05/11/2018
Running your business from home
Where your home is also your place of business, you can claim deductions if you carry out income-producing work at home and incur expenses in using your home for that purpose.
You can claim a deduction for the following:
the cost of using a room's utilities, such as gas and electricity – which must be apportioned between business and private use, based on actual usage
business phone costs – if a telephone is used exclusively for business, you can claim for the rental and calls, but not the installation costs. If the telephone is used for both business and private calls, you can claim a deduction for business calls
decline in value (depreciation) of office plant and equipment, such as desks, chairs, computers. If equipment such as a computer is also used for non-business purposes, your claim must be apportioned between business and private use
decline in value (depreciation) of curtains, carpets and light fittings
occupancy expenses (such as rent, mortgage interest, insurance, rates). You can claim the portion of these costs that relates to the room or workshop you use as a place of business. A common method of working out how much to claim is the floor area (as a proportion of the floor area in your whole home).
29/10/2018
Pay as you go (PAYG) withholding
Under PAYG withholding, you need to withhold tax from certain payments made to others. These payments include:
payments to employees, company directors and office holders
payments to workers under a labour-hire agreements
payments under voluntary agreements
payments where an Australian business number (ABN) has not been quoted in relation to a supply.
You must report any withheld amounts in the PAYG tax withheld section of your business activity statement (BAS) and pay all withheld amounts to ATO.
25/10/2018
Don't forget to pay your employees their super
Super is money you pay for your workers to provide for their retirement.
Generally, if you pay an employee $450 or more before tax in a calendar month, you have to pay super on top of their wages.
The minimum you must pay is called the super guarantee (SG):
the SG is currently 9.5% of an employee’s ordinary time earnings
you must pay the SG at least four times a year, by the quarterly due dates
you must pay and report super electronically in a standard format, ensuring you meet SuperStream requirements
your super payments must go to a complying super fund – most employees can choose their own fund
if you don’t pay the SG on time, you may have to pay the super guarantee charge
22/10/2018
It's BAS time
Don't stress we can help
22/10/2018
Lodging and paying your BAS on time helps your business run smoothly.
1 - July, August and September due on 28 October
2 - October, November and December due on 28 February
3 - January, February and March due on 28 April
4 - April, May and June due on 28 July
If you lodge your quarterly activity statements online you may be eligible for a two week deferral.
22/10/2018
When small business is beautiful business
From paying your staff to better control of your cash flow, to focusing on the future, Xero is online accounting software that lets you do business, beautifully.
01/10/2018
30 min. free consultation to discuss your bookkeeping needs during October 2018, please contact us for more details and appointment
22/10/2018
01/10/2018