The Business Ally in Waterford West | Business service

The Business Ally

Locality: Waterford West

Phone: +61 469 791 165

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25.01.2022 Businesses: Taxable payments annual report (TPAR) are due next week on 28 August. If you need to lodge, most of the info youll need should already be on hand... from your monthly or quarterly reporting! Lodge on time so you dont miss the deadline! Find out more about your TPAR at ato.gov.au/TPARlodge See more

24.01.2022 Additional small business grants of up to $10 000 being made available. Queensland's Minister for Small Business Shannon Fentiman has announced an additional $100 million to support small business through a second round of grants. Following on from the quick exhaustion of the previous grants, business have more time to prepare as the second round of grants will open on July 1. ... Full details here: https://www.business.qld.gov.au//advice-su/grants/adaption To support the regions, over half of these grants will be for small businesses outside South East Queensland.

24.01.2022 Remember always check the award before taking any decisions about your employees Coronavirus and Australian workplace laws: Find out about your workplace entitlements and obligations if youre affected by the outbreak of covid-19, including information about stand downs from work, working arrangements impacted by school closures, and pay and sick leave entitlements. https://coronavirus.fairwork.gov.au/

23.01.2022 10 reasons why you should separate your business and personal finances If you decide to start a business or you already have one, it is not always compulsory to have a separate business account, however, it is highly recommended to do it. Some of the reasons are:... 1- It will be easy for you to exactly identify your business income and expenses, which will help you to claim all the expenses you can and reduce your business income tax. 2- It is transparent from ATOs point of view. 3- You can identify how your business is going and manage cash flow. 4- You can link your business bank account with your accounting system. 5- Your business bookkeeping will be easier and it will save you money or time. (No personal transactions to process) 6- Easier to track your expenses and analyze how you can save money 7- You will start creating your business own credit profile. 8- You can decide your own payment (salary or drawings depending on the business structure), transfer the money to your personal account and pay your personal expenses from this account. You will be able to identify and control your personal income and expenses and make sure your expenditure is less than your income. 9- Preparing your business and personal tax return at the end of the year will be easier (when the bookkeeping is done), so your tax agent wont charge you that much. 10- It will be beneficial in case you want to apply for a bank credit as it will show the bank that you keep both business and personal finances controlled. Remember, if you need help organizing your finances, set-up or Bookkeeping, just contact us. #Business #Australianbusiness #smallbusiness

22.01.2022 Participation is as per the intent of the Queensland Governments Immediate Industry Recovery Package to provide support for small businesses economically impacted by COVID-19. To be eligible for workshops, a business must: - self-identify to have been economically impacted by COVID-19; - have fewer than 20 employees on 1 January 2020; have an Australian Business Number (ABN) and be registered for GST; and... - not have an owner or director who is an undischarged bankrupt or insolvent. See more

21.01.2022 If you received initial cash flow boosts, youll automatically receive additional cash flow boosts when you lodge your activity statements for each monthly or quarterly period from June to September 2020. The amounts will be equal to the total amount of initial cash flow boosts you received and will be split evenly over your lodgments. If you lodge: -Quarterly, youll receive 50% of your total initial cash flow boost for each activity statement - Monthly, youll receive 25% o...f your total initial cash flow boost for each activity statement. If you havent made payments to employees subject to withholding, report 0 for PAYG withholding when lodging your activity statement to ensure you receive the additional cash flow boost. Its important you dont cancel your PAYG withholding registration until youve received the additional cash flow boosts. Remember, registered BAS agents, like us, can help you with the lodgement of your BAS. https://www.ato.gov.au//Get-ready-second-round-of-cash-fl/

21.01.2022 Some good news Repayment of $100 billion in small business loans put on hold amid coronavirus outbreak The Banking Association expects that will put $8 billion back in small business pockets The banks will consider home loan relief measures if households enter mortgage stress

21.01.2022 Boosting cash flow for employers The government is providing temporary cash flow support to eligible small and medium businesses during the economic downturn associated with COVID-19. This will be done through two sets of cash flow boosts delivered from 28 April 2020. Eligible businesses will receive a tax-free cash flow boost of between $20,000 and $100,000 through credits in the activity statement system when they lodge their activity statements.... Your business is eligible if you meet all of these conditions. You: Employ staff Held an ABN on 12 March 2020 and continue to be active Have an aggregated annual turnover under $50 million (generally based on prior year turnover) Made eligible payments you are required to withhold from (even if the amount you need to withhold is zero). Eligibility: If you lodged your 201819 income tax return OR an activity statement before12March 2020, you do not need to apply for the cash flow boost. All you need to do is lodge your upcoming activity statements. The cash flow boost will be automatically credited to your activity statement account. You will not receive the cash flow boost before 28 April 2020, even if you lodge early. If you have not lodged your 201819 income tax return or activity statements with us, you may still be eligible. We will publish further information on our website shortly if this applies to you. Some examples in the images Source: ATO and treasury https://www.ato.gov.au///Boosting-cash-flow-for-employers/

