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24.01.2022 WHO WENT NAKED? Yesterday I made mention of the winter solstice, which had been on Sunday. To commemorate the solstice, it was also International Hike Naked Day. This was obviously created by some joker in the Northern hemisphere, without any thought for us experiencing winter in the South. I guess he thought we were only dealing with a small problem. Have a great day folks.

23.01.2022 ON SINGLE TOUCH PAYROLL FOR THE FIRST TIME? A couple of reminders for those on STP. 1. Make sure that you have ticked the box on your last pay run for the year to indicate that it was the final run. If you havent then you can go back in and do so. 2. Let your employees know that you are not required to issue them with Group Certificates any longer.... 3. Advise your employees that they can access their Income Statement through their myGov account, however, they will need to make sure that it is marked Tax Ready by the ATO before they can lodge their returns. If you have any queries in respect to STP or group certificates etc, please contact us. Stay lucky and safe folks.

23.01.2022 How Does That $25,000 Bonus Payment Scheme Work? This component, which forms part of the Governments economic response to the Coronavirus, is called Boosting ...the Cash Flow for Employers and, as the name suggests, it is aimed at reducing the burden of your obligations to the Tax Office. To be eligible you need to have an aggregated turnover of under $50 million (this will be assessed on your previous years turnover) and you need to employ staff. As part of employing staff you are paying wages and, in most cases, withholding tax (PAYGW), which you then send to the Tax Office either through quarterly or monthly returns. Starting from your March lodgement through to your June (2020) lodgement the Tax Office will provide you with a credit of 50% of the PAYGW that you send them. The minimum you will receive from this is $2,000. The maximum is $25,000. You don not need to apply for this. All you need to do is lodge your quarterly or monthly Activity statement and the ATO will do the rest automatically So, am I guaranteed to receive $25,000? The simple answer is No. What you receive is directly linked to the amount of PAYGW that you withhold from your employees wages and remit to the ATO. If your withholdings (not wages) are $50,000 or more, then yes, you are in line to collect $25,000 in credits. What is the score if I employ people but their wages are not big enough to have tax withheld, do I miss out? No you dont. So long as you pay wages and report this on your monthly or quarterly activity statements you will receive the minimum amount of $2,000. Hang on a minute! I submit my returns on a monthly basis and the business next door submits their returns on a quarterly basis. Their March quarter Activity Statement will have the benefit of three months worth of PAYGW. Thats unfair. Dont worry, the Government has thought this one through and those that do submit monthly will have their credit worked out for the March lodgement only at a rate of 150% rather than 50%, to level out the playing -field. What else do I need to know? The above pretty much covers it, but just remember: This scheme only runs from March through to June 2020. You may not be entitled to the full $25,000. What you do receive will be tax free If you are still unsure or concerned, please do not hesitate to contact us. On a lighter note: I know that there was no one in the stadium last night, but wasnt it good to see football back on television. For me, it was a sign that we remain positive, that we are moving on and that we will beat this thing. Be lucky and safe out there folks.

22.01.2022 Today is International Volunteer Day. So many small clubs and organisations rely on volunteers to keep them going. Don't forget to say thank you and let them know they are appreciated.

21.01.2022 Some good news! A bill was introduced into the Legislative Assembly on 28 November 2019 proposing to increase the payroll tax threshold from $850,000 to $950,000 from January 1, 2020 and rising to $1,000,000 from January 1, 2021. Contact us if you wish to know more.

