NVESTED Group

Your monthly activity statement (BAS) is due on the 21st.

Get your books in order now for your monthly activity statement due on the 21st. We can help make sure you are ready for lodgement day. Talk to us.
https://nvested.com.au/

Your PAYG withholding statement (IAS) is due on the 21st

Don't forget! Get your payroll information ready now for your installment activity statement due on the 21st. We'll help you prepare for your IAS to make lodgement and payment easy and efficient.
https://nvested.com.au/

Taxable Payments Annual Report (TPAR) for 2021

If you operate a building, cleaning, courier, road freight, IT or security business, you may need to submit a taxable payments annual report to the ATO.

If more than 10% of your turnover has been earned from deliveries (or any other taxable payments reporting industry), you’ll need to submit a TPAR by 28 August 2021.

Talk to us about whether you need to complete a TPAR, and we’ll get it ready by 28 August.

Pay and payroll mistakes that can cost your business.

Many businesses get pay wrong without being aware of it. But pay or payroll errors are a major financial and legal risk, so you need to know where you could be going wrong and ways to stay compliant.

Mishandling pay can also harm employees’ trust and confidence in the business, which can end up sapping morale and damaging your reputation. Unfortunately, pay errors aren't rare. A 2018 study estimated 2.4 million Australian employees could be affected by payroll underpayments, at a cost of $3.6 billion.

Not sure if you’re at risk? Have a confidential chat with one of our experts.
https://nvested.com.au/

Your June quarter superannuation guarantee contribution is due soon

Most superannuation clearing houses (including SuperStream compliant software companies) require payment by the 14th of the month in order to distribute the funds to the relevant super funds for each employee. If you use the ATO Small business Clearing House (SBSCH) you have until the 28th to lodge and pay.

Here’s what you need to review:

-Have you allocated all payroll related bank transactions to the correct accounts?
-Have you checked for errors such as duplicate pay runs?
-Have you checked that all payroll categories used this quarter have had super correctly applied or excluded?
-Have you checked superannuation accrual reports for accuracy?
-Do you have any salary sacrifice amounts to include?
-Have you had to make any termination payments this quarter? If so, check which payroll categories have super calculated or exempted.

Need help? We can assist with reviewing your super setup and preparing the lodgement.
https://nvested.com.au/

Your monthly activity statement is due by the 21st of this month.

- Have you allocated all bank transactions to the correct accounts?
- Have you verified that the bank balance listed in your accounting software matches the balance in your bank account?
- Do you have tax invoices and receipts for all business-related transactions?
- Have you checked the GST tax codes for all transactions?
- Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy?
- Have you got paperwork for asset purchases or new finance arrangements?
- If you have to report PAYG withholding for employees, you also need to check that your payroll categories and tax calculations are correct for the quarter, (or last month for employers who lodge a monthly IAS).

Any questions? Talk to us. We can help you set up the processes to make this area of your business easy - and you can focus on your business.
https://nvested.com.au/

Employing Casuals? Here’s What You Need to Know About the New Rules

Employers, there are some important changes to employing casuals. You must provide a Casual Employment Information Statement and offer permanent employment in some situations. The rules around reasonable business grounds, when employees can refuse an offer, time constraints, and transitional provisions are complex.

Talk to us if you’d like help managing your casual workforce administration.
https://nvested.com.au/

Buying or selling shares? Remember to include details in your Tax Return

Have you bought and sold shares this financial year? With the increased availability of share trading apps, making it cheaper and easier to buy and sell shares, more people are entering into share trading for the first time.

You must declare all income from investments in your tax return, including dividend payments from shares, whether you have traded through a broker, an online platform or a phone app. Dividend income could be received as bonus shares instead of cash payment, and some dividends have franking credits attached, which may reduce your tax liability.

- Records for Your Tax Return
You need to include details of all purchases and sales of shares this financial year – not just payments received. Each company you buy shares from will issue dividend or distribution statements that provide details of the amount and nature of the payment and whether franking credits apply. Always keep all documents provided by the companies you hold shares with. And remember to keep your shares records for at least five years after you have completed your tax return.

- Need Help?
Once you enter the share market, your tax return can become more complex. We’d love to help you streamline your shares information and make sure you are claiming the offsets and expenses you are allowed to claim, to maximise your tax return.
https://nvested.com.au/

Payroll Updates - Minimum Wage, Super Increase and STP Finalisation Date

Employers, there are some payroll changes this year, including new rules for casuals. Minimum pay increases from 1 July and there are some changes to awards. We can help you navigate payroll admin and look after Single Touch Payroll for you.
https://nvested.com.au/

Get Your Business Records Ready for Your Tax Return

Organising your end-of-financial year documents now means you can get your tax completed earlier and maximise your return. Book in your tax return appointment now and rest easy knowing it’s under control.

What Records do you Need to Have Ready for the Tax Agent?
- Have you bought or sold assets? If so, you need full details of acquisitions and disposals.
- Have you taken out a new loan or other finance?
- Have you prepaid for insurance or other large business expenses that need to be apportioned to the following financial year?
- Do you carry stock? If so, you need to perform a full stocktake at 30 June (unless you qualify for the simplified trading stock rules).
- Do you have loans with related entities? Reconcile the loans to and from each entity to ensure the same value is reported in the accounts of both entities.

This year, there may also be new elements to discuss if you have received refunds, credits or deferrals of business expenses and liabilities.
We will let you know if there are other matters to discuss with us before completing your tax return, such as capital gains, vehicle usage, private usage apportionment or superannuation.
https://nvested.com.au/