Rock Solid Quality Bookkeeping

16/05/2022

FYI - if you want your mygovid to have a strong strength, you need to have an Australian Passport. To interract with some lonks like the ATO, you need a Strong Strength. This unfortunately causes problems when you want to eg. claim your Apprenticeship Rebates. I also have a Director ID, but again, if I don't have a Australian Passport my mygovid strength is still Standard. Other than being advised by ATO to complain to my Ombudsman, i am trying to sort this out. Will keep you posted

14/04/2020

https://www.ato.gov.au/general/jobkeeper-payment/employers/

20 April is the day to fill in an online form to enrol. If you have already registered for an update, the ATO will contact you shortly. Please feel free to contact me to help you with all the Business Stimulus Packages available.

Dont forget the $10,000 one off grant

https://www.service.nsw.gov.au/transaction/apply-small-business-covid-19-support-grant

ATO information about JobKeeper payments for employers affected by the coronavirus virus.

09/06/2018

So I found this free STP enabled Payroll software for any business with 1-2 employees. But if you have more - WATCH OUT the price sky rockets to a large annual fee.

If you have more than 2 employees then you can purchase a product below suitable for your particular business requirements.

21/04/2018

If you don’t have software: choose a product that offers STP. You can ask your tax or BAS agent for advice on choosing a product that suits your business needs. This is straight from the ATO, all businesses are going to have to purchase a payroll software package, I have contacted the ATO with suggested feedback on this issue and will let you know what they say

21/04/2018

https://www.ato.gov.au/Business/Single-Touch-Payroll/

Well now the ATO have started a new thing for Small Business to do for them. Basically the Single Touch Payroll means that you send your payroll information to the ATO whenever you do your pays. If you have software that you pay a subscription for, then this is good, but if you don't have a software package and don't pay a subscription, then you are going to have to manually send your wages to the ATO, either weekly, fortnightly or monthly, depending on your payroll schedule. The link below gives you an outline of what information must and can be reported to the ATO.

https://www.ato.gov.au/Business/Single-Touch-Payroll/In-detail/What-you-need-to-report-through-Single-Touch-Payroll/?page=1

When you start reporting through your Single Touch Payroll-enabled solution, your pay event will need to include minimum reporting requirements in order for us to receive the file. The fields included in your updated software will capture the data we require, which is outlined as follows.

You are required to report a pay event to the ATO on or before the pay day.
The pay day is either the payment date stipulated in the electronic transaction to your financial institution or, if you did not stipulate a date for payment, the date you intend to make the payment into your employee's bank account.
If you include out-of-cycle payments in your regular pay event, report the date of your regular pay day.

https://www.ato.gov.au/uploadedFiles/Content/CR/downloads/stp_checklist.pdf

This is a checklist that the ATO has provided. As yet I cannot find anyway to report your payroll to the ATO other through a software package. This will cost you money. Let me see what I can find out and I will report back.

Single Touch Payroll (STP) is a reporting change for employers. It starts from 1 July 2018 for employers with 20 or more employees. Employers will report payments directly to the Australian Taxation Office (ATO) from their payroll solution when they pay their employees.

06/10/2015

Found some valuable information on the ATO website that could help small businesses with their bookkeeping.

http://www.business.gov.au/business-topics/tax-finance-insurance/business-finances/Pages/set-up-a-basic-bookkeeping-system.aspx

27/09/2015

Last week I set up Superstream for one of my small clients and used the ATO Clearing House. I must say that once we had all the information it was quite an easy process. I am starting to seriously think that in today's world, we are going to have to setup everything online. Yesterday, I had to setup a Mygov account for my 77 year old Mother to be able to claim her Doctors bill online. It worried me to start with, seeing as she hasn't had to lodge a tax return for years, but I still had to supply the following information:

* Home Phone
* Mobile
* Address
* Email address
* Centrelink CRN Number
* Bank Account
* Last Doctor she saw and claimed, etc

Once it finally accepted and they gave me a MyGov username, I looked at the details online and the phone numbers and the bank account details were different to what I had entered. Which means, they still gave me a MyGov username, even though I hadn't entered the correct info. Does this worry me - YES!!! Wow - who can setup an account for someone else with the incorrect information!!!!!

10/08/2015

SUPERSTREAM

I have mentioned SuperStream before, but by now you should be starting to organise which Super Clearing House you are going to use.

First - You have to be a registered Employer with the Clearing House of your choice, except the ATO Small Business Clearing House through Medicare.

Secondly - All Superannuation Funds don't have their own Clearing House.

Thirdly - using the ATO Small Business Clearing House through Medicare may cause some challenges in having to deal with the ATO. I am not saying that it is not a good, free Clearing House, but I have a fear that once you use this option, then you will probably have to start doing more things through the ATO, eg. AUSKEY, etc.

By looking at the Super Funds, it seems quite an easy process, but you do need to have ALL you employee details and be a registered employer with the Super Fund.

Please contact me if you need any assistance with setting up your SuperStream.

Deb

19/07/2015

Expanding accelerated depreciation for small businesses

https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/Small-Business---expanding-accelerated-depreciation/

New laws have passed that allow small businesses to claim an immediate deduction for assets they start to use – or have installed ready for use – provided each depreciable asset costs less than $20,000. This will temporarily replace the previous instant asset write-off threshold of $1,000.