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Monday 9am - 7pm Tuesday 9am - 7pm Wednesday 9am - 7pm Thursday 9am - 7pm Friday 9am - 7pm

Accounting Industries, PO BOX 808, Turramurra (2026)

05/01/2022

Due dates for lodgements and payments in January1️⃣

1️⃣5️⃣January

Lodge tax return for taxable large/medium entities as per the latest year lodged (all entities other than individuals), unless required earlier.
Payment for large/medium entities with a 15 January due date is:
1 December 2021 – for companies and super funds
For trusts – as stated on their notice of assessment.

📖:You cannot request an agent assessed deferral from this date or assume a later date for lodgment on the basis that the taxpayer will be non-taxable in the current year.

Lodge tax return for the taxable head company of a consolidated group (including a new registrant) that has a member who has been deemed a large/medium entity in the latest year lodged, unless the return was required earlier. Payment was due 1 December 2021.

2️⃣1️⃣January

Lodge and pay quarter 2, 2021-22 PAYG instalment activity statement for head companies of consolidated groups.
Lodge and pay December 2021 monthly business activity statement except for business clients with up to $10 million turnover who report GST monthly and lodge electronically.

2️⃣8️⃣January

Make quarter 2, 2021–22 super guarantee contributions to funds by this date.

Employers who do not pay minimum super contributions for quarter 2 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly (NAT 9599) by 28 February 2022.
📖: The super guarantee charge is not tax deductible.

3️⃣1️⃣ January

Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 2, 2021–22.

A source: https://www.ato.gov.au/tax-professionals/prepare-and-lodge/due-dates/january-2022/

Write to DIRECT
🌐On our website https://accountingindustries.com.au/
📲Or call +61 2 9943 2444

Your personal accountant
Svetlana Hammond

18/12/2021

Taking on extra help over the holiday season?🎄

Most of the country is opening up right in time for the festive season. But a rush of patrons may mean you need extra help.
When you hire someone new, it's important to work out if you'll need to pay super for them.
In most cases, all employees are eligible for super - even if they're a relative or hired for only a short period. Some contractors are also eligible for super.

To avoid extra costs for your business, the key things to know when it comes to super for new workers are:
* who is eligible
* what amount to pay
* where to pay
* how to pay
* when to pay.

New workers can complete the commencement form in ATO online services. This will make it easier and quicker for you to get their super details and we'll get the information directly.

You may also need to request stapled super fund details if your new worker doesn't choose a super fund.

A source: https://www.ato.gov.au/Newsroom/smallbusiness/General/Are-you-using-a-point-of-sale-system-/

Write to DIRECT
🌐On our website https://accountingindustries.com.au/
📲Or call +61 2 9943 2444

Your personal accountant
Svetlana Hammond

12/12/2021

If you're a new entrepreneur or small business owner, you may find the accounting process intimidating. Numbers are not for everybody, and looking at rows and rows of them on financial reports can be overwhelming🤷🏼‍♀️

The harsh truth is that as a business owner, you need to understand all the ins and outs of your financial reports. When you know everything about your current financial situation, you can then find ways to improve it and take it to the next level⬆️

Your small business accountant generates three crucial financial reports that you need to know like the back of your hand: your balance sheet, profit and loss statement, and your cash flow statement.
When you understand these three reports, you are much more equipped to make intelligent financial decisions.

Write to DIRECT
🌐On our website https://accountingindustries.com.au/
📲Or call +61 2 9943 2444

Your personal accountant
Svetlana Hammond

10/12/2021

WHAT TO DO IF YOU MAKE A MISTAKE ON YOUR RETURN❓

Here are some tips to help you avoid making a mistake or to fix one.

First up – you need to lodge a tax return, even if your business hasn’t earnt any income this year.

To help avoid mistakes in your return:

◾️double-check your answers to questions
◾️report income from all sources, including government support payments
◾️only claim deductions you’re entitled to
◾️complete your tax return using business records.

If you realise you've made a mistake, forgotten something or given to the ATO incorrect information, you can amend your return through:

◾️your registered tax agent
◾️myGov if you're a sole trader
◾️Standard Business Reporting (SBR)-enabled software.

