AIM Accountants and Bookkeepers

One of our clients had this occur for the first time and we were unsure as to why it occurred. Thanks for clarifying ATO

SCAM ALERT 🚨

Be aware of an email scam that’s pretending to be from us, asking you to update your multifactor authentication (MFA).

This scam encourages you to scan a QR code that directs you to a fake myGov sign in page, designed to steal your details.

✋ Do not scan the QR code or enter any of your information.
🛑 Remember, we won’t send you an email with a link or QR code to login to our online services.

ATO Updatehttps://www.ato.gov.au/uploadedFiles/Content/IND/Downloads/iai_71015_online_services_for_business.pdf

Tax Agents and BAS Agents can no longer add you to their ATO portal without you first providing permission via MyGovId.

Below is the message received from the ATO

The security of your clients' tax and super information is very important to us. That's why we're changing the process before an agent can link to taxpayer accounts. ‘Client-to-agent linking’ is a new process that further strengthens the security of our online services to help protect you and your clients against fraud and identity-related theft.

From 13 November 2023, client-to-agent linking will apply to all types of entities with an ABN (excluding sole traders). This includes entity types such as companies, trusts, partnerships, superannuation funds and not-for-profits.

What does this mean for you and your clients? These entities will need to nominate you in Online services for business before you can add them to your client list. Your client will need to complete the agent nomination, when they:

*engage you as a new tax or BAS agent, or payroll service provider to represent them.
*provide extra authorisation to you as their existing agent (for example, you start representing them for a new obligation, such as income tax).

Note: Your existing clients will not need to do anything unless they are providing additional authorisation to you.

Download PDF
https://www.ato.gov.au/uploadedFiles/Content/IND/Downloads/iai_71015_online_services_for_business.pdf

Fun Fact - Did you Know?

Percentages are reversible. So, 8% of 25 is the same thing as 25% of 8 and sometimes the reverse is easier to calculate.

IS YOUR PAY 'TAX READY'?

It's tax time again and before we can lodge your return we need to ensure your pay is listed as Tax Ready by the ATO.

Employers have until 14 July to finalise and lodge their employees payroll information with the ATO so please log onto your myGov account and see if your Income Statement is Tax Ready before trying to lodge your tax return.

1) Log into myGov and select ATO Online Services
2) Click 'View my Income Statements'
3) 'Tax Ready' is equivalent to receiving a hard copy payment summary from your employer prior to 2019

What happens if my employer hasn't finalised my payroll?
If you or we lodge your tax return and your income statement is not ‘tax ready’, your employer might make changes after your tax return has been lodged. This will mean that you or we may need to lodge an amendment and in some cases, additional tax and interest may be payable to the ATO.

Did you know you can supply your Individual Tax Return Information to us Online? Click here to start your Tax Return
https://aimtaxservices.com.au/lodge-online/

How to Reconcile Wages for the financial year - video was recorded last year but still relevant.

https://www.loom.com/share/6c2274a411714abe867b0b36ee407348?sid=43aada4a-9984-4af3-b02e-f9991711c10a

To sign up for email updates please click here https://share.hsforms.com/18K3FJvUITq63bqvQLr9B6Ace63f

EOFY Payroll Finalisation Xero

The Fair Work Commission (the Commission) has announced:

the National Minimum Wage will be increased to $882.80 per week or $23.23 per hour
a 5.75% increase to minimum award wages.
The increase applies from the first full pay period starting on or after 1 July 2023.

Get set for a minimum wage increase - Fair Work Ombudsman The Fair Work Commission has announced its Annual Wage Review 2023 decision. Learn more.

Xero has new timesheet features.

If you use timesheets - please share with all your employees

https://brandfolder.xero.com/8HSCTPAX/as/pbj4mr2xxnvc84hss56rp394/Start_and_end_times_in_timesheets_Infographic

Thanks Dan for an amazing review Adelaide Joinery Co.

"I have recently started using AIM Accountants for my business and am incredibly glad I found Amy. The knowledge and experience of AIM Accountants has allowed me to focus on building my business without the extra stress of needing to keep on top of my accounting.
I would highly recommend AIM Accountants and I look forward to working together for many years to come."

Funny

No need for an accountant... This video was uploaded from an Android phone.

Working from home in Financial Year 2023

ATO revised hourly rate is now $0.67 per hour.

ATO announces changes to WFH deductions Many Australians who work from home will lose up to $1,300 a year in tax benefits following a review from the Australian Taxation Office (ATO).

every time

AIM Accountants and Bookkeepers has capacity for more new bookkeeping clients.

Contact Amy today for a free consultation to assert your needs.

email: [email protected]
call: 0429777228

Read our reviews here. https://aimtaxservices.com.au/client-reviews/

AIM Accountants and Bookkeepers AIM Accountants, based in Adelaide, specialises in Individual and Business Tax Returns as well as Xero Bookkeeping, Xero Training and Cloud Based Software Advice and Set Up.

Don't forget to contact AIM Accountants and Bookkeepers for your FREE Xero data file health check! No obligation to continue with us!

Valued at $99

Call Amy on 0429777228 or email at [email protected]

Run a company? Watch here to find out how to apply for your Director ID.

How to apply for a director ID Watch this step-by-step video to learn how to apply online for a director identification number (director ID). For more information about director ID, including what it is, who needs one, and how and when to apply, visit abrs.gov.au/directorID.

Inspirational visualizations.

Sharpen Your Thinking with These 10 Powerful Cognitive Razors Here are 10 cognitive razors, or rules of thumb, to simplify decision-making, curated by investor and thought leader Sahil Bloom.

