Running A Business - Aston Accountants

$20,000 Instant Asset Write Off Extension

Just a reminder…

The small business asset write off threshold of $20,000 will continue until the 30th of June 2018. This applies to small businesses with a turnover threshold of less than $10 million in the 2017 financial year.

To refresh your memory, the small business instant asset write off applies to small businesses that purchase assets costing less than $20,000.

Under this concession, business owners can deduct 100% of the asset in the financial year they are purchased, rather than having to depreciate the asset over its useful life which could be 10 years for example. .

Eligibility

The asset is to ready to use in the financial year you make your claim. This means the asset needs to be fully installed.

You must be a small business with a turnover under $10 million

Things will change 1 July 2018…..

On the 1st of July 2018 the ATO will be reducing the threshold from $20,000 to $1,000, so now is the time to consider whether you can take advantage of this opportunity.

If you are considering purchasing business assets, give us a call first. We can help make sure you are getting the best deductions for your business.

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Attention employers – Single Touch Payroll is coming!

The ATO is introducing a new system – Single Touch Payroll – to help employers report their employee payment information more easily and efficiently.

What is Single Touch Payroll?

Single Touch Payroll is a new system for employers to conveniently report their employee wages, withholding and superannuation information at the time when they prepare payroll on their accounting or payroll software.

What does it mean to you?

Completing TFN Declarations made easier

Employers are required to complete a TFN Declaration for all new employees. Once completed the form should be sent to the ATO within 14 days of the employee’s start date.

The ATO have developed a fillable TFN declaration form which is available at http://www.ato.gov.au/TFNdec

Rather than calling the ATO to order the form and wait for it to be mailed to you, you can now simply download it. Even your new employee can download the form, fill it in on the screen and then send it to you to complete. Once complete, print it out, have it signed, and send the original copy to the ATO using the address on the form.

The TFN Declaration can be filed through Xero without the need to mail it to the ATO, if you are using Xero to run your payroll.

Remember to keep a copy for your files.

Contact us if you need help

in Bookkeeping and Payroll / News / Running A Business by Melissa de Largie

Remitting employee super payments when there is insufficient information

As an employer you are obliged to pay your employee their wages, remit their PAYG Withholding to the ATO as well as remit superannuation payments to their superannuation fund accounts.

In an ideal world, on the first day your employee starts work with you, they would complete their forms including a Super Choice Form informing you their superannuation fund account details for you to remit superannuation payments.

What if your employee did not provide enough information for you to remit superannuation payments, and the amount is due to be paid?

September 17 quarter Business Activity Statement

September 2017 quarterly Business Activity Statement (BAS) will due for lodgement and payment by 30 Oct 2017 if lodged by yourselves, or 25 November 2017 if lodged via an agent like us.

Leave your worries for preparing BAS to us by contacting us and see how we could help!

in Bookkeeping and Payroll / News / Running A Business / Xero Cloud Accounting / Xero Training by Emily Yip