Preparing for 30 June

June is a busy time of year for everyone as the end of financial year approaches. Here are six things to help you prepare for 30 June and beyond. Read more…

As many of you may be aware, an increase in the instant asset write-off threshold was announced as part of the 2019 Federal Budget. There was also an extension in the period that businesses could access the write-off. On 6 April, the Bill 2019 achieved Royal Assent, which means the legislation was passed by Parliament.  Read more…

With only two months to go in the financial year now is the time to start thinking about your tax position for the 2019 financial year. 

Why? 

Well, most people don't like paying tax and so if you want to reduce your tax liability you need to start looking at ways to do that now. Read more…

Single Touch Payroll is about to apply to all employers from 1st July 2019. 

By using cloud software you will be able to make a smooth transition to ensure you are compliant with the Single Touch Payroll requirements.  

What is Single Touch Payroll?

Single touch payroll (STP) has changed the way businesses report employee's tax and superannuation information to the ATO. Read more…

Cloud Accounting

You've probably heard about Cloud Accounting. You may even be using it. But what is the cloud?

The term cloud accounting has been around for a while now and refers to how the data and application is stored – ie over the internet.

Traditionally software would have been loaded on your PC. You would then run the software and store your data on the PC. It was then your responsibility to ensure your data was backed up, to manually load updates and to provide physical backups to us.  Read more…

What is a Fringe Benefit?

Fringe benefits are benefits other than salaries and wages provided to an employee in respect of the employees employment activities. An employee may be a current, future or former employee or an associate of the employee. This definition of employee extends to directors of companies and workers who perform duties for minimal or no salaries.

Employees may cash out their benefits by reimbursing the employer to negate any fringe benefits tax liability. This can be in cash or by a journal entry in the financial statements of the employer. Read more…

 

Running a business involves keeping track of financial documents. These documents can come in the form of:

• receipts
• bills and statements
• emails

Recording all your transactions and keeping all your financial documentation can be overwhelming - especially when it comes to paper-based receipts and bills.  Read more…

Have you heard of Two Factor Authentication (2FA)?

Two Factor Authentication is the addition of a second level of security to your login process for cloud software, such as MYOB and Xero.  Basically, 2FA double-checks you are who you say you are to protect your data from theft.

You can use a number of devices for 2FA including:

• App- Android, iOS and Windows phone or tablet devices
• Email- Any computer or device that can access the email account Read more…

As the 2018 calendar year draws close to its end, it reminded me that Johnsons MME is also approaching our firm's annual 2-week office closure for the Christmas period and our view of the importance of taking a break. 

We have been closing the office at this time for many years now and the directors and staff look forward to getting away from the daily office routine and the many stresses that are a normal part of the accountancy profession.   Read more…

Make sure you're not on the ATO's naughty list this Christmas!

End of year parties and staff gifts are a great way to thank staff for all their hard work during the year and to celebrate the achievements of your team.

However, it is important to be aware of the potential fringe benefits tax (FBT) implications to ensure you don't get a nasty FBT Christmas present from the ATO.

Here are our top tips to consider to help keep you off the ATO's naughty list this Christmas. Please note these rules may differ slightly for tax-exempt entities.   Read more…