Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update. JobKeeper Key Dates The ATO’s website has a list of key dates relevant to JobKeeper which you might find handy. Not-for-profits and charities can find some JobKeeper information here also. If you are still wondering if you are eligible, or what schemes apply to you and your business, get… Read more
The ATO has just released Alternative Tests for the JobKeeper payment which expands eligibility from the initial basic test. This is good news for many businesses, particularly startups, those affected by last year’s droughts and those with variable revenues. Basic Test If you satisfy the eligibility requirements for the basic test, you can ignore the alternative tests below. The basic test is satisfied where your projected GST turnover for the… Read more
JobKeeper Update In case you missed it, the government passed legislation for the $130 billion JobKeeper payment last week. The ATO’s website has a dedicated spot to enrol and apply for the JobKeeper payment from 20th April onwards. The website has details of the steps you (or your registered tax professional) can take to enrol for the JobKeeper payment. Please be aware, you are required to continue paying at least $1500… Read more
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering… Read more
If you’re like most people you’ve probably gone for periods of time without really thinking about how you spent your money. Maybe you even avoided looking at your bank statement so you wouldn’t see how much money you spent and how little you saved. It’s something a lot of people do, especially nowadays when we can spend our money so easily without handing over cash. If you’ve ever looked at… Read more
Small business owners know how important it is to save money. They know that one day that dollar could come in handy, especially during slower times. Saving money is definitely important, but there are also things small business owners can – and should – spend their money on today. It might seem counterproductive to spend money when you want to put it in the bank – and make no mistake,… Read more
For a lot of business owners out there, the word “audit” coming from their accountant is enough to induce heart palpitations. Even if you know you are thorough with your record-keeping, there’s always a tendency to second guess yourself. Having an audit doesn’t necessarily mean you have done something wrong; sometimes it’s just the luck of the draw. To reduce the risk of raising a red flag, here are some… Read more
You don’t have to wait until June to start preparing for EOFY. There are things you could do today to make your life easier for 30 June. This is something I tell all my clients once we’re into the last quarter of the financial year. This is because I’ve seen many, many business owners in a panic over the years as they leave their end of financial year preparations to… Read more
PAYG Withholding and employee payment summaries are due soon. If you haven’t already provided these, you should make it a priority to get it done as soon as possible. While the deadline for PAYG and payment summaries is set for 21 July, you should try to get it done by the end of the day if you can. Luckily, MYOB Essentials makes preparing payment summaries an easy task, but, there… Read more
Preparing for the end of financial year means not only calculating income tax and BAS payments, but determining the financial health of your business. I always recommend that my clients start preparing for EOFY after the March Quarter BAS has been finalised and they make an appointment to meet with their accountant. If you are in a situation where you happen to have a lot of profit, it’s best to… Read more
Do you have employees? Did you know you need to produce PAYG payment summaries at the end of each financial year? These payment summaries need to be given to your employees by 14 July and the Annual Report needs to be submitted to the ATO by 14 August. What are payment summaries? Payment summaries are forms that report the amount of Gross Wages, PAYG Tax Withheld and Allowances that have… Read more
Online accounting software has developed in leaps and bounds over recent years. Technology is moving so fast it’s almost too hard to keep up with it all. As a bookkeeper, if I had to choose just one advancement that I couldn’t live without, it would be bank feeds. I absolutely love bank feeds! Gone are the days where you have to log into the bank, download a statement, print it… Read more