Employers - Get ready for end of year now
Are you an employer?
Please check that your payroll matches before the end of financial year so that End of Year finalisation (group certificates) are run smoothly and quickly.
To find out how to do that first quick check, run a Profit and Loss report, and a payroll report for the same period of time. If the wages on the Profit and Loss match the gross wages on the payroll report, then all is good.
If not, reach out for some help before it is too stressful at the start of July.
How to process the Cash Flow Boost payments in Xero & MYOB
Did your business receive the cashflow boost?
Watch Jodi as she shows you how to enter the Cashflow Boost into your Xero file or your MYOB file.
Step 1: Set up an income account.
Step 2: Enter the BAS correctly into GST and PAYG apportions.
Step 3: Enter the credit as a credit note or a direct payment against the bill (depending on your preference & your accounting software).
Step 4: Reconcile the refund into your bank account.
Step 5: Make sure your Cashflow boost matches your Profit and Loss Statement.
Excess Concessional Contributions
Are you wondering what an Excess Concessional Contribution is?
Negative Gearing Myths
Do you have a negatively geared property?
Here's some things you should know:
- negative gearing is not a good thing
- you will only get your money back if the property increases in value
- paying minimum loan payments will keep the property negatively geared for a long time
- you only ever get back a percentage of your tax deduction as cash in the hand refund. If you are on the 39% tax bracket - then you will only get back $39 for every $100 you spend. (Don't spend you money just for a tax deduction!)
Debtors and Debt Collection Tip
Do some people owe you money?
Is your debtors (or accounts receivable) balance high?
Here's a tip to get paid quicker: Ask them "how much can you afford right now?"
Jobkeeper Q&A 21-4-2020
Note that all of this information is being updated regularly. I am keeping you up to date as much as I can, but be aware that last week’s video may now have some incorrect information in it.
Please make sure you are checking the ATO website regularly as they are adding new information daily.
Today:
Job Seeker vs Job Keeper
PAYG refund “cashflow boost”
Tax Planning – cashflow planning
Sole traders: https://www.ato.gov.au/…/In…/JobKeeper-guide---sole-traders/
Enrol on the business portal, or get your tax agent or BAS agent to do it for you. Tip – make sure you are eligible by checking your BAS reports for a turnover drop. Once you have passed the test for a month (any month from March to September, then you no longer need to qualify)
Basic test = 30% drop from last year based on GST turnover (that is what you used as G1 on the BAS.
Alternative test: where there is no relevant comparison period. “soon” will be available a test for...
Priority Customers - Welcome!
To all our Priority Customers - thank you for being part of our family.
We know that it's tough right now to do business - some of us are being impacted by the COVID-19 regulations, and others still have lots on due to the cyclone (that was less than 3 months ago!).
I just wanted to reach out to you and make sure that you know we are here - and ready for you to support whatever you need through this time.
Please let us know if you need any help or if you have any questions about the Jobkeeper subsidies or the PAYG refund rules that will come into play this next few weeks - we are here to support you running your business.
