It's almost BAS preparation time again. Navigating the steps to take can be confusing so we have created a handy checklist, click on the BAS Checklist box below to get a copy.
For assistance completing your BAS or with any of your other bookkeeping needs, reach out anytime.
As part of the 2019-20 Budget the Federal Government announced an expansion of Single Touch Payroll reporting. The primary aim is to reduce the burden of reporting for employers and ensure the timely data-flow between Government agencies, particularly in respect to social security payments.
There are multiple stages to the STP2 rollout as outlined on the document below.
We provide fixed price services, so clients never get caught out with an unexpected bill.
At Accounts In Order we understand that business needs change over time and what works in one season, may not be enough support in another.
We’re here to help our clients achieve their financial goals by providing them with reliable and efficient service.
Click on the link below to view our bookkeeping packages. We work alongside our clients to customise these packages to best suit the business at every step of their journey.
My name is Erica Avenell, and I am a dedicated Accountant and Bookkeeper based in Brisbane, Australia. I am passionate about helping small business owners understand their financial accounts and make informed decisions for the growth of their businesses.
With years of experience in the industry, I provide a wide range of services that cater to the specific needs of each client. For more information about my professional background and experience, you can find my full biography linked below.
WorkCover Queensland - If you're a director, partner of a partnership, sole trader or trustee, you're not covered by your company's Accident Insurance Policy because you're not considered a worker under the Act. This means you need to take out separate insurance if you want to be covered, however this isn't compulsory.
Queensland Revenue Office (QRO) issued a revised payroll tax ruling in relation to medical centres last week. The ruling applies to all medical practitioners and relates to whether payroll tax is applicable on payments made direct to practitioners. Highlights:
Patient fees and medicare payments paid directly to a sole trader medical practitioner are not subject to payroll tax.
Payments collected by medical centres and passed on to practitioners, or via paid the practitioner entity (such as a company) and then passed onto the practitioner are considered wages and therefore, are subject to payroll tax.
The current payroll tax threshold is $1.3 million in annual taxable wages.
The boost applies to eligible expenditures incurred between 29 March 2022 and 30 June 2024.
The bonus deduction is available for expenditure for the provision of training to one or more employees of your business. The training provider must meet certain registration criteria for the bonus deduction. Link in comments.
Training expenses can include incidental costs related to the provision of training, provided they are charged by the registered training provider, such as the cost of books or equipment needed for the course.
The ATO have released further info regarding the tech boost, see the link in comments . In good news, Xero subscriptions will be eligible.
The boost applied to eligible expenditures incurred between 7.30pm on 29 March 2022 and 30 June 2023, with a maximum bonus deduction of $20,000 per income year.
"New and ongoing subscription costs can also qualify as eligible expenditure if it relates to your clients’ digital operations. For example, your clients’ ongoing subscription to an accounting software platform for their business would qualify. Likewise, a new subscription for digital content that is used in developing web content to advertise their business would be eligible."
A client asked recently if they need to withhold PAYG and pay Superannuation on travel allowances. Great question!
Yes: Part day travel (not away from home overnight), or travel from home to work: Forms part of Ordinary Time Earnings (OTE) meaning that PAYG is withheld and Superannuation is payable
No: Travel for work (between jobs etc): is it paid at the ATO cents per km method? If so: No PAYG up to 5,000km/year and no Superannuation payable
Travel for work (between jobs etc): is it paid at the ATO cents per km method? If paid above the ATO rate: PAYG applicable on the portion above the ATO rate and no Superannuation payable.
Fringe Benefits Tax Deadline
22 May 2023: Self lodgement due date
26 June 2023: Tax Practitioner lodgement due date
If you’ve provided fringe benefits to your employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay your 2023 fringe benefits tax (FBT) returns.
If you're unsure whether this applies to you, reach out and we can help.
Did you know that not everything has GST? A lot of what we do as a BAS Agent revolves around determining whether sales and purchases have GST.
Coffee Beans - no GST
Coffee from a cafe - GST
(assuming the cafe is GST registered)
Car Registration - no GST
Car Insurance - GST (except the stamp duty portion)
Clear as mud right? If you're not sure on something, we can help.
Do you need to lodge a Taxable payments annual report (TPAR)? Businesses in the following industries are required to lodge a TPAR for payments made to contractors for services.
Building and construction services
Road freight and Courier services
Information technology services
Security, investigation or surveillance services
We can help.
As a growing cloud company, Xero invests in their products for customers who rely on Xero every day. From 15 September 2022, the monthly retail price of Xero Business Edition plans in Australia is changing.
- Starter plans increase by $2 a month to $29 a month
- Standard plans increase by $5 a month to $59 a month
- Premium 5 plans increase by $6 per month to $76 a month
- Premium 10 plans increase by $7 per month to $87 a month
Whether you're paying super weekly, monthly, or quarterly it's important to check that the super guarantee (SG) you pay takes into account changes that started on 1 July 2022. These were:
- Increase in the SG rate from 10% to 10.5%
- Removal of the $450 per month eligibility threshold
You must have applied these changes to all the salary and wages you paid from 1 July 2022, even if some of the pay period they related to was before 1 July 2022.
Renew your WorkCover Accident Insurance policy by declaring your wages and paying your premium between 1 July and 30 September each year.
WorkCover needs details of:
- Your estimate of wages you’ll pay this financial year
- Your actual wages from the last financial year
We can help! Reach out via the Contact Us page.
From the first full pay period on or after 1 July 2022 award minimum wages have increased by 4.6%.
Some awards in aviation, tourism and hospitality sectors will increase from the first full pay period on or after 1 October 2022.
Refer to the FairWork website to see if this applies to your award or reach out to us today via the Contact Us page.
We're excited to announce that Accounts In Order is now a Xero Gold Partner.
- Xero partner firms are grouped in the program by a points system which reflects the number of client files a partner has access to.
- Xero Gold Status is a reflection of our level of experience working with clients in Xero and our knowledge of the program.
- Lastly, and most importantly it means we can problem solve in your current file, get your business set up in Xero or moved across to Xero efficiently and accurately.
While June Superannuation isn't due until 28 July, in order to get the income tax deduction in this financial year, the superannuation must have been paid through your bank account and received by the actual fund by 30 June. Xero have advised their clearing house cutoff is 14 June.
Stay up to date on all the latest bookkeeping and accounting news.