Balanced Bookkeeping and Business Solutions in Caloundra, Queensland | Business service

Balanced Bookkeeping and Business Solutions

Locality: Caloundra, Queensland

Phone: +61 404 779 260

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25.01.2022 GOVERNMENT OFFERS PLANNING TOOL TO HELP BUSINESSES REOPEN. The government has created an online planning tool to help businesses develop a unique roadmap to keep their workplace safe and virus-free in the months ahead. The aim of the planning tool is to leave businesses with a clear idea about what they need do to keep people safe, how they will get their business back up and running, and how they might adapt their operating model to the changing environment.... The online planning tool, hosted on the National COVID-19 Coordination Commissions website, should take about 30 minutes to complete. The tool can be downloaded from the NCCC website. https://pmc.gov.au//planning-tool-help-businesses-reopen-a

25.01.2022 PROMOTE LOCAL BUSINESSES ON SOCIAL MEDIA There are probably many other people in your community wondering how to get what they need and support their local businesses at the same time. If youve discovered a local grocer or business that can help during this time of social distancing, share with your friends and family on social media. Youll boost the visibility of the business, ensure your family is getting the essentials they need, and help local stores stay open. Leaving reviews for businesses online also helps expand the visibility and presence of smaller companies.

25.01.2022 PAYMENT SUMMARIES DUE 14th JULY 2019 Employers must give each of their employees, workers and other payees a payment summary showing the payments made to them and the amounts of tax withheld from those payments during the financial year. Payment summaries need to be issued to all employees even if not required to withhold any tax for them. Finalising your Single Touch Payroll data... You may be exempt from giving payment summaries for the amounts you reported through Single Touch Payroll (STP). This information will be made available to your employees online through myGov. Employees can also request a copy of this information from the ATO. To be exempt from issuing payments summaries to your employees, you will need to make a finalisation declaration. This declares you have provided all required information for the financial year through your STP reporting. See more

24.01.2022 Lighten your load by linking your Bunnings Powerpass account with MYOB for effortless expense tracking.

24.01.2022 GST AND PURCHASES FOR PARTLY BUSINESS USE If you purchase goods or services for both business and private use, you can only claim a GST credit for the part of the purchase relating to your business use. If you later find your actual use differed from your intended use, you may need to adjust the amount of GST credits you have claimed.... If you are a small business, you may be able to account for the private portion of your business purchases once a year, rather than each time you lodge an activity statement. To do this you need to make an annual private apportionment election.

23.01.2022 The Government has extended the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Businesses have until 31 October to determine and submit their decline in turnover information and meet their wage conditions to qualify for the JobKeeper exte...nsion. DECLINE IN TURNOVER From 28 September 2020, businesses and not-for-profits seeking to claim the JobKeeper Payment will be required to demonstrate that they have suffered a decline in turnover using actual GST turnover (rather than projected GST turnover as prior to 28th September 2020). Required to demonstrate decline in turnover of: - 50 per cent for those with an aggregated turnover of more than $1 billion; - 30 per cent for those with an aggregated turnover of $1 billion or less; or - 15 per cent for Australian Charities and Not for profits Commission-registered charities (excluding schools and universities). JOBKEEPER PAYMENT RATE From 28 September 2020 to 3 January 2021, the JobKeeper Payment rates will be: - $1,200 per fortnight for all eligible employees who were working in the business or not- for-profit for 20 hours or more a week on average in the four weeks of pay periods before either 1 March 2020 or 1 July 2020, and for eligible business participants who were actively engaged in the business for 20 hours or more per week on average; and - $750 per fortnight for other eligible employees and business participants. From 4 January 2021 to 28 March 2021, the JobKeeper Payment rates will be: - $1,000 per fortnight for all eligible employees who were working in the business or not- for-profit for 20 hours or more a week on average in the four weeks of pay periods before either 1 March 2020 or 1 July 2020, and for business participants who were actively engaged in the business for 20 hours or more per week on average; and - $650 per fortnight for other eligible employees and business participants.

