News

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

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 28^th 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 1^st 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 1^st 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

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 Essentials,  QBO
• 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

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.