Sapphire Coast Bookkeeping and Payroll Service | Businesses

Sapphire Coast Bookkeeping and Payroll Service

Phone: +61 402 319 316

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22.01.2022 $20,000 instant asset write-off The $20,000 threshold has been recently extended to 30 June 2019. If you buy an asset and it costs less than $20,000, you can write off the business portion in your tax return for the relevant income year. You are eligible to use simplified depreciation rules and claim an immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:... you had a turnover less than $10 million (increased from $2 million on 1 July 2016), and the asset was first used or installed ready for use in the income year you are claiming it in. Assets that cost $20,000 or more can't be immediately deducted. They will continue to be deducted over time using the general small business pool. You write off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year. The $20,000 threshold applies from 12 May 2015 to 30 June 2019 and reduces to $1,000 on 1 July 2019. Remember, registered tax agents and BAS agents can help you with your tax. See more

21.01.2022 Highly recommend this organisation, they do an excellent job and work with honestly and integrity.

15.01.2022 GST and BAS tips to keep your business on track Get on top of your record keeping early and be better prepared for lodging your BAS it can help manage your cash flow and get you your refund faster. Keep your business on track with these GST and BAS tips:... Keep all of the records you use to prepare your BAS. Generally, these records must be kept for five years. Only claim GST credits for business purchases that include GST in the sale price from suppliers that are registered for GST. Make sure you have a tax invoice for any purchases over $82.50. Fill in the amounts on your activity statement as whole dollars leave out cents and don’t round up to the nearest dollar. Putting money aside in a separate bank account for the GST you receive may make it easier to pay your BAS and manage your cash flow. If you think you might not be able to pay, contact ATO as soon as possible before your BAS is due. Even if you can't pay, you still need to lodge your BAS on time. See more

14.01.2022 Measures For Small Business - STP The single touch payroll (STP) report needs to be lodged through an STP-enabled solution. You can either lodge the report yourself or have your registered tax or BAS agent do this on your behalf. The STP report cannot be lodged through ATO portals and is not an additional label on the activity statement. The ATO has acknowledged that the move to real time digital recording can be challenging for a small business. To assist you the ATO will allow small business to report STP any time from 1 July 2019 to 30 September 2019. As a BAS Agent we can take the hassle out of it and lodge it for you.

08.01.2022 Are you Single Touch Payroll Ready We can alleviate the stress by setting up STP ready to start by the 1st July Single touch Payroll is an ATO Compliance regulation that requires employers to sends employee payroll information including wages, PAYG withholding and superannuation to the ATO at the same time as their standard pay run.Are you Single Touch Payroll Ready We can alleviate the stress by setting up STP ready to start by the 1st July Single touch Payroll is an ATO Compliance regulation that requires employers to sends employee payroll information including wages, PAYG withholding and superannuation to the ATO at the same time as their standard pay run.

07.01.2022 "Nothing is impossible to the willing mind." Books of the Han Dynasty"Nothing is impossible to the willing mind." Books of the Han Dynasty

04.01.2022 Sapphire Coast Bookkeeping and Payroll Service