23.01.2022 GOOD INVENTORY CONTROL verses POOR INVENTORY CONTROL Advantages of good inventory control: - Protects a company from fluctuations in demand of its products. - Keeps a smooth flow of raw-materials and aids in continuing production operations. - Checks and maintains the right stock and reduces the risk of loss. ... - Enables a company to provide better services to its customers. See more

23.01.2022 WORKING FROM HOME TAX DEDUCTIONS The ATO has announced new working-from-home shortcuts, enabling business owners and employees working from home due to the coronavirus crisis a simplified process for claiming deductions. The new arrangement will allow people to claim a rate of 80 cents per hour for all their running expenses, rather than needing to calculate costs for each specific expense. And will only require taxpayers to keep a record of the number of hours worked from h...ome as evidence of claim. The new method will apply to the period between 1 March 2020 and 30 June 2020, with the ATO due to review the special arrangement for the next financial year as the COVID-19 situation progresses. The Australian Taxation Office (ATO) clarified that multiple people living in the same house can claim this new rate, while the requirement to have a dedicated work-from-home area has also been removed. The new shortcut method will make it easier for those who are working from home for the first time.

23.01.2022 JOBKEEPER EXTENSION: ATO ANSWERS YOUR QUESTIONS mybusiness.com.au brings you the ATO’s answers to some of the most frequently asked questions by recipients of the government’s wage subsidy. PART A below and more Q & A's will be posted tomorrow......Continue reading

23.01.2022 ARE YOU READY FOR THE END OF FINANCIAL YEAR? EOFY is only 1 week away. Dont stress - Balanced Bookkeeping can help you be prepared. EOFY checklist:... 1. Reconcile all accounts to 30 June this includes all your business bank accounts, business loans, credit cards and petty cash 2. Perform a stock-take and complete a stock valuation 3. Review your aged payables and aged receivables write off any bad debts 4. Reconcile GST accounts 5. Reconcile payroll and superannuation accounts 6. Check any amounts in suspense accounts 7. Update your asset register if you have purchased new assets 8. Make sure you have all your substantiation documents eg receipts 9. Prepare employee payment summaries (after the last pay is processed, give to employees by 14 July) 10. Prepare and lodge BAS by 28 July 11. Pay superannuation guarantee amounts by 28 July 12. PAYG payment summary needs to be sent to the ATO by 14 August 13. Lodge Taxable payments annual report by 28 August (if applicable) Need some assistance? Contact Fiona 0404 779 260

23.01.2022 Reminder for employers of gazetted public holidays Qld: Christmas Eve - Tue 24th December 6pm to midnight Christmas Day - Wed 25th December Boxing Day - Thu 26th December... New Years Day - Wed 1st January 2020 Check your relevant industry award for public holiday rates. and start planning.

22.01.2022 KEY DATES FOR AUGUST 2020 7th August lodge July 2020 monthly payroll tax. Note you can apply for a deferral for the payment of payroll tax for the 2020 calendar year, with a deferred payment due date of 14 January 2021. You must continue to lodge returns in OSR connect during the deferral period, and you can resume paying returns at any time during the deferral period.... 14th August - PAYG withholding annual report due for all payments for the 2020 financial year not reported and finalised through Single Touch Payroll (STP) 21st August - July monthly BAS/IAS due 25th August - April to June quarter BAS due 28th August -Taxable payment annual report (TPAR) due 31st August - Workcover Qld wage declarations due

21.01.2022 LOAN REPAYMENT RELIEF Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months, starting Monday 23rd March. Announced by the Australian Banking Association chief executive Anna Bligh. All that a business has to do is register their need with their bank.

