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25.01.2022 their claim. Tax changes under the new government The new government has identified 92 announced but still unlegislated and unresolved tax and superannuation changes.... Of these, the government stated it will proceed with 18 initiatives, a further three initiatives will be significantly amended, and it will not proceed with seven initiatives. The remaining announced changes will be considered and, if required, the government intends that the bulk of any legislation that is to be progressed should be passed by Parliament by 1 July 2014. Specifically, the government will not proceed with the following three measures which directly affect individual and business taxpayers: Self-Education Expenses Cap the proposed $2,000 cap on the amount people would be able to deduct as selfeducation expenses, including training and educational courses, textbooks and other accreditation expenses. Removal of the FBT Statutory Formula method for car fringe benefits. Tax on Superannuation Pensions proposed new tax on earnings on super assets, which would have taxed superannuation fund income above $100,000 in the draw-down phase. The un-enacted measures the government will proceed with include: Net Medical Expenses Tax Offset phase out the phasing out will allow current claimants to remain eligible for the offset until 2014/15. Increase FMD threshold increasing the nonprimary production income eligibility threshold for Farm Management Deposits from $65,000 to $100,000. Dividend washing preventing dividend washing' whereby sophisticated investors can double dip' on franking credits.

25.01.2022 Listen to this page. This will open in a new window and will play an audio version of the main content on this page. Dad and Partner Pay Supports dads or partners caring for a child who is born or adopted on, or after, 1 January 2013, with up to two weeks government-funded pay. Connect with us:... Facebook YouTube Twitter News for families Information for employers If you are an employer, read more about the Paid Parental Leave scheme and how it might affect your business. Eligibility basics provide care for a child who is born or adopted from 1 January 2013 meet a work and income test be on unpaid leave or not working while getting the payment make a claim within 52 weeks of the childs birth or adoption Eligibility & payment ratesClaimingManaging your paymentResources

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24.01.2022 MySuper - transcript From 1 January 2014, employers need to make super contributions to a fund that offers a MySuper product for employees who havent selected a preferred fund. A MySuper product is a new super account that will replace existing default funds used for employees. A MySuper account has a simple set of product features, regardless of who provides them. This will make it easier to compare funds based on a few key differences. It will also ensure members do no...t pay for any unnecessary features they dont need or use. It will give employers better information to assist with their choice, and the confidence that any MySuper product will meet minimum standards and offer a cost-effective super plan for their employees. During 2013, super funds have been applying for authorisation to offer MySuper products to employers. Super funds will be contacting employers directly to advise of their authorised MySuper products and arrangements for paying super contributions. A list of authorised funds is also available on the APRA website at apra.gov.au just search for MySuper authorisations. If your employer clients havent heard from their super fund about their MySuper arrangements, they should contact the fund for more information. APRA is the agency responsible for regulating super funds and they expect MySuper products to be available for all employers by 1 January 2014. If an employers existing default fund does not provide advice on the new MySuper arrangements, employers should seek further information and implement alternate arrangements to meet the new MySuper obligations from 1 January 2014. For more information about what MySuper changes mean for employers visit our website ato.gov.au/mysuper See more

23.01.2022 Christmas is just around the corner and no doubt your office Christmas party has already been planned and booked into the corporate calendar. Employees are starting to get excited, research conducted last year found that 11% of outfits are planned six weeks in advance. On average, women take 12 hours to pick an office party dress longer than the party itself! So why is the office christmas party such an important time of the year? Corporate Christmas parties are usually org...Continue reading

23.01.2022 CHECK TIMELY New features The Timely techbots have been busy beavering away at making Timely even more awesome. Here is a rundown of three recently added features. ... 1. Multiple appointments on one invoice - Due to popular demand, we introduce this sought after feature to Timely! No one really likes invoicing, so now you are able to add more than one appointment to an invoice. Cutting down on invoicing is definitely a good thing for you and your business, and gives you more time to spend on Friday night pina coladas (or whatever floats your boat)! 2. Add customers to recurring classes - Many of you asked for this and now it's here. You can book your customers in to more than one class at a time, or they can do this themselves if you have online booking. So convenient, no doubt this is a handy feature to get repeat business and motivate your clients all at the same time! 3. Staff appointment summary report - We have a lot of plans to improve the reporting functions available within Timely, but in the meantime this one is a goodie. This report will show you which staff members are making the most appointments, and you can use this information for all sorts of in-house staff competition!

