Ibex Accounting & Bookkeeping Brisbane

A reminder:

Reminder the new legislation needs to be implemented as soon as possible to be compliant by the 1 July 2025 for small practitioners and by 1 January 2025 for 100 plus employee firms. You will need to implement the following:

Part 2—The Code of Professional Conduct

Division 1—Additional obligations of general application

Subdivision A—Preliminary

5 Additional obligations relating to the professional and ethical conduct of registered tax agents and BAS agents

Subdivision B—Honesty and integrity

10 Upholding and promoting the ethical standards of the tax profession

15 False or misleading statements

Subdivision C—Independence

20 Conflicts of interest in activities undertaken for government

Subdivision D—Confidentiality

25 Maintaining confidentiality in dealings with government

Subdivision E—Competence

30 Keeping of proper client records

35 Ensuring tax agent services provided on your behalf are provided competently

Subdivision F—Other responsibilities

40 Quality management systems

45 Keeping your clients informed

Legislation link: https://www.legislation.gov.au/F2024L00849/latest/text

Templates and guides available to purchase from www.bookkeeperssupport.com.au

Level up with Kelly - Online self paced course - Management Accounting and Practice Management. A great place to start to get all of your processes, policies and procedures in place for the new legislation!
Use these guides, processes and templates to not only increase support for your clients through Management Accounting but to increase your service offerings and rates.
Learn how to effectively do the following:
Job Costing
Workflow Management
Time Management
EOFY and Balancing to the Balance sheet
GJ entries from the company financials EOFY adjustments
Cashflow reporting
Budgeting
Pricing
Rescue Work
Creating your or your clients Exit Strategy and Crisis plan (What to do with your business if you can't run it)
Technical information on payment services and how to reconcile them
Technical information on Entertainment
And coming shortly - Ratio reporting!
This course is constantly expanding to add more of what you want so join us now at https://bookkeeperssupport.com.au/.../level-up-with-kelly/
Starts from $125 per month with 12 months access.

Level Up with Kelly! - Bookkeepers Support Set yourself up as a virtual CFO, Higher Management or CEO position with these new skills. Gain higher fees to give you freedom of time.

Accountants can have their say on the Federal Government’s proposed anti-money laundering reforms that will see them report any suspicious activity. https://www.publicaccountant.com.au/news/aml-survey-your-say-on-proposed-money-laundering-financial-crimes-reforms

Shared post - from Public Accountant Australia - Super Guarantee compliance issues

SG compliance activities expose common issue with clearing houses The pitfalls of using clearing houses for Super Guarantee payments is leaving many small businesses in the lurch. The Super Guarantee (SG) penalty regime has been described by many including myself as “draconian”. It does not distinguish between an essentially compliant employer trying to do t

Shared from Institute of Certified Bookkeepers LinkedIn site

https://mailchi.mp/32f15f707551/bookkeepers-support-newsletter?e=7087d09c6c

Bookkeepers Support Newsletter A legal document showing the authority of the individual representative to engage you on the client’s behalf (where applicable)

Welcome to the new financial year!

As you begin the busiest time of the year remember to have your to do lists done, have planned time out and just tackle one task at a time. Avoid burnout during this season by planning out your long days and short days. Make sure you finish early at least 3 days per week to get a good meal and a good nights sleep. Number one rule is to make sure you look after yourself!

Whats changed in the industry?

Superannuation increased to 11%

ABN BAS lodgement program to cease this year

Fairwork have increased minimum wage

STP2 should be setup for all clients with payroll

The cents per kilometre rate for claiming car expenses for 2023–24 is 85c per kilometre

Insolvency increasing!

In 2021 to 2022 there was 4912 businesses liquidated and in 2022 to 2023 there were 7578 businesses liquidated with Construction, Retail, Transport and Accommodation and food services being the hardest hit. Now is the time to be very aware of what is happening with your clients cashflows and if you suspect the business is trading insolvent then you need to reconsider your role within the business and the legalities involved if they go into liquidation or administration.

Changes to unpaid Maternity/Paternity Leave - Direct from Fairwork - link https://www.fairwork.gov.au/newsroom/news/fair-work-act-changes-protecting-worker-entitlements

From 1 July 2023, the Fair Work Act will include greater flexibility for employees taking unpaid parental leave. This change is to align with updates made to the Paid Parental Leave scheme from 1 July. Learn more at Changes to the paid parental leave scheme.

Employees taking unpaid parental leave will be able to take up to 100 days of their 12 month leave entitlement flexibly during the 24 month period after the birth or placement of their child. This is an increase from the previous 30 day entitlement.

Pregnant employees will also be able to access their flexible unpaid parental leave up to 6 weeks before the expected date of birth of their child.

