Are you still using spreadsheets? If you are an employer, you will be required to start Single Touch Payroll so you will need accounting software to report your payroll to the ATO. Another advantage of online software is to run your reports for example Profit and Loss to see how your business is running. You [...]
With the new Single Touch Payroll system in, the ATO is now receiving data from the Superfunds and will match it to the payroll records. Penalties have ramped up as well as the ATO audits for unpaid Super. Employers not doing the right thing can expect a visit from the ATO.
Maintain separate business and personal records. Have a separate bank account for business transactions only. Keep your records for 5 years. Set aside time to review and update your records Keep records electronically wherever possible. Software can help you report income and claim expenses correctly. ATO Small Business Newsroom
PHONE SCAM ALERT! Listen out for suspicious calls claiming to be from the ATO. Scammers are ‘spoofing’ our phone numbers so it looks like the ATO are calling. They’re also leaving our numbers on voicemails to make their contact seem real. While these calls may appear to be from us, remember that we’ll never: • [...]
It's easy to make a mistake when preparing your BAS. That's why a certified bookkeeper/BAS Agent would be valuable in ensuring the ATO reporting is correct. Many business owners make mistakes on the Hire purchases/Lease of Vehicles or Plant & Equipment on their BAS. Incorrect tax codes in your chart of accounts - this affects [...]
When hiring you must check first whether they are an employee or a contractor. Its important because it can affect your tax and super obligations. Penalties may apply if you do not get it right. You can use the ATO Employee/contractor decision tool to help you decide. ATO employee decision tool Link