20.01.2022 Hi everyone At The Business Ally we understand business owners have thousands of things to do and some times you get behind with your books (because there are not enough hours on the day). However, as all of you know, specially on this difficult time we are facing, it is important to have your records up to date, to be able to take decisions about your business, be compliant and also to check your elegibility with some of the support packages and be able to apply.... If you are not up to date and need to catch up with your Bookkeeping, we are happy to help you get back on track (with not judging). Also if you have lot of time at the moment but need some training to be able to do your Bookkeeping, we can also support you with training and periodical reviews to make sure everything is being done properly. Our services are offered online! Please contact us.

20.01.2022 If you have casual workers who normally have regular rostered shifts, expect changes very soon as they will be entitled to annual leave. It wont automatically apply to all casuals but it could prompt workers who have "regular, certain, continuing, constant and predictable" employment like Mr Rossato to question whether they are entitled to the benefits associated with ongoing employment

19.01.2022 New to GST system or not sure if you have to register and start charging GST? This infographic will help you understand the GST basic facts. If you need further assistance with your bookkeeping, GST registration or BAS review and lodgement, we are here to help you!

19.01.2022 An important clarification about the Cash flow boost. The cashflow boost for employers was announced by the Government in March as part of its economic stimulus package. Broadly, businesses with an aggregated annual turnover of less than $50 million and which withhold tax on employee salary and wages will receive a credit equal to 100% of the amount withheld up to a maximum of $50,000. Non-profit organisations, including charities, may also be eligible. Because the amount of ...the credit is based on the PAYG withholding on an Activity Statement, some business are changing the way they normally do things to benefit from this cash flowboost, such as where a director who typically receives remuneration by way of dividend, instead changes their remuneration to salary and wages. To counter this, the explanatory memorandum to the legislation contains the following qualification: Eligibility is also subject to a specific integrity rule to defeat artificial or contrived arrangements to obtain the cash flow boost. If an entity, or an associate or agent of an entity, undertakes a scheme with the sole or dominant purpose of obtaining or increasing the amount of the cash flow boost in relation to a period, the entity is not eligible for the cash flow boost for that period. In this context, scheme has the same meaning as in section 165-15 of the A New Tax System (Goods and Services Tax) Act 1999 and includes plans, arrangements and courses of conduct. This ensures that artificial arrangements undertaken solely to obtain the cash flow boost are ineffective. In terms of the type of arrangement that would attract attention, the ATO website has the following messaging: You will not be eligible for cash flow boosts if you (or a representative) have entered into or carried out a scheme for the purpose of: becoming entitled to cash flow boosts when you would otherwise not be entitled, or increasing the amount of the cash flow boosts. This may include restructuring your business or the way you usually pay your workers to fall within the eligibility criteria, as well as increasing wages paid in a particular month to maximise the cash flow boost amount Source: ABN and ATO https://www.ato.gov.au//In-detail/Boosting-cash-flow-for/

18.01.2022 Did you know, super payments are only considered to be paid for the purpose of claiming a tax deduction once they have been received by the super fund, not the date the Small Business Superannuation Clearing House (SBSCH) accepts them? To ensure you can claim a deduction for the 201920 income year, you need to allow processing time for your super payments to be received by your employees super funds before the end of the 201920 income year. Payments need to be accepted by the SBSCH by 23 June 2020.