21.01.2022 Want to make the right choices in 2020?

20.01.2022 TAX CUTS IT IS TIME FOR EMPLOYERS TO UPDATE THEIR PAYROLL PROCESSES TO REFLECT THE 2020/2021 INCOME YEAR PERSONAL TAX CUTS With updated schedules available at ato.gov.au/taxtables, employers have been asked to make adjustments in their payroll processes and systems in order for the tax cuts to be reflected in employees’ take-home pay.... Changes to personal income tax thresholds announced by the Government during the Federal Budget have been incorporated into the withholding schedules and tax tables and will apply to payments made on and from 13 October 2020. As the changes to withholding are made part way through the income year, employers and other payers who are unable to immediately implement these changes into their payroll will have until 16 November 2020 to do so. Employees and other payees will receive their entitlement to the reduced tax payable for the entire 202021 income year when they lodge their income tax return.

20.01.2022 KEY DATES FOR JULY 2020 Between 1st and 14th -Submit business monthly declaration to claim JobKeeper payments for the previous month... 7th July -Employee Share Scheme statements to be sent to employees 14 July -Issue PAYG payment summaries (group certificates) or income statements to employees 21st July - Lodge and pay June 2020 monthly business activity statement 28th July -Lodge and pay quarter 4, 2019/2020 activity statement -Lodge and pay quarter 4 2019/2020 PAYG instalment - Make super guarantee contributions for quarter 4 2019/2020 to funds by this date

19.01.2022 GET SET FOR A 3.0% WAGE INCREASE The Fair Work Commission has announced a 3.0% increase to minimum wages from 1 July 2019. The new national minimum wage will be $740.80 per week or $19.49 per hour. ... The increase applies from the first full pay period starting on or after 1 July 2019. Who does the increase apply to? The 3.0% increase applies to employees that get their pay rates from: - The national minimum wage - A modern award. The national minimum wage applies to employees who arent covered by an award or agreement.

16.01.2022 INCREASE TO MINIMUM WAGES The Commission has announced a 1.75% increase to minimum wages. When will my award increase? The increase to awards will happen in 3 stages.... Group 1 Awards - from 1 July 2020 Frontline Heath Care & Social Assistance Workers Teachers and Child Care Other Essential Services Group 2 Awards - from 1 November 2020 Construction Manufacturing A range of other industries Group 3 Awards - from 1 February 2021 Accommodation and Food Services Arts and Recreation Services Aviation Retail Tourism Visit fairwork.gov.au for: - Downloadable Pay Guides - Complete list of Awards included in each group

16.01.2022 How is your business performing compared to other businesses in the same industry? ATO small business benchmarks are a guide to help you compare your businesss performance against similar businesses in the same industry. Benchmarks are obtained from income tax returns and business activity statements. Benchmarks can be used by to:... - analyse business activity and performance. - identify areas that vary significantly from the averages. What does this comparison mean to business owners? - Find out how your business is performing compared to other businesses in same industry? - Highlights areas of your business where on track or where could need to be reviewed? Is your business on track? Contact me to discuss.

14.01.2022 PAYROLL I HAVE OVERPAID MY EMPLOYEE ....CAN I RECOUP OVERPAYMENT? When you think of payment mistakes, most people assume that they have to do with underpayments. ... Overpayments can occur when an employer mistakenly believes an employee is entitled to the pay or because of a payroll error. However, employers cannot take money out of an employees pay to fix up a mistake or overpayment. An agreement must be made with the employee about the method of repaying the overpayment. Overpayments can be just as costly as underpayments to business owners both financially and legally. It might be assumed that the effects of an overpayment are less than an underpayment, but this may not be the case, especially when overpayments have been happening for some time. Clearly, there is an administrative cost to recouping an overpayment, but the biggest impact is often in communicating the overpayment and having to explain to the employee that their wages will decrease from what they are used to.

