On May 5, 2017

Business Information Sheet – Superannuation Guarantee

Superannuation Employer Obligations Offer your employees a ‘choice of fund’ Identify new employee is eligible Provide a standard choice form Nominate a default fund (must be a MySuper product) Act on employee’s choice of fund Pay superannuation guarantee before due date As of 1 July 2014, the superannuation guarantee rate is 9.5% You must keep
On May 5, 2017

Business Information Sheet – SuperStream

SuperStream Overview SuperStream is a compulsory system of submitting Superannuation Payment information (standardised data) electronically. The information links the payment made by the employer to the employees account in the relevant superfund/s. It is the intention that SuperStream will make the whole superannuation system and employer meeting their obligations efficient, faster, more reliable and with
On May 5, 2017

Business Information Sheet – Record Keeping Obligations

Business Record Keeping Requirements Under tax law, if you are operating a business you are required to keep ALL records explaining declared income and expenses, (i.e., tax deductions), whether it is a $5,000 sale or a $2.00 deduction, the ATO want to see some form of proof and also they may seek out inconsistencies. These
On May 5, 2017

Business Information Sheet – Small Business Director Obligations

What it Means to be a Director of a Company A company is a separate legal entity with its own rights and obligations. Company assets, liabilities, income and expenses belong to the company entity, not to the individual directors. Directors are bound by certain rules that govern your behaviour. You must carry out your duties
On May 5, 2017

Business Information Sheet – Payroll and FairWork

Payroll and FairWork Information Requirements There are many legal obligations that an employer is bound by. As soon as you engage employees, you will most likely have tax and superannuation obligations at the least, and there are many more issues to consider when employing people. It is the legal responsibility of the employer to pay
On May 5, 2017

Business Information Sheet – Making Payments on Your Behalf

If you engage a bookkeeper/BAS agent to make payments on your behalf, you need to take care of security issues as this can be risky. Ensuring you have appropriate procedures and security controls in place and that you and your staff follow these at all times is very important. Inadequate internal controls can leave the
On May 5, 2017

Business Information Sheet – Business Compliance

There are many aspects of legal obligation and compliance that apply to a business owner. We recommend you review this list to become aware of all the areas that may apply to your business. This list is not exhaustive. There may be other obligations that apply to your business; for example, if you are in a
On May 5, 2017

Business Information Sheet – Annual Shutdowns

Annual Shutdowns Many businesses have a scheduled period of closing business operations during the Christmas and New Year period. How an employer must treat this depends on the award or agreement the employee is governed by. These guidelines apply to permanent employees—casual employees do not have to be paid during a scheduled shut down. Award
On May 5, 2017

Business Information Sheet – Use of Software

Businesses that utilise software with online storage of their data should be aware of the terms and conditions of use the software providers publish. You should also be aware of the Privacy Principles that govern how your business data and personal information is utilised by your accounting software provider. Access to Your Data It is
On May 5, 2017

Business Information Sheet – Private Expenses

Allowing for Private Expenses The ATO acknowledges that at times it is convenient for a business owner to purchase goods through their business that are in fact for private use, and also that there are goods that are purchased that may legitimately be used for both home and work purposes. There is no problem with
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Ringwood Bookkeeping

Providing BAS, bank reconciliation, payroll and super and general bookkeeping services to small business clients in the Ringwood and Melbourne area for over 5 years.

        

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