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ABC Professional Bookkeeping

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24.01.2022 The Small Business Superannuation Clearing House (SBSCH) joined the ATOs online services on 26 February 2018. This is intended to streamline how businesses us...e the SBSCH, and will also include extra functionality, such as the ability to sort employee listings and payment by credit card. The SBSCH is a free service that businesses with 19 or fewer employees (or which are SBEs) can use to comply with their super obligations.

24.01.2022 Business with 20 or more employees need to be compliant with the ATOs new Single Touch Payroll reporting by 1 July 2018.

23.01.2022 Hang in there #bookkeepers! Not long now... Happy Thursday!

23.01.2022 The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (or ABR) periodically checks its records for Austr...alian Business Numbers (ABNs) and automatically cancels those that appear inactive. Ultimately, a taxpayers ABN may be cancelled if they: have told the ATO they stopped their business activity; declared no business income in the last two years; or have not lodged a BAS or an income tax return in more than two years. To avoid cancellation, the ATO has reminded taxpayers that they need to bring their lodgments up to date, and have reminded sole traders that, regardless of their income, they need to lodge the individual tax return with the supplementary section, as well as the business and professional items schedule.

20.01.2022 Important notice for ALL MYOB users. If youre still using any MYOB 19 versions or older, its time for you to upgrade to be compliant with single touch payroll.... This is mandatory as of 1st July 2019. Should you require to upgrade please contact our office, Sytsma & Associates on 3800 5300 to discuss the upgrade of your old files and we will also be able to assist in minimising the costs of upgrade. CALL NOW to receive your reduced rates.

20.01.2022 Single Touch Payroll Deadline Three-Month Grace Period The ATO will grant a grace period of three- months for small businesses (less than 20 employees) to com...ply with the newly legislated extension of Single Touch Payroll (STP) regime to all businesses. On Tuesday legislation was passed requiring smaller employers (those with less than 20 employees) to commence reporting via STP from 1 July 2019. Recognising the limited time to the start date of 1 July 2019, it has just been announced that these smaller businesses will be allowed to start reporting any time between 1 July and 30 September 2019. For more details on the new legislation and what it means for Bookkeepers and small business why not tune in to Bookkeeper Radio? Weve got John Shepherd the Assistant Commissioner and Single Touch Payroll Program Lead with the TPB as our special guest to discuss the new legislation and what it means in great detail. https://www.austbook.net/bookkeeperradio

19.01.2022 STP is now a requirement for all businesses Here’s what you should know Yes, we thought this was going to have happened already, but it seems Single Touch Pay...roll (STP) legislation has finally passed, meaning all businesses are required to submit payroll data every pay run as of 1 July this year. Sound like a bit of a headache? Well, STP could well be a problem for business owners that refuse to take note, but for everyone else the impacts will be relatively minor. The change will see Australia’s 782,000 businesses with 19 employees or less required to begin reporting via STP-ready software, which begs the question: how many are currently using said software? For the past few years, tech-savvy business owners have realised the efficiency gains offered by the world of online accounting and payroll software, giving up the complexity of more manual solutions, which are notorious for introducing complexity and errors into bookkeeping. STP in a nutshell ________________________________________ Employers with any number of staff will now need to report payments such as salaries and wages, PAYG withholding and super information electronically to the ATO directly from their payroll solutions at the same time they pay their employees (for many this is fortnightly or monthly, but some businesses may still do a pay run weekly). The result is that employers won’t need to complete payment summaries for their employees at the end of each financial year, as the payroll information would have been reported to the ATO at regular intervals throughout the year. At Sytsma & Associates we can offer several software solutions at a very discounted rate capped for 2 years, we can also offer our services to do your payroll and superannuation requirements for you at a very competitive rate. Please don’t hesitate to contact our office for all queries. 07 3800 5300 See more

18.01.2022 Were levelling the playing field for small business, stamping out illegal phoenix. Know the signs such as unpaid invoices.