17.01.2022 QUEENSLAND GRANT The Queensland government is offering additional support for businesses to recieve assistance to adapt and sustain their operations, and build resilience. The objective of this program is to support small businesses subject to closure or highly impacted by the coronavirus (COVID-19) shutdown restrictions.... There are strict guidelines on eligibility. Check this out and if you are interested, applications are open now. To apply go to

17.01.2022 You can register in here to receive updates directly from ATO about the new Jobkeeper payment The JobKeeper payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19. The Government has announced its intention to pass additional legislation to introduce this new measure.... If legislation is enacted, support will be directed to employers to pass on to employees. https://www.ato.gov.au/general/gen/JobKeeper-payment/

17.01.2022 List of what is considered non-essential business

16.01.2022 Have you recently checked what subscriptions do you hold or what direct deposits do you have in place? Often we subscribe to services, apps or software we dont really need, and most of the time these are renewed automatically. For this reason, these expenses become invisible expenses as we do not remember we hold the subscription and we dont physically make an effort to pay it.... Today I want to invite you to check your "subscriptions" or "software" account on your accounting software (for 12 months). Or if you are not using accounting software, to download your bank statement for the last 3 months (preferably 12). Once you have the information on hand, check all your subscriptions and direct debits and make sure they are actual expenses your business needs. Otherwise, check the terms and conditions and cancel the service/software/app if possible...or start using it. It is recommended that you do this at least once a year. And is even more important when we are all facing a worldwide crisis that could affect our cash flow. #Businesstips #smallbusiness #Australianbusiness #bookkeping

15.01.2022 If you received initial cash flow boosts, you'll automatically receive additional cash flow boosts when you lodge your activity statements for each monthly or quarterly period from June to September 2020. The amounts will be equal to the total amount of initial cash flow boosts you received and will be split evenly over your lodgments. If you lodge: -Quarterly, you'll receive 50% of your total initial cash flow boost for each activity statement - Monthly, you'll receive 25% o...f your total initial cash flow boost for each activity statement. If you haven't made payments to employees subject to withholding, report '0' for PAYG withholding when lodging your activity statement to ensure you receive the additional cash flow boost. It's important you don't cancel your PAYG withholding registration until you've received the additional cash flow boosts. Remember, registered BAS agents, like us, can help you with the lodgement of your BAS. https://www.ato.gov.au//Get-ready-second-round-of-cash-fl/

15.01.2022 Additional small business grants of up to $10 000 being made available. Queenslands Minister for Small Business Shannon Fentiman has announced an additional $100 million to support small business through a second round of grants. Following on from the quick exhaustion of the previous grants, business have more time to prepare as the second round of grants will open on July 1. ... Full details here: https://www.business.qld.gov.au//advice-su/grants/adaption To support the regions, over half of these grants will be for small businesses outside South East Queensland.

14.01.2022 JobKeeper released by the Treasurer: I am sharing with you the official information from treasury JobKeeper Fact Sheet:... https://treasury.gov.au//Fact_sheet_supporting_businesses_ Employer Fact Sheet: https://treasury.gov.au//Fact_sheet_Info_for_Employers_1.p Employee Fact Sheet - https://treasury.gov.au//Fact_sheet_Info_for_Employees_1.p FAQ: https://treasury.gov.au//JobKeeper_frequently_asked_questi

13.01.2022 Ways to support Small Business during CO-VID 19 Local small businesses struggle greatly during times like these which flows through to their employees...your neighbours and friends..... (especially part time, casuals, those that rely of overtime or tips). Here are some ideas to help support them:... have a favourite restaurant or takeaway? Order double and freeze the spare. If restaurants close (like they have in other countries) then you will be loving that special treat! = Buy some beans from your favourite coffee spot. You can enjoy a great coffee in case of temporary closure and they can make a small sale in the meantime which helps support staff when times get tough. Your barista can even grind them ready for filter coffee. A great cafe will follow strict food handling practices, many are refusing reusable cups now so their prep space stays clean, have a chat to them if you are unsure and order ahead if you dont want to wait alongside other waiting customers. Dont stop home improvements out of fear. Especially works that are outside your immediate space (e.g. landscaping, painting/flooring rooms not in use, external works). Tradies are keen to work and will offer reasonable pricing to do so. Our expenses dont stop when the work dries up and when this time is over you will still want a plenty of great tradies to pick from for your next project. If its indoor work consider leaving that room unoccupied for a period after completion and ask your tradie to use restrooms offsite. If you can shop locally (e.g. locally owned cake shop, IGA, general store, deli, butcher, speciality store etc) please do. Big businesses like coles and woolies have assets worth BILLIONS, your local shop does not. If you feel worried heading out, call ahead to place an order or ask if they offer delivery now? I know loads of businesses making these changes. buy a gift card! This injects cash into the business now and ensures the places you love stay afloat. Check in with local small business employees, ask how they are doing? BEFORE YOU CONNECT WITH SMALL BUSINESSES REMEMBER: Wash your hands Keep a safe distance from staff Use tap card payment rather than money Stay home if you feel even a slight cold. if you unexpectedly sneeze, do it in your elbow. Dont extend your hand to shake. We are a friendly bunch so wont want to leave you hanging. Be kind and patient- its a stressful time and we are doing our best! If they run out of stock chill out and know its tough on them too.

