Streamline Management News
* This is generic info to give you a few pointers and should never be relied on as specific accounting advice.
Contact your expert (not your mates at a BBQ or the guy trying to sell you something) to discuss your situation.
If you are still reporting under the Simplified Tax System, you may be able to prepare your tax return on a cash basis (sales income received and bills paid, not sales issues and bills received). Paying a bill on 30th or 1st July can make a difference to your situation.
If you report on an accrual basis – a bill dated in June but not yet paid will still be considered an expense in the 20/21 year.
From 1st July all employers will need to report wage details (gross wages, PAYG withholding and super) for ALL employees using Single Touch Payroll (STP) enabled software.
Reporting exemptions for closely held employees (owners and their families) will expire on 30th June 2021.
STP reporting removes the need to create group certificates or payment summaries – data is reported to the ATO throughout the year and employees can view it at anytime in their MyGov account.
Are you aware of what causes your small business headaches?
We’ve owned this small business since 1997 – lets just say we’ve suffered a headache or two over the years!
What is troubling you most this week?
Take 5, grab a cuppa and give us a call to see if our bookkeeping support is the right remedy for your small business headache.
Get your date file up to date, process everything still outstanding so you know exactly where you stand.
There is not a lot of benefit spending more money, if you are already in a loss position. If you are in a surprise profit situation, it would be good to know before its too late to take action.
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