As an Employer, you are responsible to make sure the tax you withhold from employees’ wages is at the correct level. For those employers hiring backpackers who are in Australia on a 417 or 462 working holiday visa, you’ll need to follow the tax rate changes that commenced on 1 January 2017.
When your business is registered for GST, you know that you are able to claim a credit back on your next BAS for the GST you pay to your Supplier. But what happens when the Supplier is charging you GST when they aren’t actually registered to collect GST? You may pay them the extra 10% on their invoice but you are not entitled to claim that credit back from the ATO. If it has already been claimed, you may have to refund it to the ATO at a later date.
So how do you prevent this happening?
It is with great pleasure that we announce that Emily Yip has joined us as a partner from 1 July 2017.
A lot of our clients walk in the our door feeling frustrated about their current accounting software not being able to deliver what they wanted, or simply their system is out of date and is too costly to replace with a new software. There are also clients who are always on the go and find desktop software limiting their business to reach their full potential.
While speaking to them, we find most of the clients would love to try something else but are scratching their heads as to where to start.
Perhaps they haven’t met Xero!
Here are six good reasons why our small business clients love Xero:
The short answer is yes, they can. Our client is a Perth business operates in the web hosting area. They approached us to assist with the integration of their invoicing and jobflow management in WHMCS to a new accounting system under Xero.
Our clients are naturally very tech-savvy and were easily able to handle the technical side of things but they wanted an overall accounting perspective on the changeover to make sure that the money didn’t get lost: for example, how would their invoices synchronise across the two platforms, where would the payments be receipted, how should refunds be handled. With some training in WHMCS, we were able to join in the planning sessions and provide a useful accounting perspective during the changeover, cross-checking to make sure all the accounting and GST entries worked as they should and making the process efficient.