News

PHONE SCAM ALERT!

“Scammers pretending to be from the ATO are using a new tactic. They’ll phone you about a fake tax debt and try to start a three-way call with another scammer who claims to work alongside your regular tax agent.”  Full details here

If you do receive anything that seems odd, please give us a call, or you can report a Scam directly to the ATO on 1800 008 540

Thanks to Holly Cook at the ATO for sharing this with us

Important Dates

BAS / IAS

Monthly BAS and IAS – 21st of following month.

Quarterly BAS 1 2019 (Jul-Sep 2018) Business Portal due 11 November 2018. Electronic lodgements –  (if lodging through Effective Services or your tax agent) 25 November 2018

Quarterly Super payments* –by 28th day following end of quarter – due 28th October 2018 (for July-Sept 2018)  **

 

**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

 

Cloud (on-line) Record Keeping

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