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Accountants Geelong

Geelong Accountants Discuss Superannuation Amnesty

Geelong Accountants Discuss Superannuation Amnesty

You’ve been paying your employees the wrong amount of Superannuation Guarantee?  So have many other Australian businesses! The Australian Taxation Office is scrupulous about the correct super contributions being paid.

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That’s the bad news, but here’s the good news! The Australian tax office is currently allowing businesses to catch up and for unpaid contributions to be corrected without the extra penalties! This initiative is called The Superannuation Guarantee Amnesty.

The Amnesty is open between 24th May 2018 – 23rd May 2019, for super errors that took place between 1 July 1992 and 31 March 2018. This gives employers (past or present) the chance to pay employees their rightful amounts without extra charges or fees! It’s basically like a criminal handing himself into the police without penalty due to honesty! It’s a pretty good deal!

If you are a business who has fallen short of paying correct amounts of super and you disclose this during the Amnesty period, the following will apply;

- You will not be liable for administrative penalties that usually apply for late Super Guarantee contributions
-  You will be able to claim tax on the catch-up payments made within the 12-month period.
-  You will not be liable for a penalty (referred to as Part 7) which can be up to 200% of the amount of the charge payable

The Amnesty is a HUGE benefit for businesses that Next Level Accountants thoroughly supports.

If you are guilty of falling short when paying employees’ their 9.5% of super, The Amnesty consists of a simple process. When you (or your accountant) have calculated the payable amount, you can transfer it straight into the employee’s super fund/s. You can then complete the payment form and submit to the ATO directly through the business portal – simple!

Understanding that outstanding super amounts may be of large quantities, the ATO can arrange a payment plan.  However, if your payment plan extends beyond 23rd May 2019, the payments after this date will not be tax deductible.

Post-Amnesty, you may face higher penalties if you have not corrected outstanding super to be paid. The penalty (Part 7) will be automatically imposed at 200% of the super guarantee contribution amount.

Your employee will receive the superannuation guarantee backpay amount and the relevant interest. This will be calculated by the ATO on the whole period of contributions that are payable.

Make sure you inform your employees of any superannuation payments you make to them through the Amnesty.

If you are a small business that has perhaps been ignorant or misinformed about paying employees’ super, give Next Level Accountants Geelong a call to work out a plan to get you up to date.

Have Geelong accountants and bookkeepers under the one roof!

So, you’re a Geelong small business, and your time is precious.

Yet you get snowed under running around between your bookkeeper, your accountant, BAS, payroll, the bank, the tax department, emails, phone calls, letters…. and you can’t even see whether you are making any money after all!

“Aaarrrrggg! This isn’t how I wanted to spend my time! I’ve got a business to run!”

Time is precious, and we have the solution.

Rather than making three separate appointments for your bookkeeper, accountant and business advisor, make just the one for a fully integrated service.

Unlike many accountants, Next Level Accountants has in-house bookkeepers. This allows our ‘always-up-to-date’ system to keep all books reconciled consistently.

Having your bookkeeper and accountant under the one roof will save you time by removing unnecessary appointments and correspondence.

Successful, tried and measured benefits include:

ants regarding complex transactions as they happen
-          Tax adjustments are made regularly rather than at the year’s end
-          Bookkeepers are also trained in tax and accounting therefore have additional knowledge that can benefit your financials
-          Tax planning can be done efficiently as the file is in the one place
-          If you are going for a loan, we can provide up to date financial statements usually on the same working day because everything is ‘always-up-to-date’.

Next Level Accountants Geelong can take things to the ‘next level’ with our VCFO service. On top of a second-to-none bookkeeping and accounting service, we also provide a high level of financial analysis and advice – without the need for an external Business Advisor. Identify issues and possible improvements with only a single monthly meeting!

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This process simplifies your whole business, allowing you to do what you’re trained to do rather than worrying about all the figures and stats.

We call this: ONE FIRM. ONE SOLUTION!

If you would like to know more about our Always-Up-To-Date and Virtual Chief Financial Officer services, then chat with one of our friendly team members on 03 9040 1520 or go to our website.

Manual Bookkeeping and How it Can Put Your Business at Risk

Manual Bookkeeping and How it Can Put Your Business at Risk

A ubiquitous turn of phrase, yes, but one that can have a significant impact on your business’ finances. As accounting is a field based in specificity, a misplaced invoice or inaccurately typed piece of data can have longstanding ramifications when left unnoticed.