Great news!
The GST system has been in operation in Australia from 1 July 2000. 18 years later the Government have finally included feminine hygiene products on the exempt list.
From 1 January 2019, GST will no longer be payable on feminine hygiene products. This will include maternity pads, menstrual cups, menstrual pads and liners, menstrual underwear, tampons, and other similar products.
Call now to see how Aliantha Office Solutions can help you with your reporting needs.
How is your business performing?
We all know the importance of keeping up to date with your bookkeeping and accounts when running a business. What about understanding your business performance?
Satisfying your legal obligations is only one of the benefits of accurately recording your business dealings. However, correct allocation of your spending and sales are integral to understanding your business performance.
An experienced bookkeeper can ensure expenses and income are correctly reported providing you with insights into your business profitability.
Are you regularly hiring equipment? At what point would you benefit from purchasing the equipment? There are many aspects to analysing the benefits of purchasing capital when compared with hiring.
You need to consider how a capital purchase can affect your business.
One of the biggest expenses for business. At what point will you need to start reporting to the ATO your payroll expenses as they occur? Read my post on ‘Single Touch Payroll‘
Do you analyse your staff performance? Most accounting systems are able to provide insights into your staff performance as long as you’re set up correctly.
Which products and services that you supply are the most profitable? Who are your biggest customers?
Correctly recording and analysing your accounts is an absolute must when answering these questions.
Aliantha Office Solutions has many years of experience reporting to Management on the performance of their business.
A proactive approach to your business reporting is what we can provide. Whether you want daily, weekly, monthly or quarterly reporting, Aliantha Office Solutions is here to help. We will ensure that you are completely up to date when required.
Call now to discuss what we can provide. I can give an estimate over the phone on what your likely costs will be. Don’t delay!
Single touch payroll is basically a new feature. Software companies are now working on adopting this new feature. This will enable you to provide a report to the ATO every time you process payroll.
This just reports to the ATO on a more regular basis the following:
• What your PAYG liabilities are;
• What your superannuation liabilities are; and
• Your staff wages.
The ATO can reconcile this with your end of financial year payment summaries that you already send them. You also have the opportunity to pay these liabilities at the time they occur. Although you can still pay at the same schedule you’re currently paying them.
Your systems are vital to ensure you comply. You must give a pretty good reason why you cannot comply. Technology is being thrust upon you. So if you’re not digitally recording your accounts, maybe you should start. If you have 20 or more employees as at 1 April 2018, you must use single touch payroll from 1 July 2018.
Think again! Dependent upon legislation being passed, if you have 19 or less employees, you will be required to use single touch payroll from 1 July 2019.
In conclusion, you will be required to either adopt an accounting package to your business, or make sure the one you’re using is going to meet the new regulations.
Happy to discuss how Aliantha Office Solutions can assist in keeping you up to date and informed on which packages are right for you. Here’s the link to the ATO website outlining the changes.
Xero are working extensively with the ATO in meeting these new regulations. They currently have a special with 50% off for four months. But you need to be quick. The offer expires on 22nd of December 2017. Call to see how you can take up this fantastic offer!
Trying to comply with regulations relating to payroll and employees can sometimes be a daunting experience.
There’s some simple steps to ensure you meet all of your legal obligations when faced with employing staff. Follow these steps and you can’t go wrong:
Check the Award
The Fair Work website has an A-Z list of all awards. Choose the award that best suits your employee’s duties. For example, you may be a manufacturing firm, and have just employed a office clerk. Their duties would not be manufacturing, but clerical. This person would be covered under the Clerks Private Sector Award.
The award will outline minimum wages and conditions associated with that employee. Ensure you check their age, level of experience and the duties they will be performing. Check any additional entitlements for overtime, travel, meals etc.
Check the NES (National Employment Standards)
All staff are covered by the NES. The NES outlines 10 minimum employment entitlements that must be provided to all employees. The NES entitlements relate to maximum weekly hours, flexible working arrangements, leave, termination and the Fair Work Information Statement (which must be provided to all employees when they start working with you).
Employee start day
When your employee starts with you, you may wish to set up an agreement outlining their duties, performance requirements, authority levels, wages and entitlements. This is something that will ensure both the employer and the employee start from day 1 with the same expectations.
Documents you should provide the employee with:
– Tax File Number Declaration
– Fair Work Information Statement
– Superannuation Guarantee form
– Relevant award or agreement
– New employee form (in-house document for recording bank details, emergency contacts etc).
Occupational Health and Safety
Don’t forget about your OHS obligations also, induct the new person into the office, showing exits, bathrooms, fire extinguishers, first aid kits and introduce the other staff.
So are you ready?
You will need all of this information prior to being able to pay the employee. Ensure you set them up in your accounting software correctly apportioning entitlements and leave.
If you’re unsure of any of these steps, check with Fair Work.
Aliantha Office Solutions can assist you with all of these requirements.
I’m sure you’re looking forward to taking a break over the summer season to spend time with friends or family, or maybe travelling to a beautiful holiday destination.
When running a small business, you may find it difficult to really take a break. Here’s some solutions that can be invaluable to your sanity.
Get your accounting systems in the cloud
Remotely check to see how your business is going
Upload any business receipts from wherever you are
Send instructions to your staff for creditor or debtor bills
See your banking transactions without logging into your banking software
Holiday office support
Aliantha Office Solutions can help you in setting up some cloud based solutions for your business.
We can keep your accounting systems up to date and provide office support whilst you’re relaxing and enjoying a break.
Software specials
Xero have just announced a special 50% for all new subscribers off their monthly fees for 5 months! This offer expires on 31 October 2017. Call to discuss.
Small business operators are usually too busy working in their business to effectively deal with the paperwork that comes with it.
Their expertise is working in their business or trade and not on keeping control of the accounts.
Working with a bookkeeper can save money in correctly apportioning business expenses and tax codes. But more importantly, can save you precious time for your family and friends.
Call anytime for a discussion on how Aliantha Office Solutions can help you!
