Remember key dates with our 2020/2021 Financial Year calendar

 

    

Happy New Financial Year!! 

 

 

 

Download our 2020/2021 financial year calendar to help remind you of key accounting and tax dates.

This year, we have two versions  – our usual DL version in jpg picture format, which you can use this as a screen wallpaper, and an easy to print A4  pdf version.

Download here:

DL version (.jpg)

DL version calendar

 

 

 

 

 

 

 

 

A4 version (.pdf)

 

 

 

 

 

 

 

 

 

 

 

Single Touch Payroll now required for all Australian Businesses

Single Touch Payroll is a Government initiative that will change the way you report on your payroll to the ATO from 1 July 2019.

Under Single Touch Payroll (STP), all businesses will report on salary or wages, pay as you go (PAYG) withholding and superannuation directly to the Australian Taxation Office (ATO), electronically, and at the same time as you pay your employees.

 

This new streamlined reporting to the ATO will make it easier for you to meet your payroll processing obligations.

Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more employees.  Now STP is set to be rolled out in stages to smaller businesses with less than 20 employees as at 1 July 2019.

 

What do you need to know?

STP will require you to have your payroll transaction data transferred to the ATO each time your employees are paid. This may require you to use a software solution that will transmit the data to and from the ATO on your behalf.

Talk to one of our team members to review your software and payroll processes to ensure you are STP ready.  Email us at admin@gockcpa.com.au or phone us on 02 9267 1688.

How to gain back time in your business

As a small business owner, we all know how time consuming it is to manage the invoices, receipts and other documentation for our business.  Now, there is a new app that can change your life and allow you to take back some valuable time.

Introducing Hubdoc, an app that auto-fetches key financial docs and seamlessly syncs them with your accounting system.  With Hubdoc, you can say goodbye to chasing documents and data entry and say hello to increased productivity and automation.

Check out this 2 min video on Hubdoc to find out more.

 

 

If you want further information on how Hubdoc or any other cloud accounting system can help save you time, please email admin@gockcpa.com.au

For a limited time, we are offering a FREE 1 month trial of Hubdoc.  Email admin@gockcpa.com.au for further details.

 

General advice disclaimer

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making any decision on the basis of this advice, you should consider how appropriate the advice is to your particular needs, and objectives.  Information is current at the date of posting and may change.

Are you ready for Single Touch Payroll?

Single Touch Payroll is a reporting change coming into effect on 1 July 2018 for some employers.   Check if this affects you!!

At each pay cycle, you will need to electronically send payment information to the ATO, as opposed to waiting to the end of the month or quarter.  This is to streamline the reporting to the ATO.

Payments, such as salaries and wages, pay as you go (PAYG) withholding and super information, will need to be reported to the ATO directly from your electronic payroll system at the same time you pay your employees.  Your payroll cycle does not need to change. You can continue to pay your employees weekly, fortnightly or monthly – whatever you do now.  You  may have even have different pay cycles for different employees.

 

Time for Action

How many employees do you have on your payroll?

If you have 20 or more employees, then you must start reporting via Single Touch Payroll from 1 July 2018.

You will need to do a headcount on 1 April 2018 to determine if you need to report via Single Touch Payroll on 1 July 2018.

The headcount should include:

  • full-time employees
  • part-time employees
  • casual employees who are on your payroll on 1 April and worked any time during March
  • employees based overseas
  • any employee absent or on leave (paid or unpaid)
  • seasonal employees (staff who are engaged short term to meet a regular peak workload, for example, harvest workers).

If your headcount is 20 or more, then you will need to ensure you have a Payroll solution that is Single Touch Payroll ready.   Contact us on 02 9267 1688 or email enquiries@gockcpa.com.au if you have any questions or are looking for a Payroll solution.

 

Less than 20 employees?

If you have less than 20 employees, you may have an extra year to comply with Single Touch Payroll.  The Australian Government has announced it will expand Single Touch Payroll to include employers with 19 or less employees from 1 July 2019, subject to legislation being passed in parliament.

 

What do I need to do?

Check if your payroll software provider is Single Touch Payroll compliant or is working towards being compliant.

If you currently do not have an electronic payroll system in place, we can help you find a suitable solution that is Single Touch Payroll compliant and will meet your business’ needs.