20.01.2022 TAKING STOCK Food For Thought (Part One) Theres no doubt that COVID19 has changed the way we live (are you sick of isolation yet?) . As to whether or not we will ever rid the world of this bug, well I will leave that to the scientists and other boffins to figure that one out. What concerns me is the way we do business. Unless you are an essential operation your business has either shut down or operating with some degree of restriction. The severity of that restriction is..., in many respects, dependent upon your ability to adapt and or innovate in these circumstances. Those that drop their heads, scream at the gods because they feel that they are against it and drop their bundle will cease to be viable businesses. Those that adapt may survive this crisis, those that innovate are likely to bounce back as stronger operations. I used the word innovate and to some that means re-inventing the wheel, but nothing could be further from the truth. You still carry on doing your business, but you find another way to do it. Take for example a butcher that I know who has closed his physical store to the public so that he can limit face to face contact and protect himself (as the key bread winner) and his most valuable asset, his staff. Hes gone to a virtual environment for his marketplace and now sells his products on-line. Orders are placed and paid for via the internet and then collected by patrons from the store. However, when they arrive, they dont leave their cars and one of his staff members places the order in the back of the clients car. He is still doing what hes been doing for years, only in a different manner. How has your business been affected? How are you coping with these changes? You now have the opportunity to take a long hard look at your business and the key word there is opportunity. If you accept the current situation as a negative, you will struggle. See it as a positive and adapt, and there is a good chance that you will come out at the other end a better and stronger operation. I wont respond, but I would love to hear your thoughts just keep them clean and keep them positive. Be lucky and safe out there folks.

19.01.2022 We're back and refreshed. Now here's food for thought for you. Where do you and your business want to be in five years time? Do you have a plan as to how you intend to get there? What do you need to change? How will these changes affect you and your family? In short, do you have a business plan?... If not, contact us. See more

19.01.2022 JobKeeper is happening! JobKeeper (JK) payments are now starting to come through to the bank accounts of those that managed to lodge early and this is bringing a lot of smiles to the faces of employees and employers. Reminder that the payments are before tax. Pay As You Go Withholding will still need to be put aside and submitted to the ATO on your due dates. Also, if your business didn't qualify for JK in April or May, keep an eye on your figures in the event that you do qualify in later months. The scheme will run through to the end of September.

18.01.2022 GOOD NEWS FOLKS Yesterday was the winter solstice. This means that, going forward, every day will be a little sunnier for us. Lets take that same attitude with us as well. Have a great day folks.

18.01.2022 HOW SOON CAN I GET MY TAX RETURN DONE The ATO has advised that Tax Time 2020 is ready to go, however, they will not commence processing tax returns until the week of July 5. Things to remember: The ATOs Pre-Filling systems will work a little slower and your income details may not be complete on their systems, which could lead to errors in completing returns. They are reasonably confident that most payroll date will be in order by the middle of July.... Those with rental properties should be seeking annual statements from their property managers, you can download a copy of your private health fund payments from your provider and, these days, your managed funds are tending to send their annual statements to you in a more timely manner. Contact us if you need assistance in organizing your data for your accountant. Stay lucky and safe folks.

18.01.2022 SUPER OR IS IT? Running down toward the end of the financial year and those of you that are looking to take advantage of the ability to access $10,000 worth of superannuation from their funds will need to do it soon. Contact us if youre unsure as to what the eligibility criteria is or you need to know how to go about applying. Word of caution. The ATO issued a notice earlier in the week that they will be paying close attention to members accessing their super. They will be ...keeping a close eye on those that have artificially arranged their affairs to ensure that they are eligible and will impose stiff penalties. Also, those that were thinking of withdrawing and then re-lodging super just to get a tax deduction, think again. The ATO are likely to hit you with Part IVA, which deals with anti-avoidance schemes. That wont be pretty at all. Stay safe folks.

16.01.2022 The Australian Tax Office (ATO) has announced some assistance for those that may have been affected by the recent spate of bushfires across the country. If you live in one of the identified impacted postcodes, the ATO will automatically defer any lodgments or payments you have due. You, or your agent, don't need to apply for a deferral it will be automatically applied. Income tax, activity statement, SMSF, FBT and excise return lodgments, and their associated payments, will be deferred until 28 May 2020.

