It's time to celebrate!

WHY? Because we've just reached SILVER status as a XERO partner!  Woot Woot!  And you're the winner!

Beautiful online accounting is the future of small business.  Getting the latest feature upgrades without having to purchase updates, having the most current data at your fingertips, being able to collaborate with your team, and your accounting team without having to shuffle data files, and benefiting from well thought out design from a company who’s slogan is “beautiful accounting software” — are just a few of the benefits of working with XERO.

Their website has a wealth of information to assist Small Businesses including Small Business Guides
Get great tips on running a successful business for FREE!
These are  just a few of the reasons that we’re super proud to be a XERO SILVER Partner, and to have reached this exciting milestone. 

If you’d like to join the  XERO movement and see how it will benefit your business, give us a call.  We'd love to give you a demo on how XERO can help you do Beautiful!

Or join us for our legendary XERO to Super HERO full day course in Cairns on ​Wednesday, 9 October 2019.  

Beautiful accounting software made even more beautiful with this one day program where you'll learn how to competently manage your finances using cloud accounting. We'll show you the time-saving tools you need save 20 hours downtime every month and grow your business.

Unlocking the dashboard
Bank Feeds and Rules
Sales and Invoicing
Purchases and Batch Payments
Financial Reports

1 x day program $330 incl. GST per person

To celebrate reaching SILVER status, we're giving your the gift!  Take 10% OFF all XERO course registrations for the month of September 2019!   You must register and pay before midnight 30 September 2019 to receive discount.

Pay only $297.  Type 10%OFF in notes on registration form and save $33.

And XERO Payroll Made Easy on Monday, 14 October for only $175.50. Save $19.50.

Combine the two and save over $50.  Winning!

Click here and complete a registration form TODAY!

EXCEL Efficiencies
Can you believe it is August already?
Have you got that BIG dream holiday planned?  Or started the countdown till the fat man sings?
Here is a great EXCEL formula to count the number of days between dates.
 
=DAYS()
Example.  Type todays date in cell A1, and December 25, 2018 in A2
=DAYS(A2, A1)

The formula has to begin with the later date (A2).  If you get the answer as a negative number--reversing the order of cells should give you a positive number.

OK so there are ONLY 127 days until Christmas!  Holy Moly, I hear you say!
​

​So how many workdays (Monday to Fridays)?

=NETWORKDAYS()
Nett work days
Use ascending order to avoid a negative result

​Example. NETWORKDAYS(A5, A6)
Just 92 work days

​Let the countdown begin till our ADVANCED EXCEL program in Cairns on Friday, 30 August 2019.

Just 9 days to go.

Woot, woot and we still have a few seats left. But get in quick or miss out on obtaining more of these great efficiencies in this powerful program!

How much time have you wasted typing in incremental data in Excel. Dates, times, reference numbers, etc? For example 1,2,3 or January, February, March, April, etc.

Have you tried the Fill Handle?

The Fill Handle allows you copy cell contents into numerous adjoining cells, formulas, and incremental data continuing a series. This is a huge time saver!

The Fill Handle is only accessible by moving your mouse cursor to the bottom right corner of a cell in an Excel Worksheet. It is symbolised by a bold plus. Clicking and dragging this symbol across a row, or down a column, will copy the cell contents whether that is text, values, or formulas.

But what is really interesting is the intuitive ability to continue a series. Try typing January in a cell, then locating the Fill Handle, and dragging across a number of cells. Excel automatically continues with the months of the year through to December and commencing with January again. You can perform this process with months simply by typing Jan too. And it works for other text like Days of the Week, even financial Quarters - QTR1, QTR2, etc. Try dates, times, and other series or patterns. Excel is highly intuitive.

How about numbers you may ask? Type 1 in a cell and locate the Fill Handle and drag across or down. The number 1 is copied into adjoining cells that you have dragged across. To achieve incremental counting simply type 1 in a single cell, then 2 in the adjoining cell, select both cells, locate the Fill Handle and drag to adjoining cells for Excel to continue the counting series. This can be great for invoice or reference numbers. Try typing 1.1 into a cell and 1.2 in an adjoining cell, select both cells and Fill Handle to continue the series.
​
Enjoy this amazing time saving tool in Excel!

Institute of Certified Bookkeepers Article  - January 2019 Client Brief

Strategies to implement Single Touch Payroll (STP) Recommendation

An employer has many obligations to meet all the different compliance regimes

• Workers compensation
• Fair Work: Awards, Leave, payslips
• Tax: PAYGW etc
• Super: Super Guarantee etc
  
  

We recommend any employer strongly consider computerising their payroll process to streamline the required information gathering, reporting and retention.

Why?
A basic requirement of every employer is to provide (legal) payslips to the employee each time they are paid. The easiest way to produce this is for it to be created at the same time as the pay is being calculated by a payroll program. Typically at the same time all other records can be calculated and created to meet all other compliance obligations. It takes less time to use a properly featured payroll product.