18.01.2022 The Government yesterday announced a Superannuation Guarantee amnesty! The once-off, 12 month amnesty will set aside employer penalties for late payment of SG t...hat are normally owed to the ATO, with employers only needing to pay all SG that is owed to their employees, including the rate of nominal interest. Subject to the passage of legislation, the amnesty will run from 24 May 2018 to 23 May 2019. Employers who owe SG and who do not take advantage of this amnesty will face higher charges, including a minimum 50% on top of the SG charge they owe. Clients who owe SG should be alerted to this one-off opportunity to get their affairs in order. Follow this link and view The Buzz: https://www.austbook.net/LatestNews/?action=readmore&id=724

18.01.2022 Important notice for ALL MYOB users. If you're still using any MYOB 19 versions or older, it's time for you to upgrade to be compliant with single touch payroll.... This is mandatory as of 1st July 2019. Should you require to upgrade please contact our office, Sytsma & Associates on 3800 5300 to discuss the upgrade of your old files and we will also be able to assist in minimising the costs of upgrade. CALL NOW to receive your reduced rates.

16.01.2022 Adding to your super today, could reduce your tax come June.

15.01.2022 Want to claim a deduction for business expenses youve tallied up throughout the year but dont have receipts for some of your purchases? Heres what you need to know: https://intuit.me/2Lhwjrg

12.01.2022 STP Rollout Now Law! The Senate has today passed legislation to extend Single Touch Payroll (STP) to employers with 19 or less employees from 1 July 2019. For more information follow the link: https://www.austbook.net/latestnews/785

12.01.2022 In the recent episode of Bookkeeper Radio: Accountants Bookkeepers Connection, your hosts Peter Thorp and Kelvin Deer were joined by the host from Accounting In...dustry podcaster, From the Trenches, Paul Meissner, and Debbie Roberts from Pure Bookkeeping. Together they discussed the Bookkeeper/Accountant Relationship, which historically has not always been a smooth one. Have a look at some of the tips that our panelists shared on the episode - http://abnblog.austbook.net/accountants-bookkeepers-connec/

11.01.2022 The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 ...(although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will be $1,480,000. The Division 293 tax threshold will be $250,000. The maximum super contribution base for superannuation guarantee purposes will be $54,030 per quarter. The maximum superannuation co-contribution entitlement for the 2018/19 income year will remain at $500 (with the lower income threshold increasing to $37,697 and the higher income threshold increasing to $52,697). The superannuation benefit caps for the 2018/19 income year include: a low rate cap amount of $205,000; an untaxed plan cap amount of $1,480,000; a general transfer balance cap of $1.6m; a defined benefit income cap of $100,000; an ETP cap amount for life benefit termination payments and death benefit termination payments of $205,000; and the tax-free part of genuine redundancy payments and early retirement scheme payments comprising a base limit of $10,399 and for each complete year of service an additional $5,200.

11.01.2022 Recently, the Commissioner of Taxation highlighted the areas in which the ATO has recently increased its focus, including: undeclared income; individuals ...unexplained wealth or lifestyle; incorrectly claimed private expenses; unpaid superannuation guarantee; and cash-only businesses and those with low usage of merchant banking facilities, with black economy visits to over 2,600 businesses across 8 locations in 2017. The Commissioner also highlighted ongoing ATO concern with respect to the predicted work-related expense claim gap, which (at least by the ATOs estimates) could amount to being greater than the large corporate tax gap of $2.5 billion of lost revenue.

10.01.2022 SCAM ALERT The ATO has again warned taxpayers to be alert for scammers impersonating the ATO, as it appears they have changed tactics in 2019. Specifically, the... ATO is 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. The ATO has received reports of scammers maliciously manipulating the calling line identification so the phone number that appears is different to the number from which the call originated. This is referred to as spoofing and is a common technique used by scammers to appear legitimate. It appears these scams aim to steal taxpayers personal details and identities. The ATO has advised it will not: send an email or SMS asking a taxpayer to click on a link to provide login, personal or financial information, or to download a file or open an attachment; use aggressive or rude behaviour, or threaten taxpayers with arrest, jail or deportation; request payment of a debt via iTunes or Google Play cards, pre-paid Visa cards, cryptocurrency or direct credit to a personal bank account; or request a fee in order to release a refund owed to taxpayers. If you are unsure about a call, text message or email purportedly received from the ATO, the best advice is not to reply. Should you have any concerns, please contact our office directly on 07 3800 5300, or alternatively you can call the ATO on 1800 008 540 to check if the contact was legitimate or to report a scam.