16.01.2022 TAKING STOCK Food For Thought (Part Two) The other day I spoke about COVID19, how it has changed the way we live and the need for businesses to adapt to this change or flounder. What I am looking for you to do now is look to the future. When talking to people (on the phone or on line) I keep hearing the phrase when this is all over, or when we get back to normal and I think to myself stop kidding yourself. The new future wont be the same as what you were used to, wha...t you will see in the future is being born right now, this very instant. The new future or the post-COVID world will be a different place and you either need to be a part of the change or one of the instigators of change if you want to leap ahead. One of the phenomena occurring at present is the number of people doing business online or buying products and shopping via the internet. A large number of people who had previously used their feet to get to the store are now using their fingers. After six months of this, do you seriously think they will stop shopping this way? They will find it convenient, easier and stress free. An on-line store is open twenty-four hours a day, seven days per week. Sure, youre not going to get instant gratification. Sure, youre not going to go online because you dont have lemon juice for the recipe youre preparing right now or the right washer for that tap fitting thats spitting water everywhere. I am not saying that there wont be any more people traffic through your store but the need for people to shop this way will no longer be as urgent. The question is, what are you doing about it, what are your plans for this new future? Your thinking should not be directed at simply surviving the now it should also have one eye on the future. Once again, I wont respond, but I would love to hear your thoughts keep them clean and keep them positive. Be lucky and safe out there folks.

14.01.2022 WELCOME TO MY NIGHTMARE Bookkeeping! You either love it or its a case of Welcome to My Nightmare. Have I set this system up properly? Am I putting things in the right places? Am I using my accounting package to the best advantage for the business? Heck, am I even using it correctly? These questions spell out the sort of headache that aspirin wont take away. We can. SWBP will come to you and check that youve installed correctly, have the right codes in place and will provide you with training and support to help take the pain away. Contact us now. In case you missed it, yesterday (4th February, 2020) Vincent Damon Furnier celebrated his 72nd birthday. You may know him better as Alice Cooper and his debut solo album was Welcome to My Nightmare(1975).

13.01.2022 HAPPY NEW YEAR FOLKS I guess everyone knows the Happy EOFY jokes yes you are allowed to smile at them. This last year has definitely been a testing one and one that weve not seen the likes of before. Lets all look forward with a positive attitude, get our heads down, butts up, look after our mates and make this a year to remember for all the right reasons. Stay lucky and safe folks.

12.01.2022 JOBKEEPER PAYMENTS: THE MONEY BELONGS TO THE EMPLOYEE. The number of misconceptions and confused ideas that continue to arise from the JobKeeper scheme are keeping me busy, sometimes bemused, sometimes bewildered. I recently had a client contact me who is paid purely on a commission basis. Their employer has identified that they are an eligible employer under the scheme and has advised the staff that this is how it would work:... Fortnight 1: You havent earned any commission, so we pay you $1,500 (less tax) as directed by the government. Fortnight 2: You have had a good period and earned $4,000. We pay you $2,500 (less tax). In this way, taking into the consideration the $1,500 wed paid you the previous fortnight, you have still earned and been paid your $4,000 in commission. The employers belief is that the incentive is there for them to keep the employee on their books and hence, the money is theirs. This is partly correct. Yes, the scheme is an incentive to keep the worker employed but, the money is for the employee, so that they can keep the family functioning, continue to spend and, thereby, keeping the economy stimulated. Here is how that employer should be thinking: Fortnight 1: You havent earned any commission. Pre-COVID I pay you nothing, I am out of pocket nothing. Now, I pay you $1,500 (less tax), the government reimburses me $1,500, I am out of pocket nothing. Fortnight 2: You have done well and earned $4,000 in commission. Pre-COVID I pay you $4,000 (less tax), I am out of pocket $4,000. Now, I pay you your $4,000 (less tax), the government reimburses me $1,500. I am out of pocket $2,500. Both parties are winners. It makes me wonder then, what that employers line of reasoning would have been with an eligible casual worker on their books, earning $300 per fortnight. Does he plan to continue paying that casual $300 per fortnight (less tax) and then pocketing the $1,200. This is definitely wrong and does not come anywhere near the intent of the scheme. There are other considerations here for the employer; (a) whilst the employee is on their books they will continue to accrue benefits such as sick leave and holiday leave (b) the employer still need to keep paying the employee their entitled superannuation benefits but, only, on what they would have been entitled to pre-COVID. In other words, our casual employee above would have been paid super on $300 per fortnight, not the $1,500. There may be some repercussions for some employees as well. The extra earnings they are receiving, like our casual above, may impact on other government payments that are means tested. If you have questions about the JobKeeper scheme, dont hesitate to contact us. Also, we are always keen to hear your thoughts. Keep them clean and keep them positive. Be lucky and safe out there folks.

