Important Dates

June 12, 2017

BAS / IAS

Monthly BAS and IAS – 21st of following month.

Quarterly BAS 4  2017 (Apr-Jun 2017 ) paper lodgements 28 July 2017. Business Portal due 11th Aug 2017. Electronic lodgements –  (if lodging through Effective Services or your tax agent) 25 Aug 2017

Quarterly Super payments* –by 28th day following end of quarter – due 28th Jul 2017 (for Apr-Jun 2017).  **  

We suggest using the free superannuation clearing house (if you have less than 20 employees) Small Business Superannuation Clearing House

**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

Your superannuation payments must be with the funds by 30th June if you want the deductions in 2017 financial year

Payment Summaries due to staff by 14th July and ATO by 14th August

Payroll Tax Annual reconciliations  21st July

TPAR (Contractors report) due for lodgement by 28th August

 

 

 

End of Financial Year again. 

Here are few things you can do to get ready:

  • Make sure your accounts are up to date
  • Contact your accountant to discuss options for reducing your tax bill
  • File all source documents – either on paper or in soft copy
  • Check employee details are complete for Payment Summary production – due to employees 14th July and to ATO by 14th August
  • Pay your super by 30th June if you want the tax deduction in this financial year
  • Check all subcontractor details are complete for Subcontractor Report production – due to ATO by 28th August
  • Performing a stock take is useful if not mandatory
  • Review your asset list for any items you’ve disposed of or no longer use
  • Review your debtors and creditors and ensure reports are accurate – write off bad debts and clean up accounts payable if necessary
  • Review any possible Fair Work increases to Awards – the minimum wage increases on 1st July Fair Work 3.3% pay increase from 01 July 2017 and changes to penalty rates Fair Work changes to penalty rates from 01 July 2017
  • As the financial year draws to a close you will know your results for the 12 months. It’s a good time to review your profit.  Can you reduce any costs, should you consider increasing your prices, review staffing levels, are your current business systems suitable to take you through the next year?
  • Preparing a budget for FY2018 and entering it into your software will allow you to easily monitor your progress

 

Year End Training

June 11, 2017

The Effective Services team has been busy attending various year end training courses so we can keep you up to date.

Monica and Sandra have both attended the Institute of Bookkeepers EOFY workshops

Sue has spent a week at the annual FNQ Certified Consultants meeting covering software and legislation changes as well as sessions from the ATO, Liquidators and Human Resource Experts.

Erica is overseas and is doing her training on-line.

Fair Work – recent cases

May 7, 2017

Hair and Beauty Salon and retail outlets are the focus of a new Fair Work Ombudsman compliance campaign.  You can read the article here

However that doesn’t mean your records shouldn’t be compliant if you operate a business in another industry.  We’ve all seen the news lately about celebrity chefs George Calombaris ( read more on George ) and Adriano Zumbo ( read more on Adriano) finding their staff were being underpaid and having to pay $1000s in back pay.

Any member of your staff may think they’re underpaid at any time and pick up the phone to Fair Work.

Let us know if you think your payroll needs a review.

Keeping you up to date

February 20, 2017

As we continue in our efforts to keep you as up to date as possible, we have recently attended the following events:

  • Xero Roadshow 2017
  • MYOB Incite 2017
  • Regular bookkeepers’ discussion groups

Upcoming training includes:

  • Accounting Expo
  • Institute of Certified Bookkeepers Annual Conference
  • Various webinars

These events include updates on compliance changes, software updates, best practice bookkeeping tips, new systems and applications

New in 2017

January 19, 2017

During the last 2 weeks of last year, while Parliament was sitting,  a large number of laws were passed in a relatively short space of time.

Some that will affect us in 2017 include:

  • Superannuation changes
  • Backpacker tax
  • Simplified BAS
  • More ATO paper forms being moved to mygov
  • Changes to small business tax rates
  • $20k Instant Asset write-off finishes 30th June 2017

If you want to know how these changes may affect you, contact us on 02 9555 2395