Category: Small Business Info Sheets

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
On May 5, 2017

Business Information Sheet – Rights and Obligations in Relation to BAS Services

As your BAS Agent, Ringwood Bookkeeping BAS Agent #93258002, we are required by the Tax Practitioners Board to advise you as needed on your rights and obligations in relation to the BAS services we provide. Currently we provide the following BAS services: GST matters PAYG Withholding PAYG Instalments Superannuation TPAR We are able to advise you on
On May 5, 2017

Business Information Sheet – Taxable Payments Annual Report

From 1st July 2012, businesses in the building and construction industry are required to report annually to the ATO all subcontractors that provide building services. The report is aimed at capturing services (labour) provided, rather than goods. If a contractor supplies both goods and services, then whether the contractor is included in the report is
On May 5, 2017

How to Save Money on Bookkeeping

Most bookkeepers, whether employees or contractors, work on an hourly basis. As such, the more time they have to spend chasing info from their clients, the more costly it is. How do you save money on bookkeeping? Here are some tips on how to lighten your bookkeeper’s load, and therefore lighten your bill! ACCESS TO INFO
On April 29, 2017

Single Touch Payroll

Your Payroll seen by the ATO ….. All Year The Single Touch Payroll (STP) legislation has received Royal Assent. It is law and is going to happen! Who? All “substantial” employers, (20 or more employees by headcount), must participate. The count happens as of 30 April each year, commencing 2018. You must then enter STP
On April 29, 2017

What it Means to be an ICB Certified Bookkeeper

A Member of ICB (MICB) attains certification by proving that they have performed bookkeeping services at a significant level for a period exceeding two years and by doing so they have proven their level of bookkeeping knowledge. Members have achieved the Certificate IV Financial Services (Bookkeeping). This qualification recognises a bookkeeper’s skills and competence formally
On April 2, 2017

Salary Sacrifice in Quickbooks

Previously in Quickbooks, in order to have salary sacrifice calculate correctly, two payroll items – a Company Contribution Item and a Deduction item – needed to be set up.  This has been amended in new Quickbooks versions since 2009/10 to a single payroll item, and now ensures that the process has been simplified immensely. The example
On April 2, 2017

What it means to be a BAS Agent

The term “BAS Agent” typically applies to a business who contracts to a client to provide services to that client to do with their BAS obligations. The new legislation was implemented with a view to providing business with protection and security. It is about the qualifications, experience, competence, professionalism of us as an external person