Single Touch Payroll – get sorted now!

Think your good old spreadsheet or notepad is good enough to keep track of employees’ wages? Think again!

On 12 February 2019, the Parliament has passed the laws requiring all businesses use single touch payroll from 1 July 2019.

This means that from 1 July 2019 onwards, all businesses that employ staff, whether it is 1 or 100, are required to register for single touch payroll to keep track of their employee wages, PAYG Withholding and superannuation obligations.

Read More

Shared economy – things you need to know

If you have a spare room, or some spare time, your friends may have suggested you to grab some cash by hosting your room on Airbnb or becoming an Uber driver.

You thought the idea of being able to generate extra cash without being tied up in an office 9-5, or having some flexibility on deciding when to work sounds cool, and (after a few drinks) your friends suggested that you do not need to report that as income, for whatever reasons.

Sounds too good to be true? Well, it sure is.

The ATO are focusing their attention on the “sharing economy” – the popular ones are Airbnb, Stayz, Uber and Taxify. Below are a few things to consider before starting your shared economy business.

Read More

Why you should consider moving onto the cloud

In recent years many desktop accounting systems started chasing after “the cloud” by establishing their online presence. Some are moving their software to the server/online environment, while the others completely revamped the look and functionality of their software to compete with other online software.

Cloud Accounting is the new, easy and efficient way for you to take control of your business paperwork and have more time to increase your profits or spend with your family.  What will you do with the time you save?

Read More

Top 10 things to consider when employing new staff

Every now and then we get asked the question – “I want to hire someone to help with our business so I can have more time growing my business.” But before you put an ad up, or spread the word around, have you considered the following 10 things about finding the right staff, your business financial situation and understand the extra compliance work required?

Read More

ATO’s views on Bitcoins and other cryptocurrencies

In recent months Bitcoins and various other cryptocurrencies have attracted a lot of attention after having a roller-coaster ride in its prices over the past few months, and with more and more cryptocurrency trading platforms becoming available in Australia, it has become easier for Australians to dip into the crypto world. As cryptocurrencies are a new concept, what are the views of the ATO in relation to this new type of virtual currency?

Read More