11.01.2022 If a recurrent supplier send you an email to inform you about bank details changes, ALWAYS call the supplier and confirm the information. This is one of many cases. Be always careful.

10.01.2022 Is your business in a position to purchase new or second-hand assets? You may be eligible to use the expanded instant asset write-off this tax time. You must h...ave your asset in use by 30 June 2020. If youre looking to purchase a car, some limits may apply. Interested? Find out more at www.ato.gov.au//Simpler-depreciat/Instant-asset-write-off/

09.01.2022 The national minimum wage will rise by 1.75 per cent to $753.80 a week or $19.84 per hour from 1 July, the Fair Work Commission announced.

08.01.2022 Do you have employees and report STP? Do not forget to do the STP finalization. If you need help with the process, contact us.

08.01.2022 If your accounting software is QBO and you will receive the Cash Flow Boost, take a look to this article and follow the steps to record the income correctly

08.01.2022 . Ways to support a business: Follow and engage their post on social media Leave reviews... Recommend to your friends Encourage them to stick with it It doesnt take money to show human kindness. Spread the love Do you have a small business? Comment I will support you. See more

08.01.2022 Do you know about our Online Bookkeeping support service? It has been created thinking on those who are starting out and cant yet afford to pay for Bookkeeping services or for those who prefer doing the Bookkeeping themselves. Basically, you will have a BAS Agent/professional Bookkeeper one email away, so you can contact us on those moments when youre feeling stuck and not sure how to process some transactions in your Accounting software. ... You can flick a quick email to us with your question and we will reply between 2 working days (Sometimes in minutes) with either: 1- Step by step instructions 2- Video-tutorial showing how to do it. 3- Sometimes, if it is something that you wont need to do again and it is easier for us to do it, we will ask for your permission and we will fix the problem. If you are interested, please contact us and we will give you more information. We support Xero and Quickbooks Online users. Packages from $30/month NOTE: We offer a complimentary "Health check of your bookkeeping system", so you know if everything is being processed properly or if there are corrections to be done.

08.01.2022 We are on this together and we are working hard so we can go through this situation together!

08.01.2022 Coronavirus stimulus package for small and medium business There Are two ways the Australian Government is supporting Australian businesses to manage cash flow challenges and retain employees during the Coronavirus health crisis: 1- CREDITS TO PAYG WITHHOLDING... Entities with aggregated annual turnover under $50 million (based on prior year turnover) and that employ workers between January and June 2020, will be eligible to receive up to $25,000 back to business, with a minimum payment of $2,000. The payment will be delivered by the Australian Taxation Office (ATO) as a credit in the activity statement system from 28 April 2020 upon businesses lodging Quarterly BAS March and June 2020 or monthly IAS March, April, May and June 2020. Eligible businesses that withhold tax to the ATO on their employees salary and wages will receive a payment equal to 50 per cent 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. The image include some examples for further illustration. 2- SUBSIDY APPRENTICES AND TRAINEES WAGES The Australian Government is offering a wage subsidy of 50 per cent of the apprentices or trainees wage for nine months. The subsidy of up to a maximum of $21,000, will be available to businesses employing fewer than 20 full-time employees who retain an apprentice or trainee, or, where a small business is not able to retain an apprentice, the subsidy will be available to a new employer. Source: https://treasury.gov.au/coronavirus/businesses

06.01.2022 Sole traders and other entities Sole traders and some other entities (such as partnerships, trusts or companies) may be entitled to the JobKeeper Payment scheme under the business participation entitlement. However, not-for-profit organisations are not included. Your entity may be eligible for the JobKeeper Payment scheme if you:... have a non-employee individual who is actively engaged in the operation of the business we refer to this individual as the eligible business participant meet the other relevant eligibility requirements More info: https://www.ato.gov.au//J/Sole-traders-and-other-entities/