14.01.2022 MANDATORY CODE FOR COMMERCIAL LANDLORDS AND TENANTS Prime Minister has announced the mandatory code for commercial landlords and tenants has been agreed. The mandatory code will apply to tenancies where the landlord or tenant is eligible for the JobKeeper program and where they have a turnover of $50 million or less.... Under the code, landlords will be required to reduce rent proportional to tenants trading reductions via waivers and lease extensions. The code brings together a set of good faith leasing principles. Landlords must not terminate the lease, and tenants must honour the lease, the PM said. The arrangements will be overseen by binding mediation process run by the states and territories.

14.01.2022 THE WAY EMPLOYEES RECEIVE THEIR PAYG PAYMENT SUMMARIES IS CHANGING An employer using single touch payroll (STP) will not have to give their employees a PAYG payment summary. Instead, employees will receive an end-of-year income statement in ATO online services through myGov. An employer who does not use single touch payroll (STP) will still need to provide their employees with a PAYG payment summary at the end of the financial year.... After 1 July the ato will send a message to employees myGov Inbox when their income statement is tax ready. Employers using STP need to finalise their payroll data. This essentially tells the ATO that payroll is done for the financial year, and the figures that have been lodged are final.

09.01.2022 EXPANDED INSTANT ASSET WRITE OFF ENDS 30TH JUNE 2020 Small- to medium-sized businesses have just weeks left to make the most of the governments increased instant asset write-off offer. This forms part of the governments measures to support businesses to withstand and recover from the economic impact of COVID-19.... This package includes increasing the instant asset write-off. From 12 March 2020 until 30 June 2020 the instant asset write-off: - threshold amount is $150,000 (up from $30,000) - eligibility has been expanded to businesses with an aggregated turnover of less than $500 million (up from $50 million). Businesses can claim an immediate deduction (business portion only) for multiple assets, new or second-hand, provided each asset costs less than $150,000.

09.01.2022 WorkCover Queensland accident insurance policy renewal. If you have a business in Queensland and employ workers, you are required to insure them against work-related injuries with WorkCover Queensland unless you are a licensed self-insurer. Visit www.worksafe.qld.gov.au... Declare your wages quickly and easily online before the 31 August deadline. See more

09.01.2022 SINGLE TOUCH PAYROLL Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees. Employers with 20 or more employees start date was 1 July 2019. Need some assistance? Contact me for more information.... Fiona 0440 779 260 See more

09.01.2022 APPLICATIONS OPEN QUEENSLAND COVID-19 JOB SUPPORT LOANS Applications are now open for the Queensland Governments $500 million COVID-19 Jobs Support Loan scheme. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations. Low interest loans of up to $250,000 are available to assist with carry-on expenses such as employee wages, rent and rates and other related expenditure. Eligible b...usiness types include sole traders, partnerships, private and public companies and Trusts. All COVID-19 Jobs Support Loans will be provided for a term of 10 years, with no repayments or interest charged for the first year, followed by two years of interest only payments. Principal and interest repayments will commence from the third year for the remainder of the loan term. Apply online at [email protected] Have ready your: - Business Financial Statements for 2017-18 and 2018-19 - Personal Taxation Returns for 2017-18 and 2018-19 - Bank Account Information - Australian Tax Office (ATO) Integrated Client Account Statement - Aged list of debtors and creditors at time of application - Applicant Identification - Organisation Constitution or Rules of Association and Certificate of Incorporation (if applying as a non-profit organisation) - Trust Deed (if applying as a trust). If you require assistance with your application, please contact QRIDA on 1800 623 946. In completing your application, you are encouraged to speak with your lender and financial or business advisors.

09.01.2022 STOCKTAKE If your business carries stock, the stocktake of inventory should be completed by 30 June 2020 so decide on a suitable date and get that marked in your diary. If you have adjusted stock quantities and identified spoilage in your inventory, this should be adjusted as at 30 June 2020 to ensure it is reflected in the 2019/20 accounts.

