Rainforest Bookkeeping

📢 Big Announcement: The ICB Luca Awards are set for November 2024!

These esteemed awards recognise outstanding achievements in the bookkeeping field and highlight the top software and apps used by Australian bookkeepers 💻

Join us for the awards ceremony on the evening between the two days of the National Event in Brisbane, during global bookkeeping week. This special occasion is dedicated to celebrating the dedication and achievements of professionals and stakeholders in the industry.

please note, attending the dinner is not a requirement to be eligible for the awards.

Nominations will be open from August 5, 2024, to September 15, 2024.

🏆 Find out more: https://www.icb.org.au/s/events/conferences/summit-2024-event/luca-awards #:~:text=The%20annual%20awards%20recognise%20outstanding,Luca%20Awards%20format%20and%20structure

Happy 7th birthday to our beautiful Kelpies! Thank you for bring so much joy into our lives and for being amazing with the g'babies!

Xero superannuation payments need to be made by 18 June to ensure they are to your superfund by the due date. This is required if you wish to claim the full deduction of the superannuation payments.

Here is an excellent guide for small businesses who employ staff.https://www.fairwork.gov.au/sites/default/files/migration/712/Fair-Work-Handbook.pdf

Take the workplac quiz https://services.fairwork.gov.au/workplace-basics

There is a free online learning resource https://www.fairwork.gov.au/tools-and-resources/online-learning-centre

Online learning centre - Fair Work Ombudsman Online learning centre Free webinar on starting or running a small businessWe're holding a free webinar that covers employing for the first time, common workplace issues, recent workplace law changes and our tools and resources. The Australian Taxation Office will also provide useful tips and inform...

The Australian Taxation Office has shared some tips in the lead up to the April to June quarterly BAS period. These tips will help small business meet its tax obligations in full and on time, to avoid paying unnecessary interest and penalties.

Tip 1: Set up a separate bank account for PAYG withholding, employee super and GST.

Tip 2: Avoid the temptation to use PAYG withholding, employee super or GST as cash flow.

Tip 3: Boost your cash flow knowledge by taking advantage of these free online tools:
* Access the learning platform specifically designed for small business - https://smallbusiness.taxsuperandyou.gov.au/?utm_campaign=goodhabits&utm_source=mailout&utm_medium=email&utm_term=goldlist&utm_content=pr
* Find cash flow resources - https://business.gov.au/finance/cash-flow/?utm_campaign=goodhabits&utm_source=mailout&utm_medium=email&utm_term=gold_list&utm_content=pr

From 14 May 2024, if you are registered for GST and have Stripe ocnnected to your Xero account, you will not longer pay GST on Stripe fees.

https://www.ato.gov.au/businesses-and-organisations/preparing-lodging-and-paying/record-keeping-for-business/detailed-business-record-keeping-requirements

Detailed business record-keeping requirements Tips plus the records you need at each stage of your business from starting to selling or closing your business.

Want to be sure your invoices are paid and can be collected? Here’s some good advice from Collectmore.

When didyou last check that your ABN details were up to date?

Are your ABN details up to date? Keep your ABN details up to date on the Australian Business Register.

Notice to Clients who have an ATO TAX DEBT. recoveriescorp has been retained to collect outstanding debts.

Here is the message from the ATO:

Key points to note:

• Pre-referral warning letters issue to taxpayers who have an overdue debt and haven’t responded to our previous contact attempts and requests to pay. Taxpayers will have 14 days to respond to the letter. If no action is taken, they will be referred to recoveriescorp.

• Once your clients are referred to recoveriescorp, you or your clients will be contacted by them directly about the overdue debt. This may be via various contact methods including email, SMS, phone call and letters.

• If you or your clients are contacted by recoveriescorp, you can verify the contact by calling them directly on 1300 352 593 for tax agents or 1300 323 495 for taxpayers. These phone numbers are also listed on our website, alongside further information on verifying and reporting suspected tax related scams.

• If your client is referred to recoveriescorp, their debt will remain payable to the ATO. If recoveriescorp set up a payment plan, it will be managed by them until the debt is paid off in full.

• There are no additional penalties for debts referred to recoveriescorp.

About recoveriescorp

• recoveriescorp is not engaged on a commission basis and there are no incentives offered for debt collection outcomes.

• They won’t undertake any firmer actions like garnishees, issuing of Director Penalty Notices, disclosure of business tax debts, legal actions, or insolvency.

• Their staff have limited access to ATO systems. They will only be able to update contact details and have read access for client account information. This access will ensure a better client experience as the external collection agency will have up to date information, including debt balances.

• They are held to strict quality assurance, governance checks and privacy controls to protect taxpayers. The staff are subject to pre-engagement integrity checks in alignment with internal onboarding requirements. They will treat taxpayers with the same courtesy and professionalism as our employees.

We remain committed to understanding each taxpayer’s circumstances and working with them to provide options to help manage their obligations.

When you start your own business you’ll want to protect it! Having the right insurance can help to protect your business, your customers and your income.

It's important you understand the different types of insurance and which ones you need for your business.

Learn more about business insurance: bit.ly/3ubyqoK

October to December 2023 Superannuation is due. This one must in in the supefund no later than 28 January. Get it in now to avaoid Superannuation Guarantee Charges. https://www.ato.gov.au/businesses-and-organisations/super-for-employers/paying-super-contributions/super-payment-due-dates

Time to hit refresh on these public holidays! Here are the dates to note down in your diary 👇

Happy Holidays! Cheers to a holiday season filled with joy, and here's to a fantastic year ahead, filled with new achievements and exciting opportunities! 🥂✨

Thank you for making 2023 a remarkable year, and I look forward to achieving even greater heights together in 2024.

