July 2018. The new national wage rate, will be $719.20 per week (based on a 38 hour working week), or $18.93 per hour.

This will affect employees who are paid from the minimum wage, a modern award rate, or in some instances a registered agreement. As an employer, there are alterations which will need to be taken once the Commission updates the pay rates for each of the awards. Notification will be sent to employees once these rates are ready for review. Employers will then need to review their staff’s wage rates to ensure that they are in line with the new base rates.

Do you need additional help or information to ensure that your business is ready for these wage changes? Contact All Accounted 4 Bookkeeping on 0417150555, or you can also contact us through our website, or via Facebook

This week we look at a common annoying occurrence in both our business and personal lives; scams. Some uncomfortable statistics regarding common scams in 2017:

• Close to $5million was taken in scams last year
• According to the ACCC, there has been a 23% spike in business loss due to scams in 2017
• A quarter of all scams are “false bills”
• Employment and investment scams cost nearly $1.7 million
• There was an increase in reported loss for false bills, employment and investment scams
• Scammers don’t discriminate against businesses

So, what is a “false bill?” you may well ask. A false bill is a document which has been forged by an unauthorised party to appear as though it has been sent by a genuine creditor. Examples include invoices for directory listings, advertising, domain name renewal, or office supplies.

A further extension to these “false bills” is what is known as an “employment and/or investment scam”. This type of scam offers services used by businesses for things such as web page development, search engine optimisation (SEO), small business loans, and directory listings.

Why are these scams dangerous? Quite simply because they appear so genuine. When a business signs up for one of these “services”, which seems like a fantastic idea (or great value for money), only to find their money is taken, but no service has actually been provided. Essentially the offer was not true.

The best and only real option is to be scam aware. How is this achieved? Businesses, and individuals, can instigate strong internal processes, put into place to ensure that they are not being scammed. Actions such as doing an ABN check to ensure that the business name and details match up, or taking the time to investigate the invoices thoroughly, additionally you can ensure that the invoice was sent by a legitimate company email address. These are all excellent practices to minimise the damage that scams are costing Australian businesses, and to make sure that your own business does not fall prey to scammers.

If you would like any further information or require our assistance because you believe you may have been preyed upon, please contact us via Facebook or call us on 0417150555 for more help today.

As we head towards the end of financial year once again, here are some tasks for you to consider which will make your End of Financial Year (EOFY) process smooth and seamless.

Is Your Accounts Receivable Ledger out of control?

It’s a great time to be reviewing your outstanding monies owed and ensuring every avenue for collection of these funds has been thoroughly explored. In some cases, monies owed may need to be written off as a bad debt. If possible, it is important that bad debts are written off prior to the EOFY.

Does your Accounts Payable Ledger need a clean-up?

It is the perfect time to check and ensure that what is showing at 30 June is accurate. Sometimes a bill may be entered into your accounting system incorrectly, perhaps entered in twice for example, showing an inaccurate amount of outstanding bills. These bills would need to be removed, showing a clear and accurate picture of your business. Sometimes paying for bills prior to 30 June can help with your June 2018 Quarter BAS.

Is there an asset that is under $20,000 which needs to be purchases?

If an asset is purchased prior to 30 June, the GST can be taken up in the June 2018 BAS with the full depreciation taken up in your annual tax return.

Are your Payroll Records Up-to-date and correct?

In many cases, when staff change home address, they neglect to advise the payroll staff. As the financial year approaches, it is always good practice to correspond with all staff members and advice them to provide the payroll officer with updated contact details as these details need to be accurate on their Payment Summary.

If you’d like any further help with or advise on ensuring your EOFY process is smooth and seamless, please contact us via Facebook or call us on 0417150555 for more help today.

