Single Touch Payroll (STP) is an ATO initiative which requires employers to lodge payroll information online with the ATO. We have compiled a list of STP help notes for accounting software.

We all know that planning for the future is important, but it’s especially crucial when it comes to helping secure our family’s financial future. While the end of financial year gives everyone the opportunity to review their 2019 tax year and business owners the chance to look at their business structures going forward, it’s also the perfect time to ensure your future financial plans are solid in order to protect your assets.

With just weeks to go until it’s tax time again, now is the perfect time to plan and review your 2019 tax year so there are no surprises awaiting you. We explain some areas of your business that you should consider in order to get the best tax outcomes possible.

The technology around us is rapidly changing, and we are starting to witness a strong emergence of Artificial Intelligence (AI) and automation in our day to day lives.

Single Touch Payroll (STP) is an ATO initiative which requires employers to lodge payroll information online with the ATO. That’s it - no hidden surprises. Employers already report payroll information – weekly, monthly or quarterly via Activity Statements. Reporting via STP uses a new online system that utilises your payroll software and a connection with the ATO to load payroll information on a pay cycle basis direct with the ATO.

All North Queensland small businesses know the start of the year always creates a cash crunch. A combination of the holiday break, a slow start to the year and the wet season often sees a reduction in timely debt recovery impacting all businesses. There are however, a few easy to implement strategies you can use to improve your cash flow and get off to a positive start in 2019.

A common question we are asked by clients is….. How long do I need to keep my records for? While we have the mindset that we just need to keep records to satisfy ATO audit periods, there are many other reasons why keeping good records is important and beneficial to you. It is time to start thinking of record keeping as more than just satisfying a document retention period.

I was lucky enough to spend some time in Vietnam earlier this month on a business trip. I was there to assist a client with capital raising and exploring potential new markets. Personally and professionally, the trip was very enjoyable, however this was not an opportunity I would have expected to arise just a few months ago.

When asked by that trusting friend/colleague to join them as a Director in their company…. Are you aware of the responsibilities that you are signing up for? Being a silent director, does not mean that your duties as a director are silenced. You can be prosecuted just the same, should something go wrong!

It’s important to take the time to understand what expenses you are entitled to claim against your taxable income and remember that spending the money is only half of it, you must have proof of the expenditure and be able to substantiate to the ATO how it relates to your work.