TPAR is due on the 28th of August

Please call us if you need assistance in lodging to the ATO

https://www.ato.gov.au/Business/Reports-and-returns/Taxable-payments-annual-report/

Fuel Tax Credit Update:

From 30 March 2022 until 28 September 2022, businesses using fuel in heavy vehicles for travelling on public roads will not be able to claim fuel tax credits as the road user charge (RUC) exceeds the excise duty paid.

Lodge your tax online with AIM Accountants.

https://aimtaxservices.com.au/lodge-online/

Lodge Online For Individuals, Sole Traders, Rental Property and Share Portfolios If you require any assistance or have any problems, please contact us on 0429 777 228 or [email protected].

We are so blessed to have clients that appreciate us.

Here are two new google reviews for us to brag over.

To see all our amazing review. Please click here https://aimtaxservices.com.au/client-reviews/

Changes to Super Guarantee from 1st July 2022

As of the 1st July 2022, two important Super Guarantee (SG) changes will apply to businesses:
- the Super Guarantee (SG) rate increases from 10% to 10.5%
- the $450 per month eligibility threshold for when SG is paid is being removed.

How does this impact you?

For businesses:
- You'll need to make SG contributions at the new rate of 10.5%.
- You'll need to start making contributions to all employees, regardless of their remuneration amount. If the removal of the $450 threshold means you'll be paying SG for one or more employees for the first time, you'll need to give them a Standard Choice Form.

For employees:
- You'll start receiving more SG contributions from your employer at the new rate of 10.5%.
- If you were earning below $450 per month, your employer should provide you with a Standard Choice Form, and you'll start receiving super payment to your nominated superannuation fund.
For more information: https://www.ato.gov.au/Business/Super-for-employers/

https://20816475.hubspotpreview-na1.com/_hcms/preview/content/75044448135?portalId=20816475&_preview=true&cacheBust=0&preview_key=DyxybDkc&from_buffer=false

Get ready for EOFY with Xero.

https://central.xero.com/s/training-track/a4F3m0000012LmCEAU/manage-your-financial-year-end-the-process-for-small-businesses?

The Australian Taxation Office (ATO) this week announced its 2022 tax-time hit list, with four key focus areas being:

Record-keeping
Work-related expenses
Rental property income and deductions
Capital gains from crypto assets, property and shares

Assistant Commissioner Tim Loh explained that “The ATO is targeting problem areas where we see people making mistakes.”


"It’s important you rethink your claims and ensure you can satisfy the 3 golden rules” Mr Loh said.

You must have spent the money yourself and weren’t reimbursed.
If the expense is for a mix of income producing and private use, you can only claim the portion that relates to producing income.
You must have a record to prove it.

https://www.ato.gov.au/Media-centre/Media-releases/Four-priorities-for-the-ATO-this-tax-time/

Anzac Day is on Monday the 25th of April.
For Information regarding the Dawn Service located in the City of Tea Tree Gully please click link below.
https://www.teatreegully.sa.gov.au/Events-programs-and-activities/Major-Events/Anzac-Day-Dawn-Service #:~:text=At%20sunrise%20on%20Monday%2025,duty%20%2D%20both%20past%20and%20present.

Want to make some yummy Anzac Biscuits?
Click the link below to see full recipe.
https://www.abc.net.au/local/audio/2012/04/24/3487637.htm

A bit of history - They are called Anzac biscuits because they were shipped to the Anzac soldiers during the war. This biscuit was popular because they don’t contain any ingredients that easily spoil, and therefore they travel well.

Wishing you all a Safe and Happy Easter Holiday.

DON'T LET THE NEW DOMAIN NAME CHANGES LEAVE YOUR BUSINESS AT RISK.

From 24 March 2022, anyone with a local connection to Australia (including businesses, associations and individuals) will be able to register a new category of domain name. These shorter simpler domain names will end in .au rather than .com.au, .net.au, .org.au, .gov.au or .edu.au. All Australian businesses will have until 20 September to reserve their .au equivalent domain name, then it becomes available to the general public.

This new category of domain name allows users to register shorter, more memorable online names; however it also creates another avenue for cybercriminals to conduct fraudulent cyber activities. Opportunistic cybercriminals could register your .au domain name in an attempt to impersonate your business.

For example, if you have currently registered yourbusiness.com.au, a cybercriminal could register yourbusiness.au or yourbusinesscom.au and use these domains to conduct fraudulent cyber activities.

How to protect yourself

To help protect your business from opportunistic cybercriminals, the Australian Cyber Security Centre (ACSC) recommends that all Australian businesses with existing domain names register their .au equivalents before 20 September 2022. If a business does not reserve their .au equivalent direct domain name during this six-month period, that name will become available to the public on a first come, first served basis.

https://www.cyber.gov.au/acsc/view-all-content/alerts/new-domain-name-changes-could-leave-your-business-or-organisation-risk

Another 5 star review from one of our amazing clients.

Don’t let public holiday confusion get in the way of Easter egg-citement.
This Easter long weekend, the public holiday dates are different depending on which state or territory you’re in:
ACT, NSW, QLD, VIC, NT
🐰 15 April – Good Friday
🥚 16 April – Easter Saturday
🐣 17 April – Easter Sunday
🐤 18 April – Easter Monday

SA
🐰 15 April – Good Friday
🥚 16 April – Easter Saturday
🐤 18 April – Easter Monday

TAS
🐰 15 April – Good Friday
🐤 18 April – Easter Monday
🐇 19 April – Easter Tuesday – generally public service only

WA
🐰 15 April – Good Friday
🐣 17 April – Easter Sunday
🐤 18 April – Easter Monday

We’ve got the full list of 2022 public holidays for your state or territory here: https://www.fairwork.gov.au/employment-conditions/public-holidays/2022-public-holidays

How does the budget affect your business? | business.gov.au Find out what the 2022-23 Budget means for your business.