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Bookkeeping Assistance

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25.01.2022 Legislation has this morning passed the Federal Parliament to extend Single Touch Payroll (STP) to smaller employers (those with 19 or less employees) from 1 Ju...ly 2019. This now provides certainty to the more than 700 000 businesses who will need to be STP-compliant by the 1 July start date. This also provides an opportunity for BAS Agents to advise clients on the STP solutions that are available, and guide them through the transition to this new reporting framework over the coming months. You can read more about this opportunity, and the STP solutions available, in our upcoming Bookies Bulletin. Don't miss the next episode of Bookkeeper Radio streaming live Wednesday 20th February. Regular Hosts Peter and Kelvin are joined by special guest John Shepherd (Assistant commissioner Single Touch Payroll Program Lead at the Australian Taxation Office) to talk everything STP and the impacts on smaller employers. https://www.austbook.net/bookkeeperradio

24.01.2022 We have been receiving a few questions regarding the JobKeeper eligibility of full-time students who are 17 years or younger and not financially independent. If... you refer to the final dot point on page 2 of the below document as well as the section at the bottom of page 14 it explains the current stance of Treasury on the issue. Again we encourage you all to continually check government websites and documents as COVID-19 Polices change frequently. https://treasury.gov.au//JobKeeper_payment_frequently_aske

20.01.2022 The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed the Queensland Government’s decision to appoint a temporary Small Business Commissioner. #SmallBizAU http://ow.ly/89Ko50zm58X

19.01.2022 Helping small and medium business owners with an efficient and reliable bookkeeping and BAS service. To allow the owners more time to focus on their trading and running their business.

10.01.2022 To make it easier for people to claim deductions for working from home, the ATO has announced a new shortcut method which will allow taxpayers to claim a rate o...f 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses (https://www.ato.gov.au//Me/New-working-from-home-shortcut/). Assistant Commissioner Karen Foat said the shortcut method "will only require you to keep a record of the number of hours worked from home". Claims for working from home expenses prior to 1 March 2020 cannot be calculated using the shortcut method, and must use the pre-existing working from home approach and requirements. The ATO will review the special arrangement for the next financial year as the COVID-19 situation progresses. See additional resources available to taxpayers https://www.ato.gov.au//Suppo/Employees-working-from-home/

07.01.2022 How does STP apply when the Director takes drawings as and when cash is available? The ATO last week provided a deferred STP start date for businesses with clos...ely held payees. The start date has been put back by 12 months until 1 July 2020. A closely held payee is as an employee who is a non-arm’s length employee, directly related to the entity from which they receive payments, including family members of a family business, directors of a company and shareholders or beneficiaries. With such businesses, the process of paying oneself is not a typical payroll process. Rather, these people may make a drawing as and when cash is available in the business, or they may use loan accounts. Going forward, the ATO will move to quarterly reporting obligations for these payees aligning its STP approach to the current closely held lodgement concession that applies for the PAYG withholding payment summary annual report. Said ATO Director Michael Karavas: It won’t be a pay day because lots of them don’t have regular pay days but a once a quarter again with the activity statement. This is a recognition that there is a current practice in place, about where directors when they go see their tax agent and accountant to do the tax return at the end of the year they finalise what their salary and wages are at that point in time. The ATO will use the 12 month deferred start date to settle on, and then provide more details of, how STP reporting will affect this style of payer, with different approaches to quarterly reporting to be announced.

05.01.2022 JobKeeper Payment update The Australian Government has now introduced the JobKeeper payment. To find out if you and your employees are eligible visit ato.gov.au/jobkeeper

03.01.2022 Hoping to re-establish the business. Working on business development and plans - stay tuned