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Big Changes for Payroll in 2019 with STP

If you are already reporting Single Touch Payroll (STP) to the ATO, there is a different process for issuing payment summaries from now on. Employers usually must provide payment summaries to employees by 14 July. In the STP reporting system, employers must make a finalisation declaration by this date, in order that the employee’s information will be released in their myGov account as an income statement and listed as tax ready. The ATO is allowing additional time, up to 31 …

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Creating a small business budget with ease

Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster. Planning for business success with a solid budget When you’re running a business, it’s easy to get caught up in the cycle of busyness day in and day out fixing problems and forget the bigger picture. However, successful businesses invest time to create and manage budgets to regularly monitor finance and performance. Structured business planning can …

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How to prepare and lodge BAS online

When you’re in business and you have to do your own BAS, it can be frustrating. Each quarter, GST-registered small businesses submit a business activity statement (BAS) to the Australian Tax Office (ATO). The BAS will show how much GST was collected from customers, and how much GST was paid to suppliers. This lets the business work out their GST bill or refund, what tax needs to be withheld from payroll and submitted to the ATO, and …

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What we are doing to keep your data protected

For us and many of you, the internet is not just an intrinsic part of our lives, it’s integral to how we do business.  We took time out last week to join Harwood Andrews Annual Law Breakfast to ensure we are well informed of how we can stay ahead of technology risks for Business Edge Accountants and we are always looking towards adding value to our clients on sharing what we learn as we all know we …

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Updates on single touch payroll – extended to all employers

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.  Employers with 20 or more employees have been required to use single touch payroll since 1 July 2018. The new rules push all businesses with employees into the single touch payroll system. …

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Keeping on top of small business cash flow

Why are people losing sight of cash flow? Everyone knows a business needs to stay in the black. It’s not a new idea. So it can be hard to imagine why a business would lose sight of cash flow. Until you’re in business yourself and you realise tracking small business cash flow isn’t as easy as it seems. For small businesses, this can involve: Keeping track of all your expense receipts – which gets really tricky if …

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6 ways to measure the health of your business

When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you allow for more effective planning, early warning about any issues, and the chance to better chart a course for success. Attending one of our 7 ways to grow your business seminars is a great start to work out how you can grow the …

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It’s time to Review, NOT Renew!

Overheads, let’s start the beginning, in accounting jargon, to define ‘overhead’ is to refer to ongoing business expenses that aren’t related to labour costs, materials costs, or third-party expenses billed directly to customers like shipping or freight. Overheads can is also sometimes known as ‘operating expenses’, but we’re not here to try an confuse you. Sometimes when you’re running the business you sign up to shiny new objects and so stuck in the busyness of being in …

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Customise your Xero chart to improve your accounting

Your Chart of Accounts sits at the heart of your accounting system, providing a list of codes against which you and your accountant can code your financial transactions. That may sound dull, but in fact, it’s a hugely powerful tool for understanding your finances – and giving you the most detailed view of your income and spending. And in Xero you can customise your Chart of Accounts to add even more value. The power of customising your …

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When you want to simplify payroll, the simple choice is Xero

If it’s time to (start using/switch to more powerful) online payroll software, I recommend Xero payroll for many reasons. We have listed a few of the reasons below on why Xero Payroll makes for one of the best choices for running payroll in your business. Simplicity – With just a few clicks you can choose how often employees are paid, select multiple pay rates, reimburse expenses, manage employee leave and pay employees. Tax and leave calculations are automatically …

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