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Keeping you up to date

Single Touch Payroll

For a while now we have been hearing about the ATO’s (and other Government departments) planned move Standard Business Reporting (SBR). SBR is a quick way to prepare and lodge reports to Government directly from business accounting or payroll software.  

The latest announcement in SBR is Single Touch Payroll. Under Single Touch Payroll, employer’s accounting software will automatically report payroll information to the ATO when employees are paid.

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Final Days for Project Do It!

We mentioned earlier this year that the ATO, under Project Do It, are offering concession for taxpayers who have foreign investments that have not been disclosed on their tax returns in prior years.

This is a one off opportunity to bring your outstanding affairs up to date with limited penalties. After this we expect to see the ATO take more aggressive action in this space.

The final date for Project Do It is 19 December.  So if you have any foreign investments you have not previously disclosed, now is the time to contact our office to determine whether they should have been reported.

New Year's Financial Resolutions

Many people use a new year to kick start change in an area of their life – it might be losing weight, getting fit, finding true love, changing careers. But have you considered your financial health?

ASIC’s Money Smart has released a set of New Year Financial Resolutions. It comes complete with apps and calculators to help you on your journey.

Interested? Click on this link to find out more.

As always, we encourage you to contact your accountant or financial planner before making any major financial decisions – we can advise you on the options available taking into account your personal situation.

Party Time!

It’s that time of year again where questions arise regarding the tax consequences of Christmas Parties.

The ATO is holding a timely webinar regarding Entertainment and FBT on 4th December.

To register, click here.

If you need information on your Christmas Party please give us a call.

Tips for Small Business in uncertain times

CPA Australia has released a series of tips for Small Businesses that we thought might benefit some of our clients. We will cover a new tip each month for the next 5 months. Tip 1 provides some information on reducing your external debt (apologies to any bank managers reading this!).  However, as this is general information, we strongly recommend discussing your situation with us before making any major decisions.

Tip 1 – Reduce your reliance on external debt

Results in a recent small business survey indicated that some businesses are taking on debt at the same time their businesses are stagnating or declining. In such circumstances, it may be more appropriate for businesses to be reducing their reliance on debt, not increasing it.

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Super Guarantee Rates

There has been some confusion regarding Super Guarantee (SG) rates due to the constant changes by government. It is important that businesses ensure they are paying the correct amount of SG as the penalties for paying too little are significant. We have summarised the key points below.

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Keeping up to date with Technology

It is now more important than ever to keep up to date with technology - and given the pace of change this is no easy feat!

Our Partner Peta Grenfell and our Practice Manager Tina Clarke recently attended the Accountants Technology Showcase Australia (ATSA 2014) in Melbourne. This is Australia’s only independent technology event for accountants and allows accountants to meet with software providers and get a glimpse into their ideas for the future as well as all of the options currently available.

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Technology and Keeping in Touch

At PWA we are constantly looking at ways to improve the services we offer our clients and minimise the footprint we leave on the environment. 

As part of this initiative you will notice that we are emailing more of our correspondence to you.  This not only saves paper and postage resources, it also means that you receive correspondence from our office more quickly and now have the ability to electronically file your documents.

If you have any feedback on this new process, your comments are appreciated.

Important Changes to the QBCC Rules

The QBCC has overhauled its rules effective 1 October 2014 - and it’s (mostly) great news for small businesses.

The most significant change is the removal of the requirement to have an annual report prepared and submitted by your accountant each year (where your circumstances have not changed). A summary of the most important changes are as follows:

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General Advice

The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.