The Tax Office have released their strategy for implementing Single Touch Payroll to the small employers.

Recognising: Some employers do not have the computer capacity to achieve this in their own right. For some it is an infrequent process, for some it is paying themselves what it is deemed they can afford, when they can afford to.

Therefore: The ATO have provided the following strategies:

1. Quarterly Reporting (in line with the BAS)
2. Low cost reporting solutions (cheap software)
3. Deferrals and/or exemptions (too hard come back later)
4. Simplified reporting requirements (less information to report)
   
   

Which employers does this apply to?

Small or Micro or other
For STP the “Small” definition is employers with 19 or less employees.

Small employers may consider each of the above options. The ATO presentations have stated that #1 Quarterly Reporting would only be available to the Micro (1–4 employee) businesses. However if a disconnected (no internet or no computer capacity) employer was able to report quarterly rather than seek an exemption ICB are confident the ATO would accept this arrangement.

Irregular employment patterns (eg seasonal only) may be eligible for exemptions as well as those with no or unreliable internet or computer capacity.

Compliant
To access these concessions for STP, the employer must

• Any amounts owing to the ATO are either not yet due for payment or subject to a payment plan, and
• All lodgment obligations are either not yet due or subject to a deferral
  
  

ICB Explanation

Quarterly Reporting: Eligible employers will be permitted to lodge one STP report for each Quarter (in line with their Activity Statement requirement). The logic being that the employer would have to report the W1 and W2 figures on their BAS and do their super calcs therefore they have to create and have the payroll information available. The STP report would be for the Quarter, for each employee paid, it continues to be the YTD values. The STP report uses the same base information required for the BAS and Super calcs.

Many businesses engage with their Bookkeeper (or other intermediary) to meet their quarterly obligation. Even the DIY businesses must meet these obligations at least quarterly.

Aligning the STP reporting with the Activity Statement etc allows the Agent to continue to assist the business (who wants to do business not compliance paperwork)

This concession has been designed to apply until July 2021 at which time the strategy will be reviewed.

Low Cost Reporting Solutions: The ATO are working with software providers and others to have them provide low cost (less than $10 per month) payroll solutions that will enable STP reports.

This aligns with the strategy to computerise the process while trying to limit the cost exposure.

Details available from the ATO: ATO Website STP Low Cost

ICB will endeavour to monitor these solutions and advise: ICB Software Status Report

Deferrals / Exemptions: We did have deferrals from STP, generated by the Software companies working with the ATO as to when their software would be ready. All of those deferrals will expire before 30 June 2019 (We do hear that some will be renewed however mostly in the very big complex solutions).

Employers may need to apply to the ATO for an exemption from STP reporting if their own individual circumstances mean that STP reporting is not possible.

The ATO advise this system will be an online application and it will be provided when STP applies to the small employer (it is not law yet (as of January 2019)).

Simplified Reporting: This concept is that the low cost reporting solution may be providing a simplified payroll solution and therefore able to submit a limited amount of data to comply with STP. “Simplified” may mean that the software doesn't perform for instance Eligible Termination Payments. Maybe it doesn't provide Allowances or Deductions etc.

ICB perceive that this aspect of Small Employer concession will be coupled with the Low Cost Reporting Solution.

Solutions
GovReports provide a lodgment portal for Agents to manually enter and then lodge STP reports. This service can be used for regular normal payrun reporting or alternatively can be used to lodge the Quarterly report.

We envisage that each of the software providers which work with Bookkeepers and provide STP reporting to employers will provide an interface that allows the Bookkeeper (who is employed in the business or is a Registered Agent) to enter details and lodge on behalf of disconnected or quarterly reporters.

Closely Held Employers
The concession for “closely held” employers relates to that employer who employs family or related people. The concession permitted the “salary” to be finalised at the same time as the Tax Return hence in some cases the payment summary would be finalised as late as June the following year.

This recognises the reality of family owned businesses.

The Quarterly lodgment system (described above) will be permitted for such businesses. The Family business will need to make a “reasonable estimate” each quarter of the amount to be paid to the relevant employees and tax withheld.

Other employees of these businesses will need to have payments to them reported in line with normal STP requirements.

Your voice
ICB have been involved in the co-design discussions with the ATO about applying STP to employers who are considered small, disconnected or micro (1-4 employees).

The role of Bookkeepers continuing to provide services to assist these communities meet their compliance obligations is recognised by the ATO.

Resources

• ATO Webcast (Recorded)
• ICB Single Touch Payroll Resources

Employers can connect with ICB resources, and seek expert assistance with ICB members through the Business Support Program.

​Are your casual employee’s entitled to a permanent role?

A recent decision of the Fair Work Commission (FWC) as part of the 4 yearly review of modern awards will see casual conversion provisions added to modern awards from 1st October 2018.

