Tag Archives: Tax help

•

Does BAS preparation make you panic?    Not quite confident you’ve got it right?   Could a Registered BAS Agent and Sunshine Coast Bookkeeper remove the stress?

 

Many business owners aren’t thrilled about doing their Business Activity Statements.  They find them complicated and time consuming to prepare and often leave them till the last minute.  You also want to be sure you get it right, avoiding underpaying or overpaying tax or worse getting stuck with fines from The Australian Tax Office.

As a Sunshine Coast Bookkeeper for the past 16 years, I find It makes sense to use an appropriate bookkeeping software to help you keep accurate records of your GST and PAYG liabilities making it easier to produce and check reports prior to lodging your BAS.  If books are kept up to date BAS preparation becomes a much simple and time effective exercise.

It also makes sense to hire a registered BAS Agent who is familiar with the accounting software you use so that they can create the necessary reports, checks and BAS preparation required for you to meet your obligations with The Australian Tax Office.

“Registered BAS agents” were introduced as part of reforms in the Tax Agent Services Act 2009. It created a clear set of training, experience and professional standards a bookkeeper must achieve to offer BAS services for a fee or other reward.

To qualify as a BAS Agent the following applies:

  • a recognised accounting and/or bookkeeping course must have been completed
    • agents are bound by a strict code of conduct and their registration is terminated if there is misconduct.
    • agents continually undergo professional development.
    •  professional indemnity insurance that protects you financially if the agent makes an error, omission or some other act.
    • at least 1,000 hours relevant work experience in the three years before registering.

This gives your BAS agent the experience and knowledge to produce your BAS reports accurately, and on time.

It is important that you work with your BAS agent/bookkeeper to ensure that accurate records are provided and you allow enough time for them to prepare and lodge the Business Activity Statements for you.

If you answered yes to the questions at the beginning of this article it is definitely worth hiring a BAS agent/bookkeeping in your local area to assist you with implementing systems to make BAS time just that little easier.

 

 

•

There has been much talk over the past months about Super Stream asking if you are ready.  As a Sunshine Coast bookkeeper I have put together the following article which outlines these changes.

Businesses with 19 or fewer employees have been reminded that their superannuation payment arrangements will change from 1 July 2015 as a result of the introduction of SuperStream arrangements.

From 1 July 2015, small business employers with fewer than 19 employees will need to start making superannuation contributions electronically using the SuperStream standard. They will have until 30 June 2016 to meet the SuperStream requirements when sending superannuation contributions on behalf of their employees.

Medium or large businesses with 20 or more employees began making their superannuation payments using SuperStream from 1 July 2014. They have until 30 June 2015 to meet the SuperStream requirements

Businesses with fewer than 19 employees can meet the SuperStream requirements by making their contributions through the Government's Small Business Superannuation Clearing House (SBSCH).

The SBSCH is a free, online service for small businesses (with 19 or fewer employees), through which they can pay contributions to a number of superannuation funds as part of a single transaction.

The SuperStream standard is part of the government's Super Reform package. It is designed to provide a consistent, reliable electronic method of transacting linked data and payments for superannuation. Its goal is to improve the efficiency of the superannuation system, to improve the timeliness of processing of rollovers and contributions, and reduce the number of lost accounts and unclaimed monies.

Under SuperStream, employers must make superannuation contributions electronically. The contribution data is sent electronically in a message format to the fund, and the contribution payment is sent electronically through the banking system. The data message and payment are linked by a payment reference number, which enables reconciliation by the receiving fund.

Options for smaller employers who choose not to use the SBSCH and for larger employers not able to use it include:
• a software solution that conforms to SuperStream or
• a service provider who can arrange SuperStream compliance on your behalf.

Possible solutions include:
• upgrading payroll software
• using an outsourced payroll or other service provider
• using a commercial clearing house or,
• an employer's default superannuation fund may have an electronic channel they manage through which payments to other funds can be distributed.

Employers will need to collect and store additional information about funds in order to send them contributions in accordance with the SuperStream standard

 

Click below to view source

ATO: Preparing for SuperStream

business.gov.au: Do you have 19 or fewer employees

- See more at: http://aat.org.au/member-resources/news/item/422-superannuation-payment-changes-for-small-businesses.html#sthash.J14BSjdx.dpuf