Pulse Business Services Pty Ltd

MyGov ID is now MyID. The name has changed – but not how you use it.

You may see both myID and myGovID when using your app to log in to participating government online services during the roll-out. This won’t affect your access, and your Digital ID will remain fully functional during this time. You’ll still have:

• your same login details and identity strength
• continued use – the existing app will automatically update.
• the same authorisations in RAM

The change to myID aims to reduce the confusion between myGovID and myGov.
Remember, there’s no need to set up a new myID or reconfirm your details. If you've been asked to do this in a message, email or by visiting a website, it’s a scam.

If you’re experiencing an issue with myID, visit www.myID.gov.au/help

Rented out a room in your home during the financial year? To work out the expenses you can claim you'll need the following:
- floor space rented
- number of days it was rented
- records of expenses

Read the ATO's factsheet on ‘renting a room’ at www.ato.gov.au/rentingaroom

If you are not registered with a BAS or Tax Agent, your quarterly BAS for the September quarter is due for lodgment and payment on 28 October.
Remember to lodge and pay on time so you can easily keep track of your obligations and avoid penalties and interest.
For more info on BAS lodging and payments visit ato.gov.au/BASlodge

Employers: A friendly reminder to pay your Super Guarantee in full and on time!

Super guarantee (SG) contributions for the September quarter are due by 28 October.

Remember, the ATO only considers an employee's super contribution as 'paid' on the date it's received by the super fund so funds must receive your payments on or before the quarterly due date!

ato.gov.au/superquickcheck

3 golden rules when claiming deductions for your small business:

- The expense must be for business, not for private use.
- If the expense is for a mix of business and private use, you can only claim the portion that is used for business.
- You must have the records to prove it.

For more info, visit ato.gov.au/businesses-and-organisations

Heads up! myGovID is being renamed to myID mid-November 2024.

The change is to clear up any confusion between the myGovID app and the myGov platform. But don’t worry, you won’t need to do anything! The app will automatically update through the app stores, and all your login details and identity settings will stay the same. You can keep using it just like before to securely access government services online.

Small business reminder: lodge your quarterly BAS for September by 28 October! Lodge on time to avoid penalties, even if you can’t pay yet.

If you have your BAS lodged through a registered BAS agent, you have until 25 November 2023 for lodgement.

www.ato.gov.au/Business/Business-activity-statements-(BAS)/

Disclaimer: Not financial advice, and definitely not endorsed by us ... Enjoy the meme, but consult a professional for real tax matters! 😄

📢 Attention all taxpayers! 📢

Don't wait until the last minute! 🗓️ October 31 is the deadline for lodging your own individual tax returns without a tax agent.

Avoid Penalties: Late lodgement can lead to fines and interest charges.

Note: Some conditions do apply, check your myGov to confirm your file date

Share this post to remind your friends and family!

The Alison Rogers Property Team have an exciting upcoming event where Patrick will be guest speaking. The ‘Creating Wealth through Property’ seminar is a free event, however, RSVP is required by 5pm today, so secure your spot now by emailing Belinda at [email protected] or visiting https://form.jotform.com/242180435409857

Have you ever wondered what a self managed superannuation fund is? Would you like to know if you could have a SMSF? Do you know how to use a SMSF to create wealth? Did you know you could buy property? Join us at this free event Tuesday night to hear from experts to find out more. Refreshments provided so please rsvp. Last chance to explore and be inspired on how to generate wealth from property at our event.
RSVP closes tomorrow 26/8/2024 at 5 pm.

https://form.jotform.com/242180435409857

Or email: [email protected]

Join our Managing Director Patrick Murphy along with other experts at this free event this Tuesday.

Have you ever wondered what a self managed superannuation fund is? Would you like to know if you could have a SMSF? Do you know how to use a SMSF to create wealth? Did you know you could buy property? Join us at this free event Tuesday night to hear from experts to find out more. Refreshments provided so please rsvp. Last chance to explore and be inspired on how to generate wealth from property at our event.
RSVP closes tomorrow 26/8/2024 at 5 pm.

https://form.jotform.com/242180435409857

Or email: [email protected]

The Department of State Growth has now opened Round 4 of the Small Business Advice and Financial Guidance Program.

To be eligible for the grant of up to $1,500 your business must:
• Be registered for an ABN on or before 17 July 2023
• Have a sales turnover of more than $40,000 in 2022-23 or 2023-24 financial year.

Applications close 2:00 pm on Friday, 30 May 2025 or when the available funding has been fully allocated, whichever occurs first.

For more info, visit:
www.business.tas.gov.au/funding/general/small_business_advice_and_financial_guidance_program_round_4

With the due date of 28 August approaching, it’s time to check whether you need to lodge a Taxable payments annual report (TPAR).

You will need to lodge a TPAR with the Australian Taxation Office for payments made to contractors who provide the following services:

🚧 Building and construction
🧻 Cleaning
🚚 Courier and road freight
💻 IT
🔎 Security, investigation, or surveillance.

Find out more at ato.gov.au/TPAR

For all things deductions, records & income – the ATO's tax time toolkit is your go-to guide. It contains a summary of common work-related expenses for occupation and industry groups and info on how to avoid common reporting mistakes.

You can also find a toolkit for Investors and Small Businesses.

Check it out to make navigating tax time easier - ato.gov.au/taxtimetoolkit

Employers: A friendly reminder to pay your Super Guarantee in full and on time!
Super guarantee (SG) contributions for the June quarter are due by 28 July.
Remember, the ATO only considers an employee's super contribution as 'paid' on the date it's received by the super fund so funds must receive your payments on or before the quarterly due date!
www.ato.gov.au/superforemployers

As at 1 July 2024, the super guarantee rate increases from 11% to 11.5%.

You’ll need to calculate super contributions for eligible workers at 11.5% of their ordinary times earnings. This applies to payments of salary and wages you make from 1 July.

Your super contributions for the current quarter (ending 30 June, due by 28 July 2024) are still calculated at the 11% rate for payments made prior to 1 July.

If you use software to help with your payroll, you should check that it has been updated to enable this change.

From 1 July 2024 there are changes to pay as you go withholding schedules and tax tables.
Start the new financial year off on the right foot. If you employ staff, make sure you’re withholding the right amount of tax from your employees, and pay and report the correct amounts to us. If you use software to help with your payroll, it may apply these changes automatically, however you should check that it has been updated to enable to do so.

For more info, visit ato.gov.au/taxtables

Do not lodge your personal tax return in the first few weeks of July.

Before you lodge, you need to wait for pre-fill. If you hold off until late July before lodging, most of your info will be pre-filled. This includes any health insurance details, bank interest and your income statement will be marked ‘tax ready’. Employers have until 14 July to double check and lodge their final payroll figures with the ATO for 2024.

So, wait a little bit before you make a start on your personal return or contact your tax agent so the ATO has the information already, most of which will be available by the end of July.