Michele & Karen

Have you seen Service NSW Business Connect? Check out this 9 minutes video on understanding financial statements.

https://mybusiness.service.nsw.gov.au/business-connect/resource/z1a96e8g?utm_source=nswgovt_business&utm_medium=email&utm_campaign=2023-12-14_sfmc_1437_bus_dec_multi&utm_content=01_bus_connect&utm_term=understanding_financial_statement_link_x&j=607139&sfmc_sub=233345033&l=88_HTML&u=61687938&mid=524007053&jb=14023

📢🎄Hey Christmas casuals, it's us again with our weekly countdown (only 5 weeks to go!!). Wondering if you can be sent home early without pay if it’s quiet? Not necessarily.

Most awards and enterprise agreements include minimum engagements or shift lengths for casual employees. For example, under the Restaurant Award the minimum engagement for a casual employee is 2 consecutive hours. That means if you’re sent home earlier because it’s quiet, you still have to be paid for 2 hours.

Check the minimum engagement rules and other rules about hours of work in your award here: https://www.fairwork.gov.au/employment-conditions/hours-of-work-breaks-and-rosters/hours-of-work

Shutting Down for the holidays? If you have not already provided your employees with written notice by now it is too late. 28 days required. Please check our specific industry award. If theh award does not specify, you cannot force your employees to take leave. Thank you ICB

“Confirmation of payee will help reduce scams by ensuring people can confirm they are transferring money to the person they intend to,” it said.

“All banks will roll out this name-checking technology so customers know who they are dealing with, mitigating the possibility of people being manipulated into paying a scammer when the name does not match. Design of the new system will start straight away and it will be built and rolled out over 2024 and 2025.

It said banks would also introduce a requirement to use at least one biometric check for new customers opening online accounts by the end of next year to verify their identity. Over the same period, customers could also expect more warnings and payment delays when transferring money to new accounts or raising payment limits."

Bank transfers to be name-checked in $100m anti-scam effort The industry's Scam-Safe Accord will introduce payee confirmation technology and expand biometric checks and intelligence sharing. The banking industry has reached a landmark accord to adopt a raft of

Todays panel Payroll Challenges and Opportunities

It’s not simply the push of a button. Do know your award? Are your wages, super and tax reconciled? Are you continuously upgrading your skills and knowledge?

Excellent panel discussion on bookkeeping technology at yesterday.Unpacking payroll today

Update on Single Touch Payroll (STP) reports and superannuation payments.

The Australian Taxation Office (ATO) are now using data from STP software and super funds to track employer compliance with Superannuation Guarantee (SG) payments. They’ll soon have a complete view of owed super amounts, recipients, and due dates.
As an employer, it’s crucial for you to allow clearing houses enough time to pay super contributions to the right funds before the due dates. SG obligations are only met when the fund receives the money. Remember, super payments must reach your employees’ super funds within 28 days of each quarter’s end, usually by the 15th of the following month. If they’re late, you’ll need to file an SGC statement and pay it to the ATO.

Rest assured, we are on top of your STP reporting and super obligations, ensuring everything complies with current rules.
We’re committed to staying informed about STP and superannuation changes. As new requirements emerge, we’ll keep a close eye on them to keep your bookkeeping in line.
Communication is key. If you get any ATO messages about STP or superannuation, reach out to us right away. We’re here to support and inform you.

ATO message: Paying Tax Debt is Not Optional

Kennedy Oaks Day with Xero.🩵 then a full day with the Xero products teams.

Planning your Christmas party? A few things to keep in mind.
* Cost per employee (off site) less than $300
* Paying for taxi home is included in cost

Read more here

Having a staff Christmas party? The ATO has put you on notice The ATO has recently put out a warning about the tax implications for the employer of holding a staff Christmas party.

Are your ABN details up to date on the Austalian Business Register? (message from the ATO)

All businesses are encouraged to make sure their ABN details and business location are correct on the Australian Business Register (ABR). This information is used by emergency services and government agencies to identify businesses who might need help or support during and after a disaster. If ABN details are out of date, a business is at risk of missing out on important information, support, or financial assistance such as government grants.

The business location must be a street address and the physical location where the business is conducted/located. It should not be a tax agent or BAS agents address, (unless the business is a tax or BAS agent). The physical address information provided is not visible or accessible to the public.

It is a requirement for all information recorded on an ABN to be true and correct and kept updated.

ABN details must be updated on the ABR within 28 days of a business becoming aware of changes. If agents or their clients haven’t updated their ABN details for some time, check and update ABN details today.

Update your ABN details | ABR How to update your Australian business number (ABN) details. You must update information within 28 days of becoming aware of any changes to your ABN details.

When it comes to ATO changes impacting small businesses and BAS Agents, there's nothing quite like the effectiveness of in-person collaboration.

The BAS Agent Advisory Group (BASAAG) recently held the last quarterly meeting in Sydney. We discussed strategies to improve small business tax performance, client to agent linking, digital record retention, reducing paper activity statements and the resumption of business-as-usual debt collection activity.

In the words of Bruce Bilson from ASBFEO, "The world is shaped by those who actively participate!". I proudly advocate for small businesses with government.

See full post by Kath Anderson, ATO Assistant Commissioner here
https://www.linkedin.com/posts/kath-p-anderson_bettertogether-atoandbasagents-activity-7125715745895784448-3xxI?utm_source=share&utm_medium=member_desktop