Fuel Tax Credit Update – Mar 2016
For the March 2016 BAS and onwards, you can:
- use the rate that applies at the end of the BAS period
- work out your litres based on the cost of the fuel purchased.
You clients can also use a range of documents to support the fuel tax credit claims for all their past and future BAS. Further info from Maurie at Bendigo Bookkeeping on 0418573667
Hidden risk in amending BAS
By now, we should all be aware of the current provisions relating to Director Penalty Notices, regarding reported and un-reported ATO debt. But you may not appreciate the ATO is able to issue a Director Penalty Notice against a director for an amended BAS.
These days, with many businesses wanting to save a few dollars, they are calculating and lodging their own BAS. Generally, these BAS’s are prepared from their internal records according to what they believe are the relevant figures. At the end of the financial year, they present their internal accounts to their accountant to prepare their external accounts, and to double check the BAS’s lodged during the year for any adjustment.
As an example, a director under-estimated their PAYG liability on their BAS by a significant amount. When the external accountant reviewed the internal accounts in preparation of end of the year financial statements, the under-estimation of the PAYG was identified, and naturally an amended BAS was prepared and lodged.
In response, the ATO issued a Director Penalty Notice to the director for the under-estimated PAYG liability, on the basis that this under-estimated amount was an un-reported liability during the year. And as it was un-reported within the required supporting time, the liability to the director was unavoidable
Update to iOS9
Just a reminder to make sure you do a backup of you iPhone/iPad before you do the upgrade to the latest operating version. The best way to do this is to physically plug your phone into your PC/MAC and open iTunes and perform the backup from there. Please call Maurie on 0418 573 667 if you need assistance
Enter Emoji in Mac OSX
Tip of the week. Use Command + Control + Space. Doesn’t work in all apps.
Small Business Update
At a recent address to in Sydney, the Commissioner said that in the next month or so, there will be a new look and feel for the whole ATO website including a new homepage for business with a simplified layout to make it easier for small businesses to find what they are looking for.
Later in July, the ATO will release a new function for its app which includes a business performance check tool. This check tool will provide a snapshot of profitability, cash flow, working capital and debt serviceability so that businesses can understand the financial health of their business. It also compares business performance against similar businesses in its industry using the ATO’s extensive benchmark database material. A business will need a minimum of one month of its business data – usual income and expenses, assets and liabilities – to use the tool. Data from the last period can be saved to compare performance over time. The Commissioner said the ATO will not keep a record of personal information on its systems
For any information on this or for any of your bookkeeping needs, please contact Maurie on 0418573667
Changes to HECS and Thresholds from 1 July 2015
Increase to threshold levels for PAYG
From 1st July, the GDP adjustment used to work out quarterly PAYG instalment amounts will be 3% (down from 4% last year)
Indexation of HELP and HECS
HELP (HECS) contributions thresholds have had their annual threshold adjustment.
ATO privacy statement
The ATO privacy statement link needs to be included on all PAYG Payment Summaries.
Please contact Maurie from Bendigo District Bookkeeping on 0418573667
Annual PAYG Statements
Just a reminder that Group Certificates should be completed by 14 July and sent to ATO and the PAYG Annual Payment Summary is due by 14 August.
Fuel Tax Credit Changes
The ATO change fuel tax credit rates regularly. The six-monthly rate indexation was recently increased. To find out what the change is and to make sure you use the latest rates visit the ATO Fuel Tax Credits page or contact CMB on 0418573667 for more info.
Convert from/to MYOB to/from XERO
Are you considering moving to a new Bookkeeping System? And need to convert to/from MYOB to XERO or from Quicken to MYOB/XERO or to transfer from/to any other accounting system. There are many things to consider and at this stage there is no magic transfer program that will:
- Transfer your existing Contacts
- Setup all your Balance Sheet items
- Make provision to merge the old Profit/Loss into the new system
- Setup Inventory
- Payroll – transfer all leave accruals and YTD balances etc
- Establish the Employees with all the same rates and allowances etc
- Ensure your Chart of Accounts matches your old system
You also need to consider the timing of a transfer and Maurie can advise you on this and other considerations on 0418573667
New look ATO APP
The ATO app now has more features to help you keep on top of your tax and super.
- Depending on your device, you can set reminders for key lodgment and payment dates.
- Check if your suppliers’ ABN details are current and whether they’re registered for GST.
- New design to make it easier to find what you need.
- Personalise your home screen and store favourites for easy access to the features you use most.
- Save app tool results and share via PDF and email.
You can still access the ATO Small business newsroom, Small business assist and handy tools and calculators relating to tax rates, fuel tax credits and super guarantee.
If you need more info on this or other bookkeeping items contact Maurie on 0418573667.