Back in February, we reported that the Instant Asset Write-Off was being extended until the 30th June 2018. Great news! This has now been extended until the 30th June 2019! Find out more in the original article, below:

~~~

Original Article:

Date: Thursday, 15th February, 2018

The $20,000 instant asset write-off has now been extended until the 30^th June 2018 2019. This is in regard to the purchasing of an asset which costs less than $20,000 and can be immediately deducted on your business tax return. This is strictly for the business portion only. This threshold was applied from 12 May 2015, and is now available, as stated, until the 30 June 2018 2019.

As of 01 July 2019, this threshold will be reduced significantly, to $1000. If your business is eligible to use the simplified depreciation rules, the business portion can be immediately deducted, in your business tax return, on either a new or second-hand asset.

The criteria for immediate deduction is if you have a turnover of less than $10 million and the asset will be used, or installed, in the tax income year in which you plan to claim a deduction. Assets over $20,000, cannot be immediately deducted, they can only be deducted over time using a general small business pool.

For further information, please contact All Accounted 4 Bookkeeping on 0417150555, or via Facebook Messenger.

Unfortunately, when working with some small businesses, tax invoices which they issue can leave a lot to be desired for. There is a lot of important information which needs to be included in this small bit of documentation. When this information is missing, the tax invoice can be deemed invalid, causing all sorts of associated problems.

This is a comprehensive list of what information needs to be included in a valid Tax Invoice, as provided by the ATO Website: 

• Words Tax Invoice
• Seller’s name and ABN
• Issue date of invoice
• Description of items sold – including quantity and price
• GST amount included in the price
• Extent to which each sale includes GST
• For sales over $1000, purchaser’s name or ABN

They may look a little something like this:

For an invoice valued UNDER $1000.00 see below:	For an invoice valued OVER $1000.00 see below

Please note that businesses must hold a copy of all tax invoices for purchases over $82.50 including GST.

Still feeling concerned? Contact All Accounted for Bookkeeping via Facebook, or call 0417150555 today for any additional information or help.

Superannuation, or “Super” as it is known colloquially, is money which is put aside by your employer each quarter, and which can only be accessed once you retire or reached 65. The payment rate for Super is currently 9.5% of your gross wages.

If Super is not paid on time, it can become a non-deductible expense to the business, costing the business owner much more money. Super is a mandatory payment due, and payable by your employer, each quarter. Dates for the 2018/2019 Financial Year are as follows:

June Qtr           28 July
Sept Qtr           28 October
Dec Qtr            28 January
March Qtr         28 April

Although mandatory, some businesses do not pay their employees super. However, with the introduction of One Touch Payroll being rolled out, the government will have the ability to follow up with businesses who are non-compliant with superannuation rules.

There are exceptions to the rules though, for example, there are different rules for businesses who employ workers under the age of 18; for these employees, superannuation is not payable for employees who work less than 30 hours per week. Also, most awards explain that super is paid to employees who earn over $450.00 per month. Additionally, to be paid super in the hospitality and restaurant industries, these awards have a lower threshold of earning $350 per month.

Of course, there is plenty that we could say about Super, however we would love to hear from you and help you personally. So, if you have any questions please contact us on 0417 150 555 or via our Facebook Page.

As business owners, at the moment we are busy preparing our own 3^rd quarter BAS, so I thought I would share some tips to support other businesses to claim the correct amount of GST on their BAS. 

Some tips for easy reference are: 

• It is ALWAYS important to check your paperwork and only claim where applicable. This may sound like a bit of a no-brainer; however, you have to make sure you only claim GST on income or purchases which have attracted GST
• Some businesses claim GST on all personal purchases, loans, directors fess, etc. Such expenses do not attract GST. Adjustments may need to be made to your Chart of Accounts in order to allocate these expenses to “Not Reportable”
• Business owners often forget to include cash income and expenses to their accounts. It is important to include these transactions, this is because it shows an accurate picture of your business
• Don’t forget to include Capital Sales, which can include the sale of things such as motor vehicles, or trade-ins, as a part of a G1 (sales) of your BAS
• Not all suppliers are registered for GST. A great tool to use is the government’s ABN Look Up which enables you to check whether a supplier is GST registered and claimable on your BAS.

 As always, if you would like more help with GST, BAS, or any other bookkeeping services, please contact us either via our Facebook Page or on 0417 150 555.