You can also request an amendment through Online services for business.

The time limit to amend a return is usually two years.

You can also make a voluntary disclosure. Voluntary disclosures cover mistakes and false or misleading information and need to be made in an approved form.

Remember, registered tax agents and BAS agents can help you with your tax.

A source: https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/What-to-do-if-you-make-a-mistake-on-your-return/

07/12/2021

9 tips for great bookkeeping🤔:

1.Keep your business and personal records separately. Open a bank account for business transactions only.
2.Keep an eye on your sales invoicing. Bill regularly. Contact those with overdue payments
3.Taxes! You don’t want to be hit with a huge bill, so we recommend to open another saving account and transfer there about 20-25% form all your sales plus your employees’ taxes and super
4.Assess the opportunity cost of bookkeeping – DIY or outsourced
5.Consistency is the key – do your bookkeeping weekly. You will forget what happened even a month ago
6.Record keeping – the ATO requires you to keep records for 5 or 7 years. You can keep it in form of paper, electronic or online. Moving online is a great idea! Ask us for help to choose the right app for you.
7.Understand your financial report. Balance Sheet, Profit and Loss, Cash Flow – these are must know.
8.Prepare your budget annually and review it at least quarterly.
9.Find a good accountant from the beginning of your business to avoid costly mistakes.

At Accounting Industries we can help with organising your bookkeeping processes

Write to DIRECT
🌐On our website https://accountingindustries.com.au/
📲Or call +61 2 9943 2444

Your personal accountant
Svetlana Hammond

03/12/2021

Due dates for lodgments and payments in December:

1 December
◾️Pay income tax for taxable large/medium taxpayers, companies and super funds. Lodgment of return is due 15 January 2022.
◾️Pay income tax for the taxable head company of a consolidated group with a member deemed to be a large/medium taxpayer in the latest year lodged. Lodgment of return is due 15 January 2022.
◾️ Pay income tax for companies and super funds when lodgment of the tax return was due 31 October 2021.

21 December
◾️Lodge and pay November 2021 monthly business activity statement.

Write to DIRECT
🌐On our website https://accountingindustries.com.au/
📲Or call +61 2 9943 2444

Your personal accountant
Svetlana Hammond

30/11/2021

Invoicing plays a key role in all businesses (it's how you get paid) so understanding how they work, what to put on them and the different types is crucial. Here's what you need to know: What is an invoice? In a nutshell, an invoice is a request for payment. It'll usually cover the following details:
-Exactly what services or products were supplied
-Date of isue
-Unique invoice code for tracking purposes -Cost breakdown or amount due
- Payment due date.

Aside from a payment request, invoices are also an important tax record. Not all invoices are created equal: There are numerous types of invoices in the business world, used for different purposes. From recurring to interim to final and pro forma, understanding what invoice is right for your business will streamline your payment process. Pay up! Payment due dates are at your discretion but are best agreed on before any work commences or goods are provided. If you need quick payment for cash flow, seven days is a perfectly reasonable time frame. The end of the month is still the most common payment cycle for businesses. Keeping track of it all: After sending an invoice, don't just cross your fingers and hope payments will roll in. While most invoices get paid, it's important to keep track of and reconcile payments against invoices. Fortunately, a lot of this can now be automated, so there's no need to spend hours joining the dots between bank statements and invoices.

Need help? Write to Direct📲

26/11/2021

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time.

It's sometimes called an Income statement and its main nw. Acounting purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a month, quarter, financial year or any other period, and it can be a stand-alone report or a comparative period report. Together with the balance sheet, these two reports provide a comprehensive understanding of the financial position and performance of a business. The P&L is a vital tool to analyse for trends over time. What does your P&L tell you about relationships and ratios between sales and expenses, seasonal changes and annual trends? Have all your direct costs been allocated correctly? Have you recouped all billable expenses from customers? Financial statements help you understand the big picture for your business. With deeper understanding of your business operations and performance you can make informed decisions about your business finances.

