Important Dates

May 18, 2018

BAS / IAS

Monthly BAS and IAS – 21st of following month.

Quarterly BAS 3  2018 (Jan-Mar 2018) paper lodgements 28 April 2018. Business Portal due 11 May 2018. Electronic lodgements –  (if lodging through Effective Services or your tax agent) 26 May 2018

Quarterly BAS 4  2018 (Apr-Jun 2018) paper lodgements 28 July 2018. Business Portal due 11 August 2018. Electronic lodgements –  (if lodging through Effective Services or your tax agent) 25 August 2018

 

Quarterly Super payments* –by 28th day following end of quarter – due 28th April 2018 (for Jan-Mar 2018) and 28 July 2018 (for Apr-Jun 2018)  **

Your superannuation payment needs to be with the funds by 30 June to be entitled to the tax deduction in this financial year.

**Note: your required contributions must be received and banked by the funds by 28th day following the end of a quarter.  You may need to remit monthly if:

  • Your employees are making personal contributions
  • The employee’s Award requires it
  • It’s a requirement of the fund for insurance purposes

If you have recently started using a new clearing house such as MYOB or Xero, you may need to pay your contributions a few days earlier to make sure the payments are received by the funds on time.

NSW Payroll Tax   Annual reconciliations due 21 July.  Check other States OSR websites for due dates

Annual Payment Summaries – due to be given to staff by 14 July.  PAYG  Payment Summary annual report  lodgement due date 14 August

TPAR (Contractors report)  lodgement due date 28th August

 

 

 

 

Cloud (on-line) Record Keeping

March 29, 2018

Start keeping your records on-line and free yourself from paper!

Most of you know we work almost exclusively on-line at Effective Services and encourage you to make the same efficiency in your own business.  This involves storing records on-line (in the Cloud) instead of on paper.  The use of an on-line (or Cloud) storage system also allows you to access your documents when or where you need them most.

Firstly, choose a Cloud Storage Provider. This Cloud Storage COMPARISON CHART from our associates at Cloudwards easily shows the different features offered by some of the more commonly used Storage providers.

Next, set up a data base of files and folders,  just like keeping the documents and folders in a filing cabinet.   Documents may be stored in a number of formats, including .pdf, .jpeg.  Many accounting systems also have the facility to attach documents to transactions records which you can do from your data base.

 

This from the Tax Office:

Electronic records.  Documents that you are required to keep can be in written or electronic form. If you make paper or electronic copies they must be a true and clear reproduction of the original.

We recommend that if you store your records electronically you make a backup copy to ensure the evidence is easily accessible if the original becomes inaccessible or unreadable – for example, where a hard drive is corrupted.”

This link to the tax office shows the type of records you need to keep and the retention periods.  Remember additional retention periods may be applied by Fair Work or other bodies.

Contact us if you need help on 0411 218 570

What’s new in Payroll April 2018

ATO Small Business Superannuation Clearing House (SBSCH)

This has been an interesting exercise!  I think most of you have now made new arrangements, either persevered with the new look SBSCH or moved to an alternative.  If you still haven’t made the change, please let us know.

The next super payment for Jan-Mar 2018 is due to be with the superfunds by 28th April.

If you have recently moved to a clearing house in your accounting software such as MYOB or Xero, you may need to pay your super a few days earlier than usual to allow time for the payment to clear.

STP Marches on

Employers are required to do a headcount as at 1st April.  This video from the ATO describes who is included.  If your headcount is 20+ you will be required to start reporting under STP from 1st July 2018 unless you have a deferral. (Check with your accounting software provider.)  Both MYOB Essentials AccountRight v 2018.1 and Xero will be ready to report from 1 July.

Casual Employment

Are your casual employment agreements up to date?