20.01.2022 How to Claim Sun Protection as a Tax Deduction If you or someone you know works in the sun for sustained periods, they could save big bucks by claiming their sun protection equipment! Occupations and industries in which the ATO considers people to work in the sun for prolonged periods include:... Building and construction Delivery and courier services Farming, agriculture and horticulture Fishing Forestry and logging Landscaping and gardening services Open-air minerals, oil and gas exploration and extraction Outdoor sports, and Other outdoor services. Sunglasses The Tax Office accepts deductions for sunglasses when they are used because a worker is exposed to the harmful effects of the sun, generally for a prolonged period. For example, a short walk between two work premises is not allowed. However, if you work on a building site where you spend all day outside or you wear sunglasses to reduce the glare while driving (if you drive the majority of the time for work), you are entitled to claim. There is no limit on the expenditure for the sunglasses, however if they cost more the $300 and they are expected to last for longer than 12 months, you will need to claim the depreciation of the glasses on your tax return rather than the purchase price. Sunscreen Expenses for sunscreen and hats are also an allowable tax deduction for anyone who is classified as an outdoor worker. However, because such items can also be associated with private use, there must be a sufficient connection between the expenditure on the hat or sunscreen and your income earning activities.

17.01.2022 You can lodge and revise most types of activity statements through the Business Portal and you'll receive instant confirmation by receipt that your activity statement has been lodged. You can also view, print and list previously lodged statements. Special offer: You could even gain extra time to lodge and pay your activity statement. Lodge and pay online and you may qualify for a two week deferral of your activity statement due date (*terms and conditions apply). Lodging mult...iple activity statements on behalf of others? We recommend you use the electronic commerce interface (ECI). You can also use the Business Portal to view account details, request transfers and refunds of credit balances, view and update registration details and send and receive secure messages. Requirements You will need: an Australian business number (ABN) an AUSkey Mac users: You are able to access the Business Portal however you might experience some technical difficulties. We are working on improving this. Vision impaired users: To navigate the Business Portal, we recommend you use Jaws for Windows. Magnification software applications such as Magic and Zoomtext should also work effectively on the Portal. Accessing the portal Once you have an AUSkey, login to the portal from our homepage Lodging your activity statement Once you lodge your activity statement online, we will no longer post activity statements to you. All future activity statements can be accessed via the Business Portal. You'll receive notification by email that your activity statement is available to access and complete online. How to pay We offer you a range of convenient payment options, both in Australia and overseas: BPAY credit card (conditions apply) direct credit direct debit mail at Australia Post outlets from overseas - pay by BPAY, direct credit or mail. Registered to BPAY Pty Ltd ABN 69 079 137 518

16.01.2022 Getting organised with your Payroll systems In these challenging economic times some businesses see it as an opportunity to focus on ways in which to operate their business with even greater efficiency, taking time to sharpen the axe. One such way, which can bring immediate benefit is to look at how you process the handling of your payroll (and all of the associated) obligations within your business. Whilst many businesses have moved in the direction of automating the pr...Continue reading

16.01.2022 Paid parental leave Employees may be entitled to paid parental leave on top of their unpaid leave entitlements. Paid parental leave can include employer-funded and government-funded schemes. Australian Government Paid Parental Leave scheme... The Australian Government Paid Parental Leave scheme is for working parents of children born or adopted on or after 1 January 2011. The scheme provides a maximum of 18 weeks pay at the National Minimum Wage. This applies to eligible primary carers of newborn or adopted children. The payments are made by the Government to the employer, who then pays it to the employee. The payments can be paid before, after, or at the same time as existing entitlements such as annual leave, long service leave and employer-funded paid parental leave. Visit the Centrelink - Paid Parental Leave Scheme website or call their Family and Parents line on 136 150 for eligibility information and to make a claim. Dad and Partner Pay Paid leave for dads and partners started to apply on 1 January 2013. This is up to 2 weeks' pay at the National Minimum Wage for working dads or partners (including same-sex partners). These payments are made by the Government directly into the employee's bank account once their claim has been finalised. Visit the Centrelink - Dad and Partner Pay website or call their Family and Parents line on 136 150 for eligibility information and to make a claim. Claims for Dad and Partner Pay can be made for babies born or adopted on or after 1 January 2013. Record-keeping Under the Australian Government Paid Parental Leave scheme, employers have to keep the following records: the amounts of Parental Leave Pay funding received from the Government for each employee and the period these amounts cover the date of each Parental Leave Pay instalment made to their employee the period the payment covers the gross amount of the payment (before tax) a statement identifying that the payments are Parental Leave Pay under the Australian Government Paid Parental Leave scheme if no other payments are made for the period, the net amount of the Parental Leave Pay and the amount of income tax withheld from the payment if other payments (such as annual leave or employer-funded Parental Leave Pay) are made for the period, the total net amount paid for the period (after tax) and total income tax withheld for the pay period the total amount of any deductions made from each Parental Leave Pay instalment. Employers need to keep these records in addition to their usual Record-keeping requirements. Pay slips Employers have to give employees who are getting Parental Leave Pay a pay slip for each payment. In addition to the usual Pay slip requirements, the pay slips need to specify that the payments made are Parental Leave Pay under the Australian Government Paid Parental Leave scheme.