06.01.2022 #Tipsforsmallbusiness 10 reasons why you should separate your business and personal finances If you decide to start a business or you already have one, it is not always compulsory to have a separate business account, however, it is highly recommended to do it. ... Some of the reasons are: 1- It will be easy for you to exactly identify your business income and expenses, which will help you to claim all the expenses you can and reduce your business income tax. 2- It is transparent from ATOs point of view. 3- You can identify how your business is going and manage cash flow. 4- You can link your business bank account with your accounting system. 5- Your business bookkeeping will be easier and it will save you money or time. (No personal transactions to process) 6- Easier to track your expenses and analyze how you can save money 7- You will start creating your business own credit profile. 8- You can decide your own payment (salary or drawings depending on the business structure), transfer the money to your personal account and pay your personal expenses from this account. You will be able to identify and control your personal income and expenses and make sure your expenditure is less than your income. 9- Preparing your business and personal tax return at the end of the year will be easier (when the bookkeeping is done), so your tax agent wont charge you that much. 10- It will be beneficial in case you want to apply for a bank credit as it will show the bank that you keep both business and personal finances controlled. Remember, if you need help organizing your finances, set-up or Bookkeeping, just contact us.

05.01.2022 At The Business Ally we are committed to help you keep your records organized, so you are compliant with the ATO requirements and more important, you are able to take decisions based on your business finances facts. We offer: Bookkeeping catch up... Ongoing Bookkeeping Accounting software set up BAS preparation and lodgement BAS review and lodgement (when you do your own Bookkeeping) Monthly subscription to Unlimited online support (We answer your Bookkeeping/software questions when you feel stuck) Software subscription QBO at discounted prices. Reporting Training QBO or Xero Contact Us and find out how we can help you with your Bookkeeping needs. We also offer a complementary health check of your Bookkeeping (QBO, Xero, Saasu and MYOB online)

05.01.2022 As more people will be working from home due to the coronavirus, I am sjariy this important information with you!

03.01.2022 For those who has asked about soletraders with no employees, here is some information of what could apply (it is still to be legislated and some changes could apply). More information is expected to be available next week, but here you can find the actual fact sheet from the treasury webpage https://treasury.gov.au//Fact_sheet_Info_for_Employers_0.p... You can also register your interest here to get updated from ATO https://www.ato.gov.au/general/gen/JobKeeper-payment/

02.01.2022 When you decide is time to get some help to manage your business finances, is it clear for you if you need a contractor Bookkeeper, BAS Agent, Accountant or Tax agent? If you are not sure, check this information! Although it is not exhaustive, this information can give you some understanding of how each of them can do for your business and how we at The Business Ally can support your as BAS Agent/ registered Bookkeeper.... To clarify: Not registered Bookkeepers: mainly do data entry and are not allowed to deal with any tax affairs. BAS Agents: Are registered Bookkeepers who meet the TPB requirements (Qualifications, experience and insurance) and do much more than just data entry. We as BAS Agents can deal with GST and Payroll processing and also can offer guidance in so many aspects such as cash flow management, software implementation, software training, understanding your business reports, etc. (Depending on the skills set of the BAS Agent) Accountants: there are different types of accountants and they specialize and offer a big range of services such as corporate accountants, strategic planning, management Accountants, etc. An accountant not necessarily deal with tax returns and compliance. Tax agents: Are normally Accountants who are registered and meet the TPB requirements (Qualifications, experience and insurance) to be able to give you advise re tax affairs and compliance. However, some tax agents are not necessarily accountants, as the requirements from TPB regarding education is to have minimum a diploma in accounting. Note: some of the requirements doesnt apply for Bookkeepers and Accountant that are employees, as they work under the supervision of the employer.

02.01.2022 For those mums who also run a business. You are so strong, so determined to make everything work. You are just amazing. We really admire you! Have a great day.. You deserve this and much more

02.01.2022 It is so important to correctly make payments to your collaborators and yourself (as director), if you dont, you cant deduct as business expenses You can only claim a deduction for the following payments if you comply with the PAYG withholding and reporting requirements for that payment. These are payments: -of salary, wages, commissions, bonuses or allowances to an employee... - of directors fees - to a religious practitioner under a labour hire arrangement - for a supply either wholly or partly of services where the contractor has not provided you with their business number (ABN). See more

01.01.2022 Contractors and consultants do you provide any of these services? Building and construction Cleaning Courier Delivery and road freight ... Information technology Security, investigation or surveillance Businesses who pay you to provide these services may need to include your payments to us as part of their annual reporting. Well use this info to prefill these payments in your tax return, making it easier for you to get tax time right! Learn more at www.ato.gov.au//taxable-payments-reporting---what-it-mea/ See more