12.01.2022 As we work our way toward the Australia Day weekend it is worth taking a moment to contemplate on a country of people who, when confronted with challenges, looked them in the face and thought Yeah, I can do that, shell be right mate. And from this simple down-to-earth attitude, a great nation was born. We, at South West Bookkeeping Professionals, take our hats off to you and wish to let you know that were here to support you. Happy Australia Day folks and avagoodweekend.

11.01.2022 Today is National Hug Day. Different studies prove that hugging helps build a good immune system and decreases the risk of heart disease, reduces stress, lowers blood pressure and triggers the release of healthy hormones. Another way to reduce stress is to maintain the link between your Accountant or Bookkeeper. Have a chat with them to discuss where you want your business to be in 2, 4, 5 years time or even how to make your business work better for you right now.

11.01.2022 TAKING STOCK Food For Thought (Part Three) I am still hearing people talking about when this is all over in respect to the COVID19 pandemic as though there will be a snap of the fingers and life will resume as it once was. I dont believe that to be the case, but I also dont see that as a negative thing, particularly if you ready yourself now for the future. I am aiming this article at the wage earners out there, particularly those that have been stood down because their ...employers business has been forced to close temporarily, is suffering from significantly reduced turnover or is simply, not an essential business. Do you think that the job you had will still be there in (say) six months time? Do you think that you will be able to walk back into the same role that you did before? You may well be able to, but I would consider you to be one of the lucky ones. The businesses that do get through this will be the ones that have changed the way they do things, the ones that have looked very closely at their operations and expenses and have made changes. One of those changes may well be your job or the way your job is done. What does this mean for you as a wage earner, temporarily out of work? See it as an opportunity and dont wait for the mountain to come to you. Start looking to upgrade the skills that you do have. Seek to broaden your own horizons and develop new skills. Stay in contact with your previous employers and find out the lay of the new future and how you fit in or, what you need to do to fit into it. Upskill! Upskill! Upskill! Make that your new mantra. Changing your career is also an option. Think it through though. It is a massive step but youre never too old or too late to do this. As before, I wont respond, but I would love to hear your thoughts. Keep them clean and keep them positive. Be lucky and safe out there folks.

11.01.2022 ATO Scam. The ATO has issued a warning about a new SMS scam which promises an 8% bonus on your 2020 tax returns to victims of recent natural disasters. This particular scam includes a link to a genuine looking but fake myGov website. The ATO wants to let you know that they do send SMS messages along with phone calls and emails but if you are unsure if it is genuine call the ATO scam line on 1800 008 540 to check the legitimacy. Better to be safe than sorry as last year, over 15,000 people had provided scammers with their personal identifying information.