15.01.2022 Start with one and add water.

15.01.2022 Parental Leave Q: Is Dad and Partner Pay paid directly from the Government to employees? Also, how does the Government ensure that employees are on unpaid leave with the company? Dad and Partner Pay is paid directly from the Government in one installment. If an employee applies for Government funded parental leave pay, the Department of Human Services will determine their eligibility. ... You can read how eligibility is determined here: http://www.humanservices.gov.au//eligibility-for-parentall Q: Can an employee apply for a second maternity leave while on the first unpaid maternity leave? (There was no return to work in between) Yes, a period of unpaid maternity leave does not break an employees continuous service with an employer. Q: I understand that employees can request to take their paid parental leave at half pay for double the entitlement of weeks, do you know if this is correct, if so do you know how tax applies. If the leave is requested at half pay and if the person claims the tax free threshold they wouldn't pay tax on half of the paid parental leave amount, is this correct? Under the Government funded paid parental leave scheme, an employee can receive the paid parental leave for a period of 18 weeks. Pursuant to the scheme, there is no flexibility in terms of how this is paid. With respect to employer funded leave, by agreement (between an employer and employee), the leave could be paid at half pay and as such should be taxed according to PAYG requirements. Q: Can an employee take annual leave for example 1 month then take a further 12 months of unpaid parental leave? No. Employees are entitled to take annual leave during unpaid parental leave and it does not break the continuity of parental leave. In this case, the period of 12 months of leave will include 1 month of annual leave and 11 months of unpaid parental leave. Q: How many weeks can an employee couple apply for? With paid or unpaid? Employee couples are entitled to no more than 24 months of unpaid parental leave between them, which generally must be taken separately in a single continuous period. See more

14.01.2022 Yearly reports Due dates Key lodgment and payment dates for businesses, organised by month and the type of obligation. Any reports that you lodge yourself must be lodged by these due dates. If you lodge some reports through a registered agent, your agent will tell you when these are to be lodged. Income tax return You must lodge an annual income tax return to report your assessable income and claim any allowable deductions or offsets that reduce the amount of tax you pay.... If you're a sole trader you lodge a single tax return for you and your business. If you operate your business through a partnership, trust or company, you need to lodge your individual tax return and a separate tax return for the business. PAYG withholding annual reports If your business withheld amounts from any payments during the financial year, you must lodge the appropriate PAYG withholding annual reports with us. For example, if you paid wages or salaries to employees, or made payments to other workers, you need to lodge an annual report with details of the amounts paid and the amounts withheld. Fringe benefits tax return You must lodge a Fringe benefits tax (FBT) return if you have an FBT liability for the FBT year ending 31 March. GST annual return You receive an Annual GST return if you elected to report goods and services tax (GST) and pay (or claim a refund) annually, or you elected to pay quarterly GST instalment amounts (option 3 on your BAS). You complete the return to report GST and calculate the amount you owe, or that we owe you. Taxable payments annual report Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. You need to report these payments to us on the Taxable payments annual report. Correct a return or report If the information you have given us in a return or report was mistaken, incomplete or is no longer accurate, you need to correct it immediately. Due dates Income tax return PAYG withholding annual reports Fringe benefits tax return GST annual return Taxable payments annual report Correct a return or report Last modified: 06 Feb 2014QC 32062 See more