As we come to a close on our third quarter BAS period, it’s a fantastic time to review our financials in preparation for the end of financial year. Having your accounts in order helps with planning tax and forecasting the direction in which your business will travel for the next twelve to eighteen months.

This may include things such as:

• catching up on allocating expenses to the correct account codes
• ensuring that income received has been correctly allocated
• following up on outstanding debtors
• reviewing payroll information
• catching up on superannuation payments

Having this information in check enables your accountant, and you as the business owner, to make accurate decisions in terms of purchasing assets, or the hiring of new staff. Additionally, as the immediate $20,000 asset write off ends as of June 30, having up to date information also assists in making these decisions easier.

With the implementation of Single Touch Payroll as of July 1^st 2018 for businesses with 20 or more employees, accurate records are fundamentally necessary for a smooth transaction into this new system.

If you’re feeling overwhelmed with your paperwork, we can help organise and get you back on track, ready for the financial year end.

Contact us for a business health check on either via our Facebook Page or on 0417 150 555.

For a limited time only, Xero is offering all new clients a 50% discount off their subscriptions for 5 months with either “Starter”, “Standard”, and “Premium” Plans. This offer is only available until Thursday 29^th March 2018, so get onto it before time runs out!

Have you been thinking of moving your current desktop accounting files or spreadsheets into an online accounting platform? Transitioning away from your existing accounting software has been made even easier with Xero!

Xero is an online accounting platform that enables you to run your business on the go. With finances available at your fingertips, Xero is compatible on multiple platforms including phones, tablets, and on computers. Even your Bank data is updated daily. Xero also gives you the option of inviting your bookkeeper or accountant to chat about your business in real time, keeping downtime to a minimum for them, yourself, and your staff because everyone can stay on task.

To take advantage of this amazing offer, contact on 0417 150 555 or contact us via Facebook. Hurry, time is limited!

What IS Single Touch Payroll (STP)? It is the electronic lodgement of Gross Wages, PAYG, and Superannuation Payable for employees of your business; all uploaded to the ATO.

As from the 1^st April 2018, a head count of staff will need to be carried out by all employers and reported to the ATO. If you have 20 or more staff on 1^st April 2018, you will need to implement STP as of the 1^st July 2018.

Software providers should roll out their updates prior to the commencement of Single Touch Payroll on 1^st July.

For businesses with under 20 employees, Single Touch Payroll will apply from 1^st July 2019.

Do not panic if you are currently not using cloud-based software, there will be alternatives available.

Need additional help or information to ensure that your business is STP ready? Contact All Accounted 4 Bookkeeping on 0417150555, you can also contact us through this website, or via Facebook

The updates to the Super Clearing House mentioned in earlier blogs, are now complete and the system is once again ready to be used. The layout has had a complete makeover, however, although located in different tabs, all previous functions are still operational. Pervious History is still viewable in the new template, so there is no loss of data.

To use the Super Clearing House, you will need Auskey, which can be downloaded off the ATO website (ATO Link: Getting an AUSkey). Once you are logged into the portal, the super information can be retrieved from the Managed Employee tab; this is located on the left-hand side of the screen.

To lodge either your monthly or quarterly period, you will need to click on the Lodge Payment Instructions tab. Payments are able to be made via Bpay, Direct Deposit, or Credit/Debit Card within seven days of lodgement.

Some of the changes to the Super Clearing House are:

• When entering employee information, you will need to have on hand their Super USI as well as the Super Fund’s ABN details
• Entry of all information can now be saved and retrieved prior to lodgement

If you have any queries about these updates and changes, please contact All Accounted 4 Bookkeeping on 0417 150 555, via email, or via our Facebook page.

Date: Thursday, 15th February, 2018

The $20,000 instant asset write-off has now been extended until the 30^th June 2018. This is in regard to the purchasing of an asset which costs less than $20,000 and can be immediately deducted on your business tax return. This is strictly for the business portion only. This threshold was applied from 12 May 2015, and is now available, as stated, until the 30 June 2018.

As of 01 July, this threshold will be reduced significantly, to $1000. If your business is eligible to use the simplified depreciation rules, the business portion can be immediately deducted, in your business tax return, on either a new or second-hand asset.

The criteria for immediate deduction is if you have a turnover of less than $10 million and the asset will be used, or installed, in the tax income year in which you plan to claim a deduction. Assets over $20,000, cannot be immediately deducted, they can only be deducted over time using a general small business pool.

For further information, please contact All Accounted 4 Bookkeeping on 0417150555, or via Facebook Messenger.

