Get ready for Single Touch Payroll 19 employees or less

Call us to discuss how we can assist you in navigating the new payroll requirements

From the ATO

Find out how your payroll software provider will offer STP reporting – this may be through an update to your existing software, or an additional service. Also remember to:

  • check if they have a deferred start date for your product
  • find out what support they will offer to their clients to transition to STP
  • subscribe to their communications – this may be via email, newsletter or web updates.

ATO: Common GST mistakes

From the ATO: When reporting GST:

  • make sure the timing is correct, and report for the correct tax period
  • check the figures to avoid accidental miscalculations and simple transcription errors
  • ensure your clients can substantiate their claims for GST credits
  • check there is a creditable purpose, so your clients do not claim GST for goods purchased for personal use
  • make sure your clients charge GST when they need to, including your businesses clients that may not realise they will pass the $75,000 GST threshold.

Bitcoin, cryptos and your taxes

The central premise to be “outside of the central banking monetary system” and the “way of the future”. If you own or are thinking to own cryptocurrencies, you should not be confused with that those that disagree with Bitcoin being money and those people not understanding it. They do, especially the Australian Taxation Office (ATO)

Buying and selling Bitcoin or any other cryptocurrency may attract a capital gain event which is reportable on your tax return.

A capital gain is the difference between the purchase and sale price and a capital gain event with cryptocurrencies can be the following:

  • sell or gift cryptocurrency;
  • trade or exchange cryptocurrency (including the exchange of different currencies)
  • convert cryptocurrency to fiat currency such as AUD
  • use cryptocurrency to obtain goods or services (source: NTAA 2018)

However,  there are some provisions which may exempt a capital gain event.

To make an appointment with us please call or email our offices +613 9846 6542 or info@townshendassociates.com

 

 

November deadline: Trading names to be retired

An excerpt from ASIC.

If you require assistance with this matter please contact the office.

“From November 2018, trading names will be removed from the ABN Lookup. The ABN Lookup contains a list of all Australian Business Numbers (ABNs) and any associated business names.

If you want to trade under a specific name, you’ll need to register it as a business name with the Australian Securities and Investments Commission (ASIC).

You don’t need to register a business name if you trade under your own name (‘John Smith’), but you’ll need to have a business name if it’s anything else (‘John Smith Plumbing’).”

Business Advisory

We work with people and businesses in the following areas:

  • Buying and selling businesses.
  • Financing for business (Short and long term).
  • Business formation including ASIC registrations.
  • Bookkeeping.
  • Business and accounting software advise and implementation.
  • Tax and financial statements.
  • Cost and managerial accounting.
  • Company secretarial services.