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What is a downsizer super contribution?

The downsizer super contribution rules introduced by the Government were one of a number of measures introduced to help reduce pressure on housing affordability. But it can also help people top up their ability to live more comfortably and affordably. From 1 July 2018, individuals over 65 years of age may be eligible to contribute to super up to $300,000 from the proceeds of selling their home. Keep in mind that this only applies to contracts of …

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The ATO needs to know MORE about your SMSF

The ATO is constantly changing various aspects about what you need to disclose and 2018 is no different. When you lodge this year you need to report more data than ever and ensure your SMSF is in top shape going forward. From the 1st July 2017 superannuation reforms introduced a new reporting regime for funds. Funds now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions): When you start a pension …

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All you need to know about single touch payroll

Single touch payroll (STP) is a new regulation that changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year. Now, they need to send a report after each payday. And those reports must be submitted digitally, using a very specific format. Changes to when you report payroll Small businesses used to finalise their payroll records at the end of the …

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Are you a slave to your business?

Your business is there to serve you; not the other way around. In other words; you should never be a slave to your business. DO you find yourself on the never ending merry go round of business, day to day, week to week and before you know it months have passed and it feels like nothing is improving? Being a slave implies a victim mentality – that the world has simply dealt you a bad hand, that you …

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Going away… Out of Office replies count

I’m not a huge fan of auto-replies, but they can be a necessary evil and a godsend at times when used well. It’s probably the last thing you do before you head out of the office to enjoy your holiday, but here’s why you should take some time to create your out-of-office message. But to ensure that you can relax more and work less over the holiday break without upsetting too many, be sure to take a …

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Hold me accountable or else what?

While many of us attended School and some possibly University or Tafe, however many of us simply didn’t get the assignment on what makes a good business and what makes a poor one. A great idea starts and people get inspired to take off and give it a go when starting out on their own. With so many taxes, employment and a myriad of other financial considerations to work through, many of use fumble or learn by …

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Contractor or employee? Defining workers in the gig economy

A former Foodora Australia delivery rider, Joshua Klooger, recently won an unfair dismissal claim despite a service agreement that classified him as an independent contractor. We explore the implications of the case.  Pivotal to the Fair Work Commission’s decisionwas the classification by Foodora of Mr Klooger as an independent contractor. The “Corporate Rider” was employed under a service agreement titled “Independent contractor agreement”. At the initial rate of $14 per hour and $5 per delivery, corporate riders would …

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Do you love the Changes?

You may have noticed a few changes to the navigation in Xero. Launched on 27 November 2018, these changes bring a more logical framework to the menus and are more in line with the way businesses use Xero. One of the most obvious updates is the split between business tools and accounting tools. The accounting tools include financial reports and compliance functions that are more commonly used by accountants and bookkeepers. The business menu holds all the …

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Want to Get Paid Faster

Xero online invoicing – a faster way to get paidXero online invoicing removes the limitations of using traditional paper invoices to get paid.Xero’s built-in online invoicing features let your business carry out the whole invoice process electronically. There are key tools for creating repeat invoices, taking online payments, tracking sales revenues and chasing up any late payments – all from inside Xero.Removing the hurdles to efficient invoicingThe traditional way of raising invoices puts a whole bunch of …

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Get more from Xero with your Chart of Accounts

What is it? The chart of accounts is the list of all accounts your organisation can use to record your transactions in Xero. The Xero chart of accounts has a flat structure designed to suit a small business. Every account in your chart of accounts has several components and you can edit some components, and use components to learn more about the account. You will need the Adviser or Standard user role to view accounts in the chart …

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