Wednesday 27 July 2016

KEY TOPICS FOR SMALL BUSINESS


A problem area for many small businesses is in relation to meeting their various employer obligations.  

The ATO is running a series of Webinars for small business to assist in meeting these responsibilities accurately and on time. 

Some of the topics covered include:

PAYG Withholding:

  • determining if a worker is an employee or contractor
  • knowing what payments and how much to withhold from
  • how and when to report and pay withholding to the ATO
  • how and when report withholding to employees

Superannuation Guarantee

  • determining when superannuation is payable, and the amounts due
  • superannuation choice rights for employees
  • how to report and pay superannuation liabilities

Fringe Benefits Tax
  • introduction to Fringe Benefits Tax
  • FBT rates and requirements to lodge a FBT tax return
 
For more information please see the following from the ATO:

https://www.ato.gov.au/business/starting-your-own-business/in-detail/videos-and-webinars/small-business-webinars/?2016SBsupport

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  
 

Wednesday 20 July 2016

IN THE CONSTRUCTION INDUSTRY?


Don’t forget your taxable payments annual report is due by 28 August. This should include any payments you have made to contractors for building and construction services performed in relation to any part of a building, structure, works, surface or sub-surface. For a full list payments you need to report or to learn more go to:

Wednesday 13 July 2016

NOT FOR PROFIT ENTITIES - WHO NEEDS AN AUDIT?


Not for Profit entities usually take the form of an incorporated association and are regulated by Consumer Affairs Victoria (or other respective State based body). The governing rules operate in combination with the Associations Incorporation Reform Act 2012 and the Association’s own model rules.
Not-for-profit entities are viewed in three Tiers for the purposes of determining audit requirements:

Tier 1
Revenue less than $250,000 and not a Deductible Gift Recipient. No audit or review required, unless specifically requested by the members or regulator.

Tier 2

Revenue from $250,000 to $1 million and not a Deductible Gift Recipient. A review by an independent accountant is required as a minimum.

Tier 3

Revenue more than $1 million or a Deductible Gift Recipient. An audit is required by an appropriately qualified auditor, for example a Chartered Accountant or equivalent.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

Wednesday 6 July 2016

SUPERSTREAM DEADLINE FOR SMALL BUSINESS


 
If you are a small business are you aware the deadline to become SuperStream compliant has been extended to 28 October 2016?

SuperStream involves paying employee super contributions electronically through either BPAY or EFT.  It will be compulsory to pay all super through a clearing house under the new rules of super stream. 

Small Business employers of less than 19 staff can access the tax office complimentary clearing house to meet their requirements or choose to use another clearing house. 

The attached link goes into more detail: 

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  
 

Saturday 2 July 2016

DID YOU KNOW THAT LANGLEY MCKIMMIE ARE CERTIFIED AS A XERO PARTNER FIRM




There has been a lot of recent media about the online software provider which has taken the Australian accounting software market by storm (now with over 200,000 Australian subscribers). Xero provides users with a cloud based online accounting solution that is marketed at a reasonable monthly cost. Basically this means that you can access your accounts whereever you have an internet connection.  

The benefit of having a monthly charge is that you are able to have the latest software available but without the generally larger initial outlay that you may have when purchasing a desktop accounting software subscription.  

Xero also has a large number of “add- on” applications which can assist your business in everything from invoicing to inventory.  

Whether you are setting up a new business and are considering Xero as an option as your accounting software provider or maybe you already have a Xero subscription, we at Langley McKimmie as a Xero partner firm are able to assist you with your queries or processing requirements.


Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

DID YOU KNOW THAT LANGLEY MCKIMMIE ARE CERTIFIED AS A XERO PARTNER FIRM




There has been a lot of recent media about the online software provider which has taken the Australian accounting software market by storm (now with over 200,000 Australian subscribers). Xero provides users with a cloud based online accounting solution that is marketed at a reasonable monthly cost. Basically this means that you can access your accounts whereever you have an internet connection.  

The benefit of having a monthly charge is that you are able to have the latest software available but without the generally larger initial outlay that you may have when purchasing a desktop accounting software subscription.  

Xero also has a large number of “add- on” applications which can assist your business in everything from invoicing to inventory.  

Whether you are setting up a new business and are considering Xero as an option as your accounting software provider or maybe you already have a Xero subscription, we at Langley McKimmie as a Xero partner firm are able to assist you with your queries or processing requirements.


Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.