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Business Alert at 9:00am with CVA

Clear Vision • Jun 12, 2018

Single Touch Payroll – The dangers for your business.

Single Touch Payroll (STP) aligns your reporting obligations to your payroll processes. You will need to report to the ATO each time you pay your employees, whether that’s weekly, fortnightly or monthly. The information you send the ATO will include your employees’ salaries and wages, allowances, deductions (for example, workplace giving) and other payments, PAYG withholding and superannuation information.

For employers with 20 employees or more you will need to start reporting to the ATO through STP from 1 July 2018 (some extensions have been allowed depending on your payroll software provider). For employers with 20 employees or less, you will need to start 1 July 2019.

So what would help you right now? ‘Boutique Tax Planning’

We strongly recommend reviewing your company’s SGC & PAYG payroll processes to ensure the various types of payments & amounts is correct BEFORE the mandatory change. We are here to help you, so now may be a good time to book a Boutique Tax Plan.

The snags to be aware of as an employer:-

Audit concerns – The Tax Man will have access to even more information to match data and see if all Super Guarantee Charges and PAYG withholding obligations are being met. Errors you make are likely to drastically increase your chances of an ATO audit or review.

Transparency – Employees will be able to view their payroll information and annual payment summary online which will mean more red tape for taxpayers.

Administration – Once an account is established, all tax information like assessment notices etc. will be sent to an online account instead of via post which means you will have more paperwork to do. Not only will you have to keep checking your account, you will also need to email this information to us, your accountant for review.

Make no mistakes – The ATO will be able to match an employee’s superannuation payment to an actual payslip. This means you will need to make sure you are compliant with every payment made to employees.

Systems – Your payroll system needs to be compliant with the new law which may involve additions cost for some employers, particularly ones that do not currently use a software based payroll system.

Cashflow disadvantages – Because information will be given to the ATO in real time; all entitlements need to be met each and every payday.

Planning is your best friend right now. Spend the time now to get prepared and you won’t be panicked down the track. Call our office to set up a time and let us take some pressure off.

By Caroline Gillies 07 Mar, 2024
In a world that often feels chaotic and uncertain, it's easy to get caught up in the hustle and bustle of life, forgetting to pause and appreciate the simple joys that surround us. But amidst the challenges and hardships, there is always a glimmer of light waiting to shine through the darkness. Today, let's embark on a journey to explore the uplifting and positive aspects of life, reminding ourselves of the beauty that exists in every moment. Gratitude: A Key to Happiness Gratitude is a powerful tool that can transform even the most mundane of days into something extraordinary. Take a moment each day to reflect on the things you're grateful for, whether it's the warmth of the sun on your face, the laughter of loved ones, or the beauty of nature. By shifting your focus to the blessings in your life, you'll find that joy naturally follows. Embracing Imperfection Life is messy, unpredictable, and imperfect – and that's what makes it beautiful. Instead of striving for perfection, embrace the flaws and quirks that make you unique. Celebrate your successes, no matter how small, and learn from your mistakes with grace and humility. Remember, it's okay to stumble along the way – it's all part of the journey. Finding Joy in the Little Things Happiness doesn't always come from grand gestures or monumental achievements. Often, it's the little things that bring the most joy – a kind word from a stranger, a hug from a friend, or a quiet moment spent watching the sunset. Pay attention to the small moments of beauty and wonder that pepper your day, and you'll find that happiness is never far away. Spreading Kindness and Love In a world that can sometimes feel cold and indifferent, kindness is like a ray of sunshine breaking through the clouds. Make it a priority to spread love and positivity wherever you go, whether it's through a simple act of kindness or a heartfelt compliment. By lifting others up, you'll find that you lift yourself up in the process. Cultivating Inner Peace True happiness comes from within, rooted in a sense of peace and contentment that transcends external circumstances. Take time each day to nourish your mind, body, and spirit – whether through meditation, mindfulness, or simply taking a walk in nature. Cultivate a sense of inner peace that will sustain you through life's ups and downs, allowing you to navigate challenges with grace and resilience. Embrace the Journey Life is a journey filled with twists and turns, highs and lows, but it's also a journey filled with beauty, wonder, and endless possibilities. By embracing the bright side of life, finding joy in everyday moments, and spreading love and kindness wherever we go, we can create a world that is a little brighter, a little kinder, and a little more beautiful for us all. So let's embark on this journey together, with open hearts and open minds, ready to embrace all that life has to offer.
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By Caroline Gillies 19 Oct, 2023
When it comes to being a Director of a company, there are administrative requirements that must be complied with, including keeping ASIC in the loop. We all hate paying unnecessary fees, and ASIC loves to charge fees. To avoid late fees, ASIC must be told about any changes to company details, including your business or residential address, within 28 days. If your company's information changes, please let us know so we can notify ASIC on your behalf. Example: Jarryd gets a late fee Jarryd recently moved his company to a new storefront. In the rush of changing to his new principal place of business, he forgot to update his address details with ASIC. A month later, Jarryd logged into his online account to change his address to reflect the address of his new principal place of business. Because it was outside the 28 day timeframe, the company was charged a $93 late fee. If he had waited longer and lodged the change of address more than a month late, the company would have been charged a $387 late fee. To avoid fees in the future, Jarryd realises it's important to update his details as soon as they change. In summary, be like Jarryd and realise the importance of advising Clear Vision Accountancy Group of any changes. Example supplied by ASIC
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