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12.01.2022 Are you Prepared for the Super Contribution Increase? posted by Employment Innovations on April 2nd, 2013 Posted in Blog Superannuation is a crucial part of an employees benefits package and is heavily regulated, so when changes are proposed to superannuation legislation, employers need to be fully educated and prepared. In 2012, the Federal Government announced a potential increase in employers obligatory super contributions, with this legislation set to come into effect ...on July 1st of this year. This is just one part of the Stronger Super reform and whilst it may be daunting for employers, July is fast approaching and businesses need to plan ahead to avoid potential problems. From July 2013, the minimum contribution is set to increase from 9% to 9.25% From July 2014, this is set to increase to 9.5% From July 2015, it is set to increase annually by 0.5% until July 2019 when it reaches 12% The impact of these changes can be huge for businesses and yet, according to a survey by Aon Hewitt, many employers have not yet fully considered the effect it will have and have also not prepared themselves to avoid fines for non-compliance. Aon Hewitt questioned 160 Australian companies about superannuation, which produced these interesting results: 58% have no plan in place beyond the end of the year 11% intend to contribute more than the minimum, compared to 29% who do so at the moment. 12% plan to conduct a review to decide which MySuper fund to contribute to What to do now? Employers are required to increase contributions for eligible employees from 9% to 9.25% from July 1st and also comply with the further increases each year. (Subject to legislation passing next month). Can an employees salary or hourly rate be reduced to offset the cost to the business? Generally, no. For employees paid by the hour, the Federal Government has indicated that future minimum wage increases would take into account the increased compulsory contributions. For salaried employees, it is dependent on the employees contract, award or agreement and the way in which remuneration is dealt with specifically in all employment related documentation. If it is set out that superannuation will be paid in accordance to relevant legislation, businesses can face legal issues if they try to reduce pay in light of the increased contribution rate. This becomes a little more contentious if there is a clear clause in the contract of employment which indicates that increases to compulsory contributions will be offset by a reduction in pay, or if there is no reference to the specific percentage of superannuation in relation to salary packages. Are there other ways to offset the cost? Businesses should seek legal advice before taking any action concerning the reduction of base salaries or hourly

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07.01.2022 Not just a Monday but but the end of the Financial Year so TAX TIME!!!

06.01.2022 CBK Business Solutions"s inviting you and friends to a presentation XERO - CLOUD SOFTWARE ACCOUNTING Why because as business people in business you may want to know how to save time and money? Understand today how important it is to know how much money you have in your bank account?... Supply your Accountant or Bookkeeper with receipts, invoices or documents at a click of a button? Run paperless office? Please join us in a presentation we can answer question and many more.... Date: Tuesday 17 June 2014 Morning Star estate, 1 Sunnyside Road Mt Eliza Registration from 12.15 pm Presentation 12.30-2pm OR Date: Wednesday 18 June 2014 at Nepean Country Club, 205 Browns Road Registration from 6.15pm Presentation 6.30-8pm RSVP 12 JUNE 2014 : 1300728809 Door Prizes and giveaways to be won, so please be sure to bring your business cards Light Refreshment served See more

06.01.2022 Guide to contractors Overview Contractors and employees have different tax and super obligations. Similarly, if you have people working for you, your obligations differ depending on whether your workers are contractors or employees. So it's important you know whether you are, or your worker is, an employee or a contractor....Continue reading

04.01.2022 What's the story that your scars tell? Speaker: Christina Helena for Thrive Union

03.01.2022 Small business owners are running serious financial risks due to knowledge gaps about tax, new research has found. More than 1000 Australian small business owners were surveyed in a study commissioned by American Express. While most small business owners (73%) understood they were responsible for errors in their tax returns even if they used an accountant, many were not clear about GST responsibilities, tax deductions and write-offs....Continue reading

02.01.2022 Fuel tax credit rates increased on 2 February. Remember to use the latest rates when completing your BAS. Find the new rates at https://ato.gov.au/fueltaxcreditrates

02.01.2022 GST on Credit Card Surcharge. If a merchant now imposes a surcharge when a customer using a credit card, is GST applicable? It would seem to be debatable whether the extra fee charged by the merchant, is a financial supply and not subject to GST. However, the Australian Taxation Office (ATO) considers that it is part of the price for the merchant?s supply of the goods or services. Accordingly, the merchant will be required to remit 1/11 of the total price. ... The ATO logic is that if the price tag indicates a price, say of $50 inclusive of GST, and when payment is tendered the customer chooses to pay the surcharge of say 3%, the new price for the item is $56.65. The ATO consider that this is one supply only and therefore, GST is payable in respect of the total amount. It also means that an input tax credit is claimable on 1/11 of the total if the card holder is purchasing for business purposes.