11.01.2022 JOBKEEPER 2:0 IT SOUNDS LIKE A STAR WARSSEQUEL. And if it were, Id sooner perceive it as A New Hope rather than The Phantom Menace. On 28 September the first version of JobKeeper (JK) will come to a close. Yes, you still need to lodge your claim for the month of September, in October. Please dont forget to do that.... There are two extension periods for JK 2:0 and you will need to re-assess your eligibility for each new period. Extension 1 runs from 29 September 2020 through to 3 January 2021. You will need to demonstrate that your GST turnover has fallen during the September quarter (July, August and September) 2020 in comparison to the same period in 2019. Extension 2 runs from 4 January 2021 through to 28 March 2021 and this time you will need to show that your GST turnover has fallen in the December quarter (October, November and December) 2020 with the same period in 2019. HOW MUCH DOES MY TURNOVER NEED TO FALL BY? If your aggregated turnover is more than $1 billion in a year then the decline needs to be 50%, less than that it is 30%. The exceptions here are Not for Profit organizations, who will need to demonstrate a 15% decline. IM ALREADY IN THE JOBKEEPER SYSTEM, DO I NEED TO RE-APPLY? Simple answer is no, however, you do need to complete the additional actual turnover test for the new quarters. IF IM A NEW ENROLLEE DO I HAVE TO SATISFY THE OLD TESTS? Technically yes, though the ATO advise that if you satisfy the actual income test for the September quarter, then that is sufficient. MY BUSINESS FAILS THE ACTUAL TEST FOR EXTENSION 1, DOES THAT MEAN IM OUT? You will miss out on JK payments for the first extension. You will need to re-assess your position for the second extension in January, next year, to see if you qualify for that period. Let us know if you need help with the calculation of figures or if you have any other questions in relation to this. Stay safe folks.

11.01.2022 If you are an operation that receives any form of business income or makes payments, then you are going to need to record them for accounting purposes. The greater the volume and complexity of these transactions, then the better the quality of your recording system will need to be. This also includes Not-For-Profit (NFP) organisations. Yes, they need to be accountable as well. At SWBP, not only are we great bookkeepers, we also have a firm understanding of government compliance requirements that NFP's need to abide by.

09.01.2022 Happy birthday boss Happy birthday boss

09.01.2022 Merry Christmas everyone. Dont forget to chill, embrace the joy of family and friends, be safe and we will see you in 2020. Joe and Marian

08.01.2022 JOBKEEPER 2:0 HOW MUCH DO WE GET? The first things you will notice about JobKeeper (JK) 2:0 are that (a) it is not as generous as the first package and (b) there is no longer a one size fits all payment system. From 28 September 2020 to January 3 2021, the full rate will drop from $1,500 down to $1,200 per fortnight. You may also hear this being referred to as the higher rate or the tier 1. To qualify for this rate you will need to be working for your qualified employ...er for 80 hours or more in a 28 day period. This will include hours for paid leave, paid absences and public holidays. During the second extension of JK 2:0, from 4 January 2021 to 28 March 2021, this higher rate drops from $1,200 pre fortnight down to $1,000 per fortnight. A second level has been introduced for this round of JK. Tier 2 will provide for $750 per fortnight in the first extension and $650 in the second. This will be applicable to those who work for the eligible employer for less than those 80 hours in the 28 days. BUT THERE HAS TO BE A BUT. From 3 August 2020 eligible employees will need to have been with their employer prior to 1 July 2020. This has been shifted from 1 March 2020. This is also a good thing because it is likely to capture more employees in the net. For those employed on a casual basis however, you will still need to show that your work with your employer has been both regular and systematic for a full twelve months. Once again, contact us if you need clarifications on these points or have any questions in respect to JK that are on your mind. Stay safe folks.

08.01.2022 JOBKEEPER 2:0 IT SOUNDS LIKE A STAR WARSSEQUEL. And if it were, I’d sooner perceive it as A New Hope rather than The Phantom Menace. On 28 September the first version of JobKeeper (JK) will come to a close. Yes, you still need to lodge your claim for the month of September, in October. Please don’t forget to do that.... There are two extension periods for JK 2:0 and you will need to re-assess your eligibility for each new period. Extension 1 runs from 29 September 2020 through to 3 January 2021. You will need to demonstrate that your GST turnover has fallen during the September quarter (July, August and September) 2020 in comparison to the same period in 2019. Extension 2 runs from 4 January 2021 through to 28 March 2021 and this time you will need to show that your GST turnover has fallen in the December quarter (October, November and December) 2020 with the same period in 2019. HOW MUCH DOES MY TURNOVER NEED TO FALL BY? If your aggregated turnover is more than $1 billion in a year then the decline needs to be 50%, less than that it is 30%. The exceptions here are Not for Profit organizations, who will need to demonstrate a 15% decline. I’M ALREADY IN THE JOBKEEPER SYSTEM, DO I NEED TO RE-APPLY? Simple answer is no, however, you do need to complete the additional actual turnover test for the new quarters. IF I’M A NEW ENROLLEE DO I HAVE TO SATISFY THE OLD TESTS? Technically yes, though the ATO advise that if you satisfy the actual income test for the September quarter, then that is sufficient. MY BUSINESS FAILS THE ACTUAL TEST FOR EXTENSION 1, DOES THAT MEAN I’M OUT? You will miss out on JK payments for the first extension. You will need to re-assess your position for the second extension in January, next year, to see if you qualify for that period. Let us know if you need help with the calculation of figures or if you have any other questions in relation to this. Stay safe folks.