Employees will no longer be prevented from taking more than 8 weeks of unpaid parental leave at the same time as their spouse or de facto partner (known as concurrent leave).

Both parents will be able to take up to 12 months unpaid parental leave at any time within 24 months of their child’s birth or placement. They can also both apply for an extension of up to 12 months beyond the initial 12 month leave amount.

Whats coming up at Bookkeepers Support:

Courses will be available on the Bookkeepers Support website end of July. Courses include General Management, First steps in management, Technical Bookkeeping, Marketing, Mental health support and more.

Bookkeepers Business Retreats coming to SA, WA and TAS in September so book now at www.bookkeeperssupport.com.au so you don’t miss out!

Options for BAS agent supervision - In progress

One on one mentoring and support available with Kelly - book on the website

BOOK NOW

Home - Bookkeepers Support A GROWTH COMMUNITY for bookkeepers & business owners Learn Articles, Workshops, Training Videos, Tutorials & Events Network join the community and find people to help you Experience get involved at events meetups and more The Bookkeepers Support PROMISE Bookkeepers Support is here to inspire, educat...

Shared from LinkedIn :

Australian Taxation Office on LinkedIn: Employers: The holiday season is here! Whether you’re celebrating Employers: The holiday season is here! Whether you’re celebrating the past year, or welcoming the new one with your employees, make sure you consider the...

Upcoming Xero Webinars

https://business.gov.au/news/take-caution-with-emails

Take caution with emails | business.gov.au In the lead up to the end of this financial year, Australian businesses should strengthen their email security practices to protect their private information, their business, and their customers.

https://business.gov.au/news/tax-time-tips-to-help-you

Tax time tips to help you | business.gov.au It's that time of year again. Learn about the best time to lodge your tax return, claiming if you have received COVID-19 support payments, what you can and can't claim and how to start the new financial year on the right foot.

Today we celebrate all Micro, Small and Medium Enterprises with World MSME day. MSME day focuses on rebuilding and restoring economies, communities and our planet, especially after the impact of COVID-19. Let's take a moment today to recognise and raise awareness of the tremendous contributions these businesses are continually providing, and be mindful of the many challenges that SMEs faced during the pandemic.

Tax return time: ATO priority areas

The ATO has advised that it will be focusing on four areas in terms of individual tax returns for 2021-22:

*record-keeping – the ATO states that people who lodge in July may forget to include bank interest, dividends and payments from other government agencies and private health insurers. This will be prefilled in tax returns from the end of July;

*work-related expenses – the ATO advises that one in three returns involved claims relating to working from home. The ATO states that it would expect to see a corresponding reduction in car, clothing and other work-related expenses such as parking and tolls;

*rental income and deductions – all income received from rental in in tax returns should be declared, including short-term rental arrangements, insurance payouts and rental bond money that has been retained; and

*capital gains from crypto assets, property and shares – the ATO is expecting to see more capital gains or capital losses reported in tax returns this year and reminds taxpayers that they cannot offset crypto losses against their salary and wages.

Disclaimer: All tax services are provided under our business partners 'IQ Tax Accountants & Business Advisors Pty Ltd'.

Shared from Linked in- European Leadership

Shared LinkedIn post from: https://www.linkedin.com/company/communityofseven/Silence is a harbinger that your employees are no longer engaged. It is a sign that your employees feel that they are not being heard. As a leader, are you listening to what your employees are saying and not saying?

The Institute of Public Accountants is 99 years old this year !

We may be 99 this year, but IPA's public face has never looked better! The first issue of Public Accountant for 2022 is coming to you with a fresh approach. As we strive to keep you up to date with our industry and the broader business community, innovation is the name of the game. Want to know more? Head to the IPA Digital hub and let us know how you like our new look and feel.
Feedback: http://ow.ly/oLha50HUXpI
View latest magazine: http://ow.ly/muz150HUXrQ

Shared from LinkedIn -

SCAM ALERT! Beware of cryptocurrency scams telling people they’re suspected of cryptocurrency tax evasion, and asking them to ‘connect their wallet’ and provide personal information. If you get an email or SMS like this, don’t click on any links or provide any information. Scammers can use the information you give them to take off with your funds and steal your identity. Remember, a genuine message from the ATO will never ask you to access our online services via a hyperlink. Warn your networks and visit our scam alerts page to learn more:https://lnkd.in/gECFuW5G

Scam alerts Information and examples on the latest tax and super-related ATO impersonation scams. Be wary of emails, phone calls and text messages claiming to be from the ATO.

Shared from European Leadership LinkedIn page

We can now assist with your Tax returns :

Disclaimer: All tax services are provided under our business partners 'IQ Tax Accountants & Business Advisors Pty Ltd'.

Shared from Bookkeepers Support Facebook post.