08.01.2022 MANAGING YOU BUSINESS INFORMATION FOR EMPLOYERS Fair Work have updated their Fair Work Information Statement (FWIS) to make it easier to understand minimum workplace entitlements. FWIS provides important information about workers pay and conditions.... Every worker in Australia needs to get a copy of the FWIS when they start a new job. Contact Balanced Bookkeeping for a copy of updated FWIS or visit Fair Work Ombudsman Fair Work Information Statement page to download a copy.

08.01.2022 NEW MINIMUM RATES AND ALLOWANCES FOR THE CONSTRUCTION, MANUFACTURING AND RANGE OF OTHER INDUSTRIES. From the first full pay period on or after 1 November 2020, new minimum rates and allowances start in awards for the following construction, manufacturing and a range of other industries. - Aluminium Industry Award - Animal Care and Veterinary Services Award... - Aquaculture Industry Award - Architects Award - Asphalt Industry Award - Black Coal Mining Industry Award - Book Industry Award - Broadcasting, Recorded Entertainment and Cinemas Award - Building and Construction General On-site Award - Business Equipment Award - Car Parking Award - Cement, Lime and Quarrying Award - ClerksPrivate Sector Award - Coal Export Terminals Award - Concrete Products Award - Contract Call Centres Award - Cotton Ginning Award - Dredging Industry Award - Educational Services (Post-Secondary Education) Award - Electrical, Electronic and Communications Contracting Award - Food, Beverage and Tobacco Manufacturing Award - Gardening and Landscaping Services Award - Graphic Arts, Printing and Publishing Award - Higher Education Industry-Academic Staff-Award - Higher Education Industry-General Staff-Award - Horticulture Award - Hydrocarbons Field Geologists Award - Hydrocarbons Industry (Upstream) Award - Joinery and Building Trades Award - Journalists Published Media Award - Labour Market Assistance Industry Award - Legal Services Award - Local Government Industry Award - Manufacturing and Associated Industries and Occupations Award - Marine Towage Award - Maritime Offshore Oil and Gas Award - Market and Social Research Award - Meat Industry Award - Mining Industry Award - Miscellaneous Award - Mobile Crane Hiring Award - Oil Refining and Manufacturing Award - Passenger Vehicle Transportation Award - Pastoral Award - Pest Control Industry Award - Pharmaceutical Industry Award - Plumbing and Fire Sprinklers Award - Port Authorities Award - Ports, Harbours and Enclosed Water Vessels Award - Poultry Processing Award - Premixed Concrete Award - Professional Diving Industry (Industrial) Award - Professional Employees Award - Rail Industry Award - Real Estate Industry Award - Road Transport (Long Distance Operations) Award - Road Transport and Distribution Award - Salt Industry Award - Seafood Processing Award - Seagoing Industry Award - Security Services Award - Silviculture Award - Stevedoring Industry Award - Storage Services and Wholesale Award - Sugar Industry Award - Supported Employment Services Award - Surveying Award - Telecommunications Services Award - Textile, Clothing, Footwear and Associated Industries Award - Timber Industry Award - Transport (Cash in Transit) Award - Waste Management Award - Wool Storage, Sampling and Testing Award See more

07.01.2022 MANAGING YOUR BUSINESS FEELING THE PINCH AT BAS OR SUPERANNUATION PAYMENT DUE DATE? You might want to set up a seperate bank account to collect amounts for compliance obligations such as Net GST, PAYG and Superannuation. Making regular deposits into a seperate account helps to ensure funds are available for payment by the due date.... Consider adding a bit extra for income tax and emergencies.

07.01.2022 EOFY - TAX PLANNING TIME Tax Planning is defined as the activities taken to minimise tax liabilities to ensure all available allowances, deductions, exclusions and exemptions are working together in the most tax-efficient manner to reduce the total tax bill. There are always new laws and changing allowances, so regular reviews are important.... Make sure your books are up to date and accurate. Contact your tax accountant and discuss benefits of tax planning for your business.