07.01.2022 And we are up and running. Feel free to share.

05.01.2022 WHAT THE HECK IS YOUR TAPR? TAPR stands for Taxable Annual Payments Report. It is a document that you send to the Tax Office to report payments you may have made to sub-contractors during the last financial year. It is due by the 28th of August 2020 and late lodgements may attract penalties. (NOTE) Nil reports are required. Who needs to lodge a TAPR?... Anyone who is involved in the Building and Constructions industry, Cleaning Services, Courier Operations, Road Freight Services, Information Technology and the Security Installation and Investigation industries. You may also be a mixed business that utilizes one of those industries listed, for example, a florist that makes deliveries. If your payments represent 10% or more of your turnover, whether you are registered for GST or not, you will need to lodge a TAPR. Contact us if you need any further advice on this matter or assistance in completing the return. Stay lucky and safe folks.

05.01.2022 TAKING STOCK Food For Thought (Part Four) One of the massive changes that COVID19 has made to businesses is that it has forced people into, or confined them to, their homes. Most office workers would usually have their morning routine of get up, exercise (maybe), shower (maybe) and breakfast (maybe) before heading off to work and stopping to get a coffee on the way. A good chunk of those people are now finding that they are required to work from home. A lot would think how... cruisy is this? No boss looking over your shoulder, work the hours that you want, if you havent finished the lot youre working on, you can catch up on it after watching Die Hard for the thirty second time. Well, that wont work. You need to establish a discipline and a routine if you wish to succeed. Set up a space that will become your office. This then becomes the place where you go to work. This is where your mind-set changes I am no longer at home; I am now at work and your focus becomes exactly that. Make sure that your office has a door. In the first instance, you can close yourself off in there and it shuts the rest of the house out. Not my favoured option but if you have children it may be the signal to them that Daddy has gone to work and cant be disturbed. The benefit here is that when your days work is done, you can close the door on it so that (a) you dont see it and (b) its a physical representation of you closing your mind to it. In other words, it is a signal that the days work is done. Set yourself boundaries such as I must be in the office by 8:00am. I will work solid through to lunch or I will call it quits at 4:00pm. Whatever will work for you but remember, once youve set that boundary, stick to it. Get dressed for work because this will put you in that mindset. If it means putting on the suit and tie, so be it. For some it may mean the simple act of wearing a shirt instead of the daggy tee-shirt that changes the mindset. I hope these thoughts have been helpful. What works for you, I wont respond, but I would love to hear your thoughts. Keep them clean and keep them positive. Be lucky and safe out there folks.

02.01.2022 THERE ARE THREE TYPES OF BOOKKEEPERS Those that can count and those that cannot and I hope that bit of levity brought a smile to your face. Humour, however corny, has always been my go to and in times like these we could all do with some in our lives. ... COVID-19 has already changed our lives and it will continue to impact on how we go about doing business and interacting with people. Whilst we, South West Bookkeeping Professionals, are now confined to working from home, rest assured that we are here and will continue to look after you. If you need us, phone us, email us, face time us even zoom us, we will be there to answer your call. If you need advice relating to your business recordings, the government assistance packages or just another one of my crappy jokes, dont hesitate to get in touch. Be lucky and safe out there folks Joe and Marian

01.01.2022 Is your bookwork stopping you from doing what you do best? Our first consultation is free. Give us a call.