10.01.2022 Problems with the New ATO Small Business Superannuation Clearing House (SBSCH) The transition of the SBSCH to ATO online services has experienced problems. The... ATO has as a result been asked a number of questions by Tax and BAS agents about the recent transition. They have provided responses to some key questions. Please note that these answers and the all-clear given to employers relate to Superannuation Guarantee obligations only. Employers should consider what, if any, super obligations they had under workplace agreements and/or with their default fund. Follow this link and view The Buzz: https://www.austbook.net/LatestNews/?action=readmore&id=703

10.01.2022 Its more than Single Touch Payroll. Its keeping the ATO happy. Do you have 20 or more employees? Get ready for Single Touch Payroll.

08.01.2022 Behind every good business is a great bookkeeper. We know it. You know it. But many business owners dont know it. Take a look at this ABN marketing tool create...d for ABN members Its a short (1 minute) animated video, designed to educate business owners on the value of a good bookkeeper, in a fun and entertaining way. Take a look at the video here http://www.austbook.net/businessneedsabookkeeper/ Members, check the members centre for more info on how you can use this video for your marketing.

05.01.2022 Something to make you laugh this afternoon #cloudcomputing

05.01.2022 The success of any business often depends on its ability to retain star performers. Here are the keys to keeping a great employee happy and morale high.

03.01.2022 Happy Friday Bookkeepers! The weekend is almost here!

02.01.2022 EOFY is finally OVER, now its time to celebrate!

02.01.2022 ATO LIVE WEBCAST: Tax professionals conversations Tune in to the ATOs tax professionals conversations webcast on Monday 18 June at 2.00pm AEST to hear about: ... - The ATOs focus on the black economy - Tax Time 2018 - Updates on Online services for agents and the practitioner lodgment service (PLS). Webcasts are live-streamed, so you dont need to register before. More information can be found here - https://www.ato.gov.au///Join-our-live-webcast---18-June/

02.01.2022 STP is now a requirement for all businesses Heres what you should know Yes, we thought this was going to have happened already, but it seems Single Touch Pay...roll (STP) legislation has finally passed, meaning all businesses are required to submit payroll data every pay run as of 1 July this year. Sound like a bit of a headache? Well, STP could well be a problem for business owners that refuse to take note, but for everyone else the impacts will be relatively minor. The change will see Australias 782,000 businesses with 19 employees or less required to begin reporting via STP-ready software, which begs the question: how many are currently using said software? For the past few years, tech-savvy business owners have realised the efficiency gains offered by the world of online accounting and payroll software, giving up the complexity of more manual solutions, which are notorious for introducing complexity and errors into bookkeeping. STP in a nutshell ________________________________________ Employers with any number of staff will now need to report payments such as salaries and wages, PAYG withholding and super information electronically to the ATO directly from their payroll solutions at the same time they pay their employees (for many this is fortnightly or monthly, but some businesses may still do a pay run weekly). The result is that employers wont need to complete payment summaries for their employees at the end of each financial year, as the payroll information would have been reported to the ATO at regular intervals throughout the year. At Sytsma & Associates we can offer several software solutions at a very discounted rate capped for 2 years, we can also offer our services to do your payroll and superannuation requirements for you at a very competitive rate. Please dont hesitate to contact our office for all queries. 07 3800 5300 See more

01.01.2022 BOOK NOW! Everything you need to know to prepare EOY payroll Learn from the comfort of your office or home office An interactive, convenient webinar with... case studies, checklists and worked examples 2 hours CPE A copy of the recording to replay back at any time A great ABN member discount Register for the live event today or if you cant make the live event, why not purchase the recording. Find out more or book at https://www.austbook.net/shop/list/?section=2 See more

01.01.2022 Weve introduced BPAY to invoice payments