This decision will impact employers who provide casual employees with regular and systematic hours, as employers may be required to convert their casual employees into permanent roles.

Presently casual employees are not required to receive any commitment from an employer regarding how long they will be employed for, or the days and hours they will work. Casual employees are also not required to commit to all work that is offered to them by an employer.

Employers who make advance commitments and provide regular shift patterns to their casual employees for extended periods of time are risking their ability to maintain a casual workforce.

What this Means for You as an Employer

Effective 1st October 2018, employers will be required to provide all casual employees with a copy of the provisions contained in the relevant Award by 1st January 2019. Casual employees commencing on or after 1st October 2018 will need to receive a copy of the provisions within the first 12 months after their first working day with the employer.

Employers who engage casual employees to perform regular patterns of work on an ongoing basis must consider requests from casual employees to convert their employment status. Employees can make a conversion request after 12 months, and there are limited grounds on which an employer can refuse a request.

Advice for Employers
Employers who engage casual employees should ensure they follow the guidelines below:

• Read the provisions in the awards when published on 1st October 2018
• Ensure all employee requests to convert from casual to part time or full-time employment are made in writing. 
• Respond to employee casual conversion requests in writing within 21 days. 
• Document all instances where:
  - Employees are provided with a copy of the provisions;
  - Regular casual employees elect not to convert;
  - Casual employees request to convert;
  - You respond to casual employee requests to convert.
• Ensure all casual employees commencing on or after 1st October 2018 are provided with a copy of the provisions within first 12 months employment. 
• Provide all existing casual employees with a copy of the provisions before 1st January 2019.

Ensuring accurate records are maintained strongly assists employers to demonstrate evidence of their compliance with workplace laws.

FREQUENTLY ASKED QUESTIONS

Employers can read more about the Fair Work Commission decision here. 

If you have further questions on any employment matters, please contact the Employer Assistance Helpline on 1300 731 988. 

8 June 2018 - ATO NEWS
As part of new legislation, most electronic payments made from the start of this financial year (1 July 2017) onwards will be reported to us. These include:

• credit and debit cards
• BPAY®
• payments made through a third party payment processor
• other types of electronic payments.

The first reports will include:

• payments processed in the 2017–18 financial year
• total monthly electronic payments processed by your financial institution or payment facilitator.

What does this mean for you?
Electronic payments that your business receives from your customers will be reported to us.
We use this data to match against our records. It will also be used to pre-fill tax returns to make it quicker and easier to lodge in the future.

The information reported will be used to:

• pre-fill tax returns to make it easier for individuals and businesses to lodge
• ensure businesses comply with their tax obligations, including lodging their tax returns and reporting their income.

Find out more:

https://www.ato.gov.au/General/Business-transactions-through-payment-systems/

James McGrath
May 8, 2018
Federal Budget 2018: $20,000 wish granted
​The $20,000 instant asset write-off is extended for another year, which is great news for small businesses.
Tonight Treasurer Scott Morrison announced this popular scheme is continuing, which gives business turning over less than $10 million to instantly write-off specified equipment valued below $20,000.
The policy was due to end on 1 July this year, but it’s now pencilled in to last until 1 July 2019.
“The government’s decision to extend the $20K instant asset tax write-off is welcome news for SMEs,” MYOB CEO Tim Reed said.
“It encourages business growth and is exactly the type of measure that delivers confidence to the business community.”
It’s a policy close to the hearts of Australian small businesses, with MYOB’s most recent snapshot confirming it’s the most requested measure in this year’s budget.
A whopping seven out of 10 small business owners interviewed said the policy should be made a permanent feature of the tax landscape.
So now the policy has been extended, how can you best use the opportunity presented?

How to use the opportunity
The scheme allows businesses with less than $10 million in annual turnover to immediately write-off the value of new assets worth less than $20,000.
There’s no waiting for depreciation to kick in over several years.
Some of the types of assets you can get include:

•    IT hardware such as computers, printers, scanners, photocopiers
•    office or shop fittings and furniture
•    work vehicles, like a new ute
•    sheds or containers for storing equipment
•    tools and machinery
•    plant and equipment

This isn’t a full list of items that match the scheme, but talk over any investment decision with a trusted advisor.

​

Single Touch Payroll is a reporting change for employers.

It starts from 1 July 2018 for employers with 20 or more employees.

You will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees.

Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019. This is subject to legislation being passed in parliament.

Count the employees on your payroll as of 1 April to see if you need to get ready for Single Touch Payroll.

Go to https://www.ato.gov.au/Business/Single-Touch-Payroll/ to watch a video on which employees you need to count.

If you have 20 employees or more, you need to review your payroll processing procedures to determine if your software can adapt to Single Touch Payroll Reporting.   

Smart Biz HQ can assist with ensuring that you meet your payroll obligations. Ring us NOW! 

Always happy to assist.