One payroll solution is Xero.  If you would like to discuss what payroll solution would be best for your business or need help implementing a payroll solution, contact us today for a free chat to see how we can help you!

General advice disclaimer

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making any decision on the basis of this advice, you should consider how appropriate the advice is to your particular needs, and objectives.  Information is current at the date of posting and may change.

What can I claim against my tax?

What can I claim against my tax?

It’s tax time again. What can you claim to reduce your tax?

Take two minutes to read this blog article and we’ll explain:

  • Deductions you can claim
  • The importance of a fantastic tax accountant
  • The “tax trap” you need to avoid
  • Links to more information about specific deductions

 

Deductions you can claim

According to the Australian Taxation Office (ATO) website, there are three things you need to claim a work-related deduction:

  1. You must have spent the money yourself and weren’t reimbursed;
  2. It must be directly related to earning your income; and
  3. You must have a record to prove it.

 

The ATO allows you to claim up to $300 for work related expenses without having kept any receipts – but you must have spent the money and it must be related to your employment.

If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.

If the cost of any item is over $300, it will have to be depreciated (a portion of the cost claimed each year over its effective life).

 

The importance of a fantastic tax accountant

Many accountants seem to be working for the ATO. Instead of trying to maximise what you claim, they’re often too scared of upsetting the ATO rather than fighting to get you the largest legal tax deductions.

Rather than using an accountant who “works for the ATO” – use an accountant who works in your best interest.

At James Gock & Co – we’ll help you to claim every last dollar you can, and make sure you stay out of jail by not claiming anything you shouldn’t. Our team are aware of everything you can and can’t claim and what you should do this year to give you a bigger tax refund next year.

Our extraordinary accountants are all highly trained specialists at legally reducing your tax – so talk with us today!

 

The “tax trap” you need to avoid

Everyone wants to increase their tax refund (or reduce their tax payable). We’re here to help you to do this!

Tax saving strategies generally involve you spending money on “something” which creates for you a tax deduction. The “something” you spend your money on could be an expense, an asset, or an investment related payment (like superannuation or prepaid interest on an investment loan).

However – please don’t fall into a common trap of spending money just to get a tax deduction. You only save tax based on the marginal tax rate proportion on the amount you spend, NOT the full amount you spend.

For example, if you earn say $85,000 a year, your marginal tax rate (including Medicare levy) is 34.5%. This means any extra dollar you earn will be taxed at 34.5%, and any extra dollar you claim as a deduction will save you 34.5%.

So, if you spend $100 on something that you can claim a deduction for, you will get back $34.50 from the ATO. But it will still cost you $65.50. So only spend money on what you NEED, not just to create extra tax deductions for yourself.

 

Links to more information about specific deductions

It’s our job as your accountants to make the lodgement of your Tax Returns as easy and simple as possible.

We do this every day, so we know all the ins and outs of what to claim to make it easy for you.

If you want to have a look at some of the specific deductions you can claim, here are links to the ATO website (it’s actually pretty good for the ATO):

 

We’re here to help you!

To make an appointment with us to discuss and prepare your 2017 Tax Return – CLICK HERE  or phone 02 9267 1688 now.

 

General advice disclaimer

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.]

Are you using the correct award rates?

Award rates

 

 

 

 

 

 

 

 

Happy new financial year! We hope last year was financially prosperous and here’s to another exciting year ahead.

Since it is a new financial year, it’s time to ensure that you’re paying up to the correct award rates.

Here is a quick how-to-guide that we’ve put together to make sure you are up to date with the current award rates!

To find your minimum pay rates:

  1. Head over to the Fair Work Pay Calculator
  2. Enter in your award or utilise the built-in tool to help you find your award rates.
  3. Follow through the steps for each employee or employee type till you get to the end and compare that to your staff’s pay rate in your HR files and payroll software.
  4. If there is a change, make sure you enter in the new award rates for your staff in their HR files and update your payroll software.
  5. Feel free to give us a call if you have any questions about this process, your award, or anything else.

For our clients in the Hospitality, Restaurant, Fast Food, Retail and Pharmacy industries, make sure you look through the updated penalty rate changes here.

We’re looking forward to working with you into the future and to ensure you achieve all your business goals, and a beautiful future!

 

General advice disclaimer

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.