For omore information about interpreting your business' financial statements write me direct.👉🏻📲

23/11/2021

Flexible approach to transition:
To support you, our approach to STP Phase 2 will be flexible, reasonable and pragmatic based on your business readiness/individual circumstances.
Digital service providers (DSPs) who need more time to make the changes and update their solutions to support STP 2 can apply for a deferral for their customers. If your DSP has a deferral, they will let you know.
If you can start reporting by your DSP's deferral date, you don't need to apply for more time.
If your solution will be ready for 1 January 2022
* If your solution is ready for 1 January 2022, you should start Phase 2 reporting.
* If your solution is ready and you can start Phase 2 reporting before 1 March 2022, you'll be considered to be reporting on time and you won't need to apply for more time.
If you need more time
* You can apply for more time past your DSP's deferral if you need more time to transition.
* You'll be able to apply for a delayed transition from December 2021. Registered agents will also be able to apply. More information will be available soon.
* There won't be penalties for genuine mistakes for the first year of Phase 2 reporting until 31 December 2022. This includes employers who have already started Phase 2 reporting.

21/11/2021

What is Single Touch Payroll Phase 2?
In the 2019–20 Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information.
The expansion of STP, also known as STP Phase 2, will reduce reporting burden for employers who need to report information about their employees to multiple government agencies. It will also help Services Australia’s customers, who may be your employees, get the right payment at the right time.
The mandatory start date for Phase 2 reporting is 1 January 2022.

A source https://www.ato.gov.au/Business/Single-Touch-Payroll/Expanding-Single-Touch-Payroll-(Phase-2)/

17/11/2021

When to request stapled super fund details❓

You will need to request stapled super fund details for new employees who start on or after 1 November 2021, when:
* you need to make super guarantee payments for that employee
* they are eligible to choose a super fund, but don't. This includes contractors who you pay mainly for their labour and who are employees for super guarantee purposes
You may need to request stapled super fund details for some employees who aren't eligible to choose their own super fund. This includes employees that are:
* temporary residents
* covered by an enterprise agreement or workplace determination made before 1 January 2021.
If your new employee chooses a super account they already have, or chooses your default fund, you do not need to request stapled super fund details for them.
Once an employee tells you their choice of super fund, you have 2 months to start paying contributions into that fund. If you have received a choice of super fund form from a new employee from 1 November 2021, and you must contribute before this time, if you don’t pay to the employee's choice fund, you should pay into their stapled super fund or your employer nominated account if the ATO advises you that they do not have a stapled super fund.

14/11/2021

How to close a Sole Trader business

There could be different reasons and circumstances when you decide to stop running your business – retirement, the business is no longer profitable, health issues, changes in government regulations, immigration etc.
If you can’t sell your business after deciding to exit, you need to legally close it down. Below are the steps to follow:
Decide on the date
Notify employees and organise final payments (https://www.fairwork.gov.au/ending-employment/notice-and-final-pay),
Notify your suppliers, customers (personally, email or letter, notice on your shop front and/or website, notice via social media, hold a 'closing down' sale)
Review all your contracts and double check them
Sell your business assets (stock, equipment and machinery, furniture, fixtures and fittings, domain names, patents or trademarks, licenses and permits)
Pay all outstanding bills
Lodge your last BAS
Cancel registrations for GST, Pay as you go (PAYG) withholding, Fuel tax credits ect. within 21 days
You don’t need to mark your income tax return as final as you will lodge further tax returns
Cancel your Australian business number (ABN) via the Australian Business Register: https://www.abr.gov.au/business-super-funds-charities/updating-or-cancelling-your-abn/cancel-your-abn
Cancel your business name through the Australian Securities & Investments Commission (ASIC): https://asic.gov.au/for-business/cancel-your-business-name/
Keep business records for a minimum of 5 years after the closure of your business

When you close your business, you may also need to:

close your business bank accounts
contact your local government licensing authority to cancel any licenses or permits
disconnect your business services (telephone, power, water, internet etc.)
redirect your mail through Australia Post
cancel your web hosting and domain name if you have an online presence
shut down your social media channels

Accounting Industries

05/01/2022

18/12/2021

12/12/2021

10/12/2021

07/12/2021

03/12/2021

30/11/2021

26/11/2021

23/11/2021

21/11/2021

17/11/2021

14/11/2021

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