As from the 26^th January, 2018, the Small Business Super Clearing House will join the online Business Portal. As a result of this move, their website will not be available for use during the transition period of Tuesday, 20^th February to Sunday 25^th February, 2018 whilst data is moved into the new system.

All contributions for this period MUST be made prior to 3pm on Monday, 19^th February, using the current system.

To login into the new system from the 26^th February, businesses must have either an AUSkey, or manage ABN Connection via My Gov.

A reminder of the Superannuation Lodgment Schedule for 2017/2018:

Please also take note that with Superannuation payments, there are NO extensions given by the ATO. It is imperative that all super payments are lodged by the due date. This is because late payments can become a nondeductible expense to the business.

If you require more information, please contact us on 0417 150 555 or via Facebook Message.

The New Year is a fantastic time to set new business goals for your business as it keeps you on track in following months. Like all New Years Resolutions, to be successful; planning is essential. As with many businesses of today, many business owners have only little knowledge of the ever-changing rules, are time poor, and are struggling to have a smooth-running office.

As the BAS period approaches, it becomes a mad panic to have each period lodged accurately and on time. But when this is rushed, costly mistakes can happen; resulting in the business owner paying out more in both money and time.

So how can All Accounted 4 Bookkeeping help you achieve your business goals for 2018? We can help you become organised by relieving the stress of poor time management. We have extensive knowledge of tax rules, which will help you get back on the right track. We can also put systems into place to reduce the anxiety of always trying to catch up. We offer affordable and manageable solutions customized to suit your business type and goals.

Want to know more? Get in touch with All Accounted 4 Bookkeeping on 0417 150 555

New Year Special – To help you achieve your business goals for 2018, we have a special offer of a FREE 20 minute phone consultation.

Valid for the first 5 businesses that get in touch

As consumers, we always need to stay vigilant. Unfortunately, scams are a continuing problem. They can be received through any form of digital media; emails, text messages, telephones, even social media platforms such as Facebook and Twitter. We all need to be wary of these scams and pay attention to those who can actually help us. Depending on the scam, the ATO is one place you can turn to for help.

One of the ATO’s obligations to Australians is to investigate scams which have affected individuals or businesses. This is just one of their many responsibilities. Over the 2016-2017 period, over 100 000 scams were reported to the ATO. Fortunately, the number of people to have reportedly paid money to scammers was much lower at only 389.

The most troubling statistic is that it is estimated that $2.8 million was paid to these scammers; into either their bank accounts via transfers or via gift card purchases. This resulted in no less than 594 websites being shut down by the ATO.

We implore you to always be vigilant, be clever, stay aware; because the two most common ways in which scammers approach vulnerable people is either by phone, or via email.

If you believe you may have fallen prey to a scammer and this has affected you financially, we suggest that you contact the ATO as soon as possible for further guidance. The ATO has a dedicated line to deal with complaints, they can also be contacted via email. To find out more visit: www.ato.gov.au

At All Accounted 4 Bookkeeping, we aim to keep our clients up to date with the best ways to avoid this type of financial trouble and will provide you with the best tools to combat against the stress of scammers.

A bookkeeper’s role is to support both the accountant and the business owner; not to replace either role. It is also part of a bookkeeper’s role to be well informed in the business world; whether it be changes to tax laws – usually at tax time, or to have access to literature to support you when unusual business scenarios arise.

So how can we help? Firstly, we can assist business owners in keeping up to date with changes in the business arena. We can also assist by keeping accountants in the loops with business decisions and general housekeeping, relaying to them how the business is travelling. Some businesses only see their accountants at the end of financial year. By acting as a go between from business owner to accountant, and vice versa, we can keep the lines of communication open and relevant between both parties.

Another way in which we can help is by ensuring that paperwork is up to date. This helps the business owner as they are able to see a clear position of where their company sits financially, which is extremely important when planning to make any form of asset purchase. Keeping up to date with paper work can also save time and money at the end of the financial year with the accountant.

At the point, you may be wondering “How?”, let us tell you exactly that; it makes the accountant’s task of preparing tax returns a lot smoother, and less frustrating. When the accountant knows that the business accounts are accurate, it saves them a lot of time in checking if sales and purchases have been allocated correctly. This makes the process much less painful for them.

