Beagle Accounting & Tax Services

Yay for the weekend!

Being a small business owner usually means working around the clock and not having the same standard work hours and rest hours as everyone else, but it's important to make some downtime and give yourself a bit of a break whenever possible.

We hope you get some time to rest from the week that was and recharge for the week ahead.

How are you going with getting your December quarter BAS completed and lodged?

Don't forget they are due for lodgement and payment by the 28th February.

Happy New Year everyone!

We hope that 2025 is your year to kick some great goals in your business and personal life.

Payday super is coming!
If you're a small business and worried about the cashflow impacts that this may have then here are a couple of ideas to start implementing now:
- Set up a separate savings account to transfer employee super into each pay period. Even if you still only plan to pay quarterly for now, transferring the funds straight away will get you in the habit of having it available each pay period so you get used to the cashflow implications.
- Start paying your employee's super more regularly. This means the funds are physically paid and you can't redraw on them again later as you can in the above method. Even just moving to monthly payments for now rather than quarterly may help you adjust to having the funds available more frequently.

Employee super is just as important to pay on time as wages, so making a plan now on how your business will handle this new requirement will make it so much easier in the long run.

Treasurer unveils design details for payday super The government has released further details about the design of its payday super policy including an updated super guarantee charge framework.

Everyone! Please sign this petition as these changes will be a huge burden for all of our industry, especially us smaller tax practices.

Sign the Petition Stop the Unfair New Tax Rules Affecting Small Accounting Practices

Tax Return Lodgements!

A little note to remember this tax time is that we would like to reiterate the ATO’s advice against rushing to lodge your tax return in the first couple of weeks of July as there may be missing information from your pre-fill report.
Your employer has until the 14th July to provide your salary information to the ATO, and interest, dividend, and health fund information will usually be available by the 31st July.
Given this, and the fact that we assist many of our business clients in reconciling, finalising, and lodging their wage information with the ATO in these first couple of weeks, the earliest we will be taking appointments for the preparation of 2024 tax returns will be the 22nd July.
It really is better to wait a few more weeks rather than risk the ATO amending your return if they discover information was missing.

Need a refresher on what is tax deductible and what isn't? Then, this short course provided by the ATO might be a great way to update your knowledge.

Claiming small business tax deductions | Essentials to strengthen your small business Please leave a comment. We will use your feedback to help improve this website, however we are unable to action or respond to any queries or requests for assistance.

Have you updated your pay rates yet if you pay your employees under an Award?
A national increase takes effect from the first full pay period after the 1st July 2024.

2023 - 2024 Annual Wage Review - Fair Work Ombudsman The Fair Work Commission (the Commission) has announced a 3.75% increase to the National Minimum Wage and minimum award wages.

Did you know that the compulsory super rate is increasing to 11.5% from the 1st July 2024?
Here's a link to some simple housekeeping tasks to ensure you are complying with your super obligations:

Simple checks for super success Help your employer clients get their super obligations in check.

Such a great resource for small business owners to gain extra knowledge on the essentials of running a business:

Essentials to strengthen your small business | Essentials to strengthen your small business Please leave a comment. We will use your feedback to help improve this website, however we are unable to action or respond to any queries or requests for assistance.