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Single Touch Payroll

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…

What is the Cloud?

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…

Fringe Benefits Tax 2019

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…

The importance of taking a break

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…

Hosting an end of year party for your team

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…

Managing your cashflow

For your business to be successful in the long term, it needs to be profitable.

For your business to survive, it needs to generate a positive cashflow.

Positive cashflow means that money coming into your bank account needs to be more than money going out. Read more…

Taking control of your business

You may have started your business to be your own boss, to be in control of your future and build a better life for your family. These are great goals to have.

However,  running your own business can sometimes turn out to be a beast of burden.  Read more…

Drought Assistance

We are all aware that NSW is currently in drought and it is a very challenging time for our farmers and their communities.

While there are regular announcements of drought support, including funding, grants and subsidies, being released, sometimes it can be difficult to know where to seek the information.

Below is a list of funding, grants and subsidies that are currently available for NSW farmers affected by the drought. Read more…