We at All Accounted 4 Bookkeeping we endeavour to ensure that we balance communication between business owners and their accountants to ensure that both parties feel safe and secure knowing that the financial records are maintained constantly and accurately.

As the technology advances rapidly around us, so does our business model. The very ways in which we do business with clients also evolves and changes. Accounting software also needs to evolve to meet these technological and economic advances.

In recent times, software developers and suppliers have moved their programs onto cloud environments, business owners need to look towards this to keep up with the changing world. Current software providers are constantly making changes to their online software to keep up to date with these rapid technological innovations.

We understand that making the change from an excel spreadsheet or desktop software to a virtual cloud environment can often be left on the back burner, or maybe even in the “too hard” basket, for various reasons. Reasons such as:

• Business owners may feel confronted by the drastic change
• Uncertainty of delving into new waters
• Unsure if the costs involve are worth the expense
• It all seems just plain too difficult to make the change from comfort zones

As bookkeepers, we can help the business make the transitioning process more streamline. How can we do this? We can discuss with you what is needed from your software. We can then help you decide which software platform would best suit your business model. We can organise and set up training for this new product with staff involved in using it.  We can also offer our support to iron out any and all initial teething issues. We will not leave you high and dry, All Accounted 4 Bookkeeping is here to help you transition as smoothly as possible.

Have you been thinking of moving your current desktop accounting files or spreadsheets into an online accounting platform? Transitioning away from your existing accounting software has been made even easier with Xero!

 Xero is an online accounting platform that enables you to run your business on the go. With finances available at your fingertips, Xero is compatible on multiple platforms including phones, tablets, and on computers. Even your Bank data is updated daily. Xero also gives you the option of inviting your bookkeeper or accountant to chat about your business in real time, keeping downtime to a minimum for them, yourself, and your staff because everyone can stay on task.

 For a limited time only, Xero is offering all new clients a 50% discount off their subscriptions for 4 months with either “Starter”, “Standard”, and “Premium” Plans. This offer is only available until the 20^th December 2017, so get onto it before time runs out!

To take advantage of this amazing offer, contact on 0417 150 555 or contact us via Facebook. Hurry, time is limited!

Business owners often wear many hats involving numerous tasks. Often keeping up with your bookwork can get placed on the backburner and can quite easily fall through the cracks. Businesses then begin to panic when their deadlines cannot be met in due time; for example not lodging quarterly BAS statements, or making employee’s Superannuation payments, can result in heavy fines from the ATO and is money that can be better spent elsewhere.

Unlike in years gone-by, a bookkeeper’s role is not merely that of data entry; our role within an organisation, is to help business owners with the day to day running of their business. As bookkeepers, we can help relieve some of the pressure you may be feeling by working with you and helping your business meet these deadlines in timely and stress-free manner. This results in a much more effective work environment.

There are various ways in which bookkeepers can help you run your small business; below we outline a few ways in which we can help:

• Claiming the correct amount of GST
• Ensuring that BAS is lodged on time, avoiding heavy penalties from the ATO
• Correctly claiming all business expenses
• Keeping in check with outstanding debtors
• Reviewing correct pay rates for staff
• Keeping record of receipts
• Ensuring that employee records are accurate
• Being on time with superannuation payments

Here at All Accounted 4 Bookkeeping, we strive to deliver the best service and advise to our current and potential clients. If you are struggling to keep up with the finance side of your business and feeling swamped by tasks you’ve yet to complete, contact us to find out how we will be able to help you now and in the future; because that’s what we are here for.

As of January 2018, software platforms, such as MYOB, for example, will be migrated across to a compulsory two step authentication process. Also, as of March 2018, it will be mandatory to use two step authentication in line with the ATO’s security for Xero*. If this is not setup, businesses will no longer have access to their data. Please note that the Small Business Portal will be offline from mid-December 2017 for upgrades to this new system. Please be advised that Auskey will be needed to log into the Small Business Super Clearing House as of February 2018**; this can be obtained through the Australian Taxation Office (ATO) website. 

All businesses will need to do a head count to see on the 1st April 2018, to determine if they will be using One Touch Payroll as from the 1st July 2018. Businesses who have nineteen or less employees will move across to One Touch Payroll as of 01 July 2019. This will give business time to source software if they are not currently on the cloud.

