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Feb 16

Behind with your Super payments?

Paying superannuation to your employees is an important part of being an employer.

If you miss a payment, super guarantee charge (SGC) may apply, and you will need to lodge an SGC statement the following month.

SGC is non-deductible, made up of:

  • super guarantee (SG) shortfall
  • interest on the shortfall (currently 10% pa)
  • an administration fee of $20 per employee per quarter.

Even if you pay SG at a later date, SGC may still apply. However, you can use the late payment to either offset the SGC or carry it forward as a prepayment of a future contribution for the same employee.

If you think you may be at risk of getting behind with SG payments, contact the ATO as soon as possible so we can work with you to get you back on track.

See the ATO website for more information:

https://www.ato.gov.au/Newsroom/smallbusiness/Super/Behind-with-your-super-payments-/

Payroll & Employees, Superannuation by Coralie Downie
Feb 16

Fuel Tax Credits

Fuel tax credit rates increased on 4 February in line with fuel excise indexation.

If you claim less than $10,000 in fuel tax credits per year, next time you calculate your claim just use the rate that applies at the end of that BAS period.

You can also use our simplified record keeping method, making it easier to keep accurate records to calculate and support your claims. Keeping on top of your record keeping will give you an accurate picture of how your business is going.

Remember, registered tax agents and BAS agents can help you with your tax.

See more information on the ATO website:

https://www.ato.gov.au/business/fuel-schemes/fuel-tax-credits—business/rates—business/?utm_campaign=ftc0219&utm_source=sbn&utm_medium=article

Northern Beaches Bookkeeping Solutions Posts by Coralie Downie
Feb 16

Single Touch Payroll

Single Touch Payroll (STP) changes the way employers report their employees’ tax and super information to us.

Using payroll or accounting software that offers STP, employers send their employees’ tax and super information to us each time they run their payroll and pay their employees.

The information is sent to us either directly from the software or through a third party, such as a sending service provider. Software providers can tell you more about how they offer STP reporting.

Employers with 20 or more employees

STP reporting started gradually on 1 July 2018 for substantial employers (those with 20 or more employees).

If you have not started reporting through STP, we have information to help you get ready. If you need more time, you can apply for a deferral.

Find out if your software is STP-ready by talking to your software provider. Your tax professional can also help.

Employers with 19 or less employees

Parliament has passed legislation to extend STP reporting to all employers from 1 July 2019. The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 is yet to receive Royal Assent.

Talk to your software provider to find out what you need to do to update your software and start reporting.

Different STP reporting options will be available by 1 July 2019 to help smaller employers. However, we won’t force employers with 19 or less employees to purchase payroll software if they don’t currently use it.

We have asked software developers to build low-cost STP solutions at or below $10 per month for micro employers – including simple payroll software, mobile phone apps and portals. A register of providers who intend to build these solutions is available at Low-cost STP solutions.

Micro employers (1–4 employees) will also have a number of alternative options that are not available to employers with 20 or more employees – such as initially allowing your registered tax or BAS agent to report quarterly, rather than each time you run your payroll.

Exemptions to STP reporting will also be available if you have no internet or an unreliable connection.

For more information see the ATO website:

https://www.ato.gov.au/business/single-touch-payroll/

Payroll & Employees, Single Touch Payroll by Coralie Downie
Feb 16

Do you export goods or services?

Exported goods are GST-free if you export them from Australia within 60 days of:

  • receiving any payment for the goods
  • issuing an invoice for the goods before receiving any payment.

For service exports, there are specific rules that determine if their sale is GST-free. Generally they are GST-free if the recipient is outside Australia.

Make sure you keep a close eye on your status as an exporter. A change to your International Commercial (Inco) delivery terms could lead to you no longer being considered an exporter, meaning GST will become payable on your supply.

If you discover a mistake in your reported GST amounts for your international cross border transactions, we encourage you to make a voluntary disclosure.

See more information on the ATO website:

https://www.ato.gov.au/business/international-tax-for-business/australians-doing-business-overseas/exports-and-gst/

https://www.ato.gov.au/business/gst/in-detail/rules-for-specific-transactions/international-transactions/common-gst-errors—importing-or-exporting/

Posts by Coralie Downie
Xero Software Setup Specialists - Northern Beaches Bookkeeping Solutions
Jan 20

Bookkeeper?

What does a bookkeeper do?

A good Northern Beaches bookkeeper will:

Stop you spending your nights and weekends working on your accounts

Manage your paperwork so you don’t have a shoebox full of receipts

Record your daily transactions on a regular basis using cloud based accounting software

Provide current reporting so you know how your business is performing

Help you see your real-time cash position

Manage accounts receivables or trade debtors so you know who owes you money at any point in time

Manage accounts payables or trade creditors so you know how much you owe at any point in time

Prepare and lodge your BAS on time

Help you to put aside funds to pay your BAS and tax on time

Liaise with your accountant to make sure you are claiming all that you are entitled to

Make BAS and tax time easy for you

Northern Beaches Bookkeeping Solutions Posts by Coralie Downie
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