News from our friends at Workforce Guardian

A recent case dealt with a plant operator within the Construction Industry and, despite the employer’s arguments that the employee was a casual, it was found that the casual operator was entitled to payment for annual leave accrued but not taken during his 15 years of employment, as well as payment in lieu of notice following termination of his employment.  Check out the full details here

Upcoming Lodgement Dates

Date Lodgement Dates to be reported
7 April State payroll tax March
21 April Monthly BAS and IAS March
28 April Quarterly super guarantee Jan-Mar
7 May State Payroll Tax April
26 May Quarterly BAS (if lodged by tax or BAS Agent) Jan-Mar
28 May FBT Return
1/4/17-31/3/18

 

What’s new in payroll Feb 2018

March 4, 2018

ATO Small Business Superannuation Clearing House (SBSCH).
Access to the clearing house through the ATO website has stopped from 19/2/18.
Access is now available through the ATO online services.

3 options to consider:

  • Move to the free clearing house in your accounting software – requires some set-up Xero, MYOB AccountRight,  MYOB EssentialsQBO
  • Continue to use the ATO’s SBSCH using the new platform. Requires some initial set-up
  • Contact your default fund and ask about whether they offer a free clearing house

Sick Leave
This one caught my eye this week. Are you unnecessarily paying your
employees sick leave for elective surgery of cosmetic procedures? Check this
out.
Here’s another dire warning from Fair Work.
A business owner who confessed to being “too busy and lazy” to keep adequate financial
records has been hit with penalties worth more than $43,000
“Proper record-keeping and the provision of payslips is essential to ensure
there is compliance with workplace laws,” deputy FWO president Michael Ardlie
said.

Lodgement Due Dates

Date Lodgement Dates to be reported
7 March State payroll tax Feb
21 March Monthly BAS and IAS Feb
7 April State payroll tax March
21 April Monthly BAS and IAS March
28 April Quarterly super guarantee Jan-Mar
7 May State payroll tax April
21 May Monthly BAS and IAS April
26 May Quarterly BAS (if lodged by tax or BAS Agent) Jan-Mar
28 May FBT Return 1/4/17-31/3/18

Fringe Benefits tax year finished 31st March.
If you provide benefits to your employees other than wages, you may be liable
for FBT. Please contact your tax accountant if you’re not sure.

Payroll News and Tips – January 2018

January 22, 2018

  • ATO Small Business clearing House changes Some of you have already made new arrangements to cater for the changes to the SBSCH.  If you still haven’t made the change and need some help, please let us know?
  • Employees – new and old
    • New staff On-boarding procedures We’ve developed a new document for you when you get a new staff member.  As soon as you have someone new, let us know and we’ll take you through the process.
    • Terminations and security When staff leave it’s important to make sure ALL their company access is removed.  Bank access, accounting systems, other software, office and PO box key, authorised access to deal with suppliers, and more.
  • Penalties for late super payments. Paying your employees’ super on time should arguably be at the top of your cash flow list.  The penalties for late payment are considerable. More than late BAS, more than credit card interest etc.  This article by fellow bookkeeper, Lielette Calleja explains how to avoid these penalties.
  • Single Touch Payroll Matthew Addison, executive director, Institute of Certified Bookkeepers recently updated members with an article in Accountants Daily.  In summary he says:
    • >The systems are just not ready yet!
      > There is nothing you or your employers need to do to engage in STP yet.
      > The ATO and the software developers are working on providing the solutions leading up to the April 2018 date.
      > Remember, a key to-do item is to prepare and clean up your systems in preparation for your payroll to be reported more regularly to the ATO.

 

Things to watch out for in 2018

January 8, 2018

For Business:

  • Cyber security
  • Accounting systems and add-ons providing more automation
  • Changes to small business tax rates
  • The Small Business instant asset write-off threshold of $20,000 is currently due to stop on 30 June 2018
  • More data moving on-line
  • Baby Boomers selling or closing businesses
  • Interest rates to rise – getting a loan may be harder
  • Less use of cash – more use of ‘Block-chain’ type technologies and digital currencies
  • More remote workers

 

And for employers:

  • Changes to Small Business Superannuation Clearing House
  • New penalty rates in some Awards
  • Changes to 457 Visas
  • More ATO paper forms being moved to mygov
  • Single Touch Payroll

Contact us if you need more information 02 9555 2395