06.01.2022 SINGLE TOUCH PAYROLL Are you an employer with one to four employees? Not ready for Single Touch Payroll? Xero Payroll Cashbook is here!... Xeros new Payroll Cashbook plan for Australia is designed to help you make sure your small business clients with one to four employees are Single Touch Payroll (STP) compliant. Like to hear more? Contact me for more info. Fiona

05.01.2022 JOB KEEPER PROGRAM If your business has been significantly impacted by the Coronavirus you will be able to access a wages subsidy to continue paying your employees. Under the JobKeeper program, you will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of six months. This assistance will help you keep staff and will help you restart when the crisis is over. Turnover of business must be down by 30%, or more than 50% if tur...novers more than $1 billion. Eligible employers will receive the payment for each eligible employee that was on their books on 1 March 2020 and continues to be engaged by that employer including full-time, part-time, long-term casuals and stood down employees. Casual employees eligible for the JobKeeper Payment are those employees who have been with their employer on a regular basis for at least the previous 12 months as at 1 March 2020. To be eligible, an employee must be an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder. Self-employed individuals will be eligible to receive the JobKeeper Payment where they have suffered or expect to suffer a 30 % decline in turnover relative to a comparable prior period (of at least a month) The subsidy will start on 30 March 2020, with the first payments to be received by employers in the first week of May. Businesses will be able to register their interest in participating in the Payment from 30 March 2020 on the ATO website https://www.ato.gov.au/.

04.01.2022 MANAGING YOUR BUSINESS SUPERANNUATION AND EMPLOYEES WHO SALARY SACRIFICE From 1st January 2020, salary sacrifice amounts can no longer be used to reduce employers Superannuation Guarantee Contributions (SGC) obligations. Example from ATO website: ... Sharon earns $2,000 a week and has an effective salary sacrifice agreement with her employer to sacrifice $250 to her superannuation fund each week. Sharons salary only comprises Ordinary Time Earnings (OTE) amounts. Pre 1st January 2020: Employer calculated Sharons SG liability on her after salary sacrifice wage as follows: $2,000 $250 = $1,750 $1,750 9.5% = $166.25 SG liability From 1st January 2020: Sharons employer must calculate her SG liability on her OTE base which includes the salary sacrificed OTE amounts. The calculation is: $2,000 9.5% = $190.00 SG liability

03.01.2022 Business runs better with Balanced Bookkeeping and Business Solutions. MYOB, Reckon, Xero Bookkeepers & BAS Agents - Sunshine Coast, QLD Phone/Text Fiona - 0404 779 260... #sunshinecoast #bookkeeper #bookkeeping #GST #Tax https://balancedbkeeping.com.au/

02.01.2022 On 12 March 2020, the government announced a package of measures to help the economy withstand and recover from the economic impact of coronavirus. The following measures will be administered by the ATO. BOOSTING CASH FLOW FOR EMPLOYERS The Boosting Cash Flow for Employers measure will provide up to $25,000 back to business, with a minimum payment of $2,000 for eligible businesses. The payment will provide temporary cash flow support to small and medium businesses that employ... staff during the economic downturn associated with coronavirus. The payment will be tax free. Eligibility Small and medium business entities with aggregated annual turnover under $50 million and that employ workers will be eligible. Eligibility will generally be based on prior year turnover. The payment will be delivered by the ATO as a credit in the activity statement system from 28 April 2020 when eligible businesses lodge upcoming activity statements. Eligible businesses that withhold tax to the ATO on their employees salary and wages will receive a payment equal to 50% of the amount withheld, up to a maximum payment of $25,000. Eligible businesses that pay salary and wages will receive a minimum payment of $2,000, even if they are not required to withhold tax. This measure will benefit around 690,000 businesses employing around 7.8 million people.

02.01.2022 CASH FLOW BOOST SCHEME TO END The ATO has addressed the end of the cash flow boost scheme, revealing that it will be immediately cut off once businesses lodge their September monthly or quarterly activity statements.