From the 1st July 2018, One Touch Payroll will be in place for businesses with twenty or more employees. Each pay run your payroll data will be uploaded to the ATO by your payroll software. The ATO has introduced these new procedures for your own benefit; not only is the process more streamlined. The ATO will be able to monitor business activity more closely.

If the information above seems a bit confusing, please be assured that this is something that we at All Accounted 4 Bookkeeping, are equipped to handle. Our goal is to make sure that your bookkeeping needs are met. Any questions you have we can answer, so please let us know if you require any additional help. All Accounted 4 Bookkeeping are here to support you. 

*   Previously reported that this would take place as of January 2018.
** Previously reported this would take place as of January 2018

A large part of our role as your bookkeeper is to ensure that you are provided with, and are providing to your employees, the correct information regarding their positions. In this blog we outline what is required for setting up a new employee as well as amending the role of an existing employee when they take on a new role within the business

Correct Set-Up of New Employees

When a new employee starts it is important they are clear on their duties, company policies and their entitlements. Below is a list of items which you should provide to your new employees:

• Letter of Offer
• Employee Contact Detail Form
• Tax File Declaration
• Super Choice Forms
• Company Policies
• Fair Work Statements
• Employee Award/Contract
• Job Description

There are some common errors which employers make when setting up new employees; there are but a few:

• Not accruing the right amount of Annual and Personal Leave
• Incorrectly paying super on all of the employee’s earnings
• Not applying the correct award.  Not all employees of the businesses will necessarily be under the same award

Changing employment types

A casual employee can elect to become permanent if they have had regular and systematic work with you over a six-month period if the position is continuing. Legally, an employer cannot refuse an employee’s choice to do this. It is recommended that all negotiations from casual to permanent employment be documented by both parties. It’s always best practice to check the award rate when making changes to the terms of employment for your employees.  Moving employees from casual to permanent, whether it is permanent part-time or fulltime; it is always recommended to draw up a letter of offer explaining the following:

• New Employment position
• Hours of work
• Salary/ Hourly Rate
• Rosters if applicable
• Annual/ Personal leave accrued if working part-time

This way, both the employer and employee have a written record to confirm what they have been offered and therefore know what to expect out of their new role; just as a brand-new employee would do on commencing their newly acquired position.

All Accounted 4 Bookkeeping can provide you with any further information you may require. It is our mission to simplify and streamline all of your bookkeeping needs by assisting you incorporate these practices.

Did you know that most new businesses have limited cash flow on startup. Business owners perform the majority of tasks including invoicing, accounts, quotes, payroll, BAS as well as setting up their accounting system, mostly on the recommendation of their accountant.

Business owners must perform a variety of roles to get by. Mistakes in things such as bookkeeping, cost time and money:

1. Not claiming business expenses correctly
2. Incorrect GST claims
3. Debtors out of control
4. Underpaying/overpaying Staff
5. Late BAS lodgments

As their business starts to grow, business owners have less time to focus on their financials as they need to put their resources into increasing sales for their growing business. As this occurs, their accounts start to suffer and mistakes start to happen. This can be costly for the business owner as they either try to fix their mistakes which can lead to more mistakes or engage their accountant to fix their problems – which can be a costly exercise.

Six Must Do’s for Businesses

When businesses start to grow, it is an opportune time to engage a bookkeeper to help with the running of your business before it gets out of hand. Here are six must do’s for small business:

1. Account Payable/Receivable reviews ensuring that all income and expenses are allocated to the correct accounts
2. Quarterly reviews that the correct GST amount has been lodged with the ATO
3. Review your payroll processing and employees have accrued the right amount of leave
4. Review your outstanding debtors list
5. All superannuation payments are correct and lodged accurately – avoiding ATO penalties
6. Software training provided to the business owner/staff so they are using their software correctly and accurately.

Having an accurate and up to date accounting system helps the business owner with their decision making. Firstly, it avoid fines for late BAS lodgements, secondly it can then help with tax planning with their accountant as it paints a more accurate picture of their business and lastly, it assists the business owner with planning on purchasing their next asset that will help grow their business.

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