Calm down! Let's get organised!

How good is the feeling of a clean and organised desk!

What about the cloud-nine feeling when all the filing is done – properly!

So many of us struggle to keep our office space in order, whether you are a small business working from an office or a little study nook at home. There are many reasons for this. Perhaps you don’t have the time. Perhaps there isn’t a place for everything and therefore nothing is in its place!  Where do you start? The thought of organisation can create a wave of anxiety and prevent productivity.

This is why Geelong’s Next Level Accountants has teamed up with A Place of Calm to bring you a workshop to help small businesses achieve an organised workspace and increase their productivity!

Learn how to improve the flow of your office, discuss productive desk organisation and how to efficiently file your soft-copies in this workshop plus so much more!

This workshop is perfect for a small business located at home or an office!

We are excited about this event, not just to get you and your office organised, but we will be donating $5 from every ticket to the Geelong charity, Geelong Mums which is a fantastic cause helping struggling mums and bubs around Geelong!.

Date: Wednesday 8th August 2018

Registration: 5:15pm

Start: 5:30pm

Finish: 7:00pm

Location: 1/2-6 Rutland Street, Newtown

Bring: note pad, pen, device and your lovely self!

Price: $20

Nibbles and refreshments supplied.

We hope to see you there! 

To purchase tickets, click here.

To view our Facebook event, click here.

What the Black Economy Taskforce means to Geelong business owners!

What the Black Economy Taskforce means to Geelong business owners! 

Your friend Johnny is a recently qualified Geelong mechanic and has completed some work on your ageing courier delivery van. Because of your longstanding friendship, Johnny did the work for ‘mates rates’ and as a ‘cashy’ to benefit you both.

Since then, you have received a letter from the Australian Tax Office. And let me guess, the letter is in the bin?

Due to the mumble jumble of words on this letter, you didn’t read it and therefore have no idea about the Black Economy Taskforce!  As soon as 28th August comes around, you will be regretting popping that bit of paper in the bin.

Why? You ask.

The Black Economy Taskforce is an ATO initiative focusing on banishing tax-free, cash payments within the construction industry.  This is being achieved by using the Taxable Payments Annual Report – or ‘TPAR’. This report consists of all the payments a business has made to building and construction contractors who have completed service and it is to be lodged by 28th August each year! This includes subcontractors, consultants, and independent contractors. This is not dependent on the fact of whether they are sole traders, companies, partnerships or trusts.

As of 1 July, 2018, the TPAR has been extended to include the cleaning and courier services!

The process is fairly straight forward and includes details such as the contractors ABN, name, address and gross amount paid including GST.

As you read this, one of the following options will come to mind:

a.       Yep, my spreadsheet is all up to date!

b.       Uh oh! I haven’t recorded any of payments made to my contractors! 

c.       Whoops – I have pocketed a LOT of ‘cashies’ this year!

d.       Hang on, I’m really confused!

If your option was a, then well done! If your option was b onwards, then we recommend that you contact your Geelong accountants, Next Level Accountants, to discuss how to overcome this and plan for the year ahead. Don’t get caught out!

Accounting for plumbers in Geelong

Accounting for plumbers in Geelong

Plumbing is one of the world’s oldest professions dating back to 2700BC in the Indus Valley. The word plumbing is derived from the Latin word for lead, plumbum, as the first effective pipes used in the Roman era were lead pipes.

Plumbing has become a vital industry that we will all come across and use throughout our lives.

Whether it be a domestic, commercial or industrial plumber, the business isn’t all heating pipes, drains and spanners! The bookkeeping and tax planning is as important as unblocking a toilet!

The Geelong plumbing industry is booming with new housing estates including Armstrong Creek, Warralily, Fyansford and more. Increasing workloads for plumbers has our Geelong accountants, Next Level Accountants, curious as to whether plumbers are taking good care of their financials. Trades are renowned for trying to do their bookwork or asking a family member to keep the accounts up to date. As the business builds, the paperwork tends to become overwhelming which can ultimately be the difference between surviving or thriving in this competitive industry.

A plumbing business’ elements can be broken down into sections:

Client base:

• Domestic
• Commercial
• Industrial

Business structure:

• Sole trader
• Company
• Partnership
• Trust
• Franchise

Expenses:

• Parts
• Labor 
• Overheads

Accounting:

• Tax
• PAYG
• BAS
• Superannuation
• Insurances
• Software

These elements all tie in together, generating the business’s success or failure.

Next Level Accountants, Geelong has experience with plumbers located on the Surf Coast, Bellarine Peninsula and within Geelong, working with the businesses to achieve a successful plan and budget, taking into account all ATO compliance obligations, expenses, profits and claiming throughout the year – rain, hail or shine!

There are so many fine lines when it comes to tax in a business sense – what can you claim, what can’t you claim, especially when it comes to vehicles and overheads.

We understand how trades work and the flow of jobs can often be seasonal. We discuss and accomplish an achievable budget and business plan ahead to ensure there are no droughts or dark days.

We ensure your finances are always up to date™ by starting with our bookkeeping service, our accounting process and CFO advice that are all located under the one roof. We call this our One Firm One Solution approach.

If your Geelong Plumbing business’s financials are overwhelming and need more profit, Next Level Accountants are here to achieve results.   

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.

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.

Single Touch Payroll

What Geelong accountants want you to know about Single Touch Payroll:

Imagine not having to prepare Payment Summaries for all your staff at the end of each financial year!  

From July 1, the Single Touch Payroll process will be slowly implemented by the Australian Taxation Office.

Single Touch Payroll will be implemented for businesses with more than 20 employees from July 1, 2018.

This will then expand to smaller businesses with less than 20 employees on July 1 2019. However, this part is subject to legislation being passed through parliament.

What do you have to do to comply? When you process your payroll – whether that be weekly, fortnightly, monthly – you will be required to submit those details to the ATO. Accounting Platforms will have a “Submit to ATO” button within the payroll screen. This will vary depending on the software, but the basis will be the same.

“But, why?” I hear you ask. This process will allow you and the ATO to keep track of your superannuation guarantee obligations and help you stay up to date. It will also make it easier to lodge Payment Summaries at the end of the financial year- who doesn’t like efficiency!?

Single Touch Payroll will be able to be processed through your current software (such as Xero) as long as the software has been updated with the STP changes.

Fun facts to know:

-  Numbers of employees will be based on a headcount made 1 April 2018.
-  Directors are to be excluded from the headcount
-  You do not need to notify the ATO of your employee numbers
-  Numbers of employees include:
o   Full time employees
o   Part time employees
o   Casual employees (who are on your payroll as of 1 April and worked any time in March)
o   Any employee absent or on leave (paid or unpaid)
o   Seasonal employees – this means employees who are engaged short term or have a regular workload).
-  The ATO processes the information submitted within 2 business days
-   Your pay cycle will not change due to Single Touch Payroll
-   Employers can share the details with employees through myGov.
-   In the future, this may eliminate TFN Declarations. All information is expected to be available through myGov.

If a business does not comply with the new ATO regulations surrounding Single Touch Payroll, the ATO will endeavor to assist them with the transition. If this fails, businesses may be subject to penalties, fines or even audits.

I bet you are reading this thinking – how am I supposed to lodge Single Touch Payroll without an Accounting Software?

If you need more information on this process, how it will affect you and your staff or have any questions, please feel free to contact your local Geelong accountants, Next Level Accountants, or visit the ATO website.