Instant asset write-off

Posted by Datasift on 4 February 2019

Start Planning your year end to take advantage!

On January 29, 2019 the Prime Minister announced that the instant asset write-off would be extended to 30 June 2020 and that the threshold would be increased to $25,000.

These changes take effect from January 29, 2019.

For more information refer to the Minister for Small and Family Business, Skills and Vocational Education media release.
Posted in: News  

Single Touch Payroll Update

Posted by Datasift on 16 January 2019

On Friday 7th December 2018, the ATO issued a clarification in relation to the legislation to extend Single Touch Payroll to all employers from 1st July 2019.

 


Please note that this legislation has not yet passed the Parliament, despite some public commentary that suggests it has.


The Treasury Laws Amendment (2018 Measures No.4) Bill 2018 was passed by the Senate this week with proposed amendments to other measures contained in the Bill.

The Bill has now been referred back to the House of Representatives to consider those amendments.
As the Parliament has finished sitting for the year, the next opportunity for the House to hear the Bill will be 12th February 2019.


The ATO advise that their focus has not changed. They remain committed to supporting larger employers to transition to STP reporting,

encouraging employers with deferrals ending to start reporting and promoting STP to those employers who can voluntarily come on board.


The ATO will be working with those companies who intend to build low-cost STP solutions for micro employers (14 employees).


See www.ato.gov.au/STPsolutions for more information.

Posted in: News  

Money. Money. Money.

Posted by Datasift on 4 January 2019

Cash. A small word that is massive to a business. If your cashflow is bad, it can drag the whole business down faster than most other things.

 

Consider doing some practical things to help your cashflow get better. Formulate a credit policy. Communicate it to your customers, they are more likely to pay you on time if you tell them what your terms are!

Try automating your reminders and do not be afraid to stop credit if a customer is not paying.

If you need practical advice that WORKS, give us a call.

Datasift - helping you make cents of your data

Posted in: Top Tip  

Flexible working: New rules to Apply

Posted by Datasift on 14 December 2018

Technology has made it easier for people to work flexibly and remotely.

In fact, flexible working is now such a widely recognised method that the Fair Work Commission has introduced new rules on how to make arrangements and manage employee requests.

Employers will need to know the new rules to remain compliant, but it's also a good opportunity to consider the benefits of flexible working and if arrangements could be a win win

What are the new rules on flexible working?

As of December 1st 2018 employers must follow a new procedure regarding employee requests for flexible working.

Upon receiving a written request from an eligible employee, the employer must discuss the request with the employee and try to reach an agreement on the changes. The discussion should take into consideration the needs of the employee, any consequences for the employee if the request can't be met, and any potential business reasons for refusing the request.

A decision to refuse a request for flexible working can only be made on reasonable business grounds. Such as, the requested arrangements being too costly for the business, having a significant impact on productivity or customer service, or being impractical for other employees. The refusal would also need to be made in writing and provided to the employee within 21 days of the request.

What are the benefits of flexible working?

If employers are able to consider the needs of individual employees, they can cultivate a more diverse and inclusive workforce. Flexible working can bring many benefits to a business for both employers and employees.

Benefits can include: Promotion of good work-life balance, boosted employee morale, reduced absenteeism and improved staff retention.

 

 

Posted in: News  

Beware of scammers impersonating ATO

Posted by Colin on 31 October 2018
Beware of scammers impersonating ATO

Tax. No, its never popular but even less popular are scammers who use the taxman's name.

The ATO has noticed an alarming new trend in scam activity involving scammers impersonating TAX and BAS agents. This new scam is effective because clientsare trusting of their representatives, so you need to take care.

In a twist on the 'fake tax debt' scam, we have received increasing reports of a new scam method where scammers impersonate registered agents to lend legitimacy

to their phone call.
The fraudsters do this by:

  • Coercing the victim into revealing their agent's name
  • Initiating a three-way phone conversation between the scammer, the victim, and another scammer impersonating the victim's registered agent or someone from the agent's practice.

Victims have fallen for this new approach. In one recent example, a victim withdrew thousands of dollars in cash and deposited it into a Bitcoin ATM, fearing police had a warrant out for their arrest.

The phone conversation with the scammers appeared legitimate, and the victim trusted the advice of the scammer 'tax agent'.

What You Can Do

Help protect your money from these scammers. We will never:

  • Threaten you with arrest
  • Request payment by unusual means such as iTunes vouchers, store gift cards or Bitcoin cryptocurrency.

If you are suspicious about a phone call from someone claiming to be us, the ATO recommends you disconnect and call 1800 008 540 to verify the call.
Alternatively, you can hang up the call and contact us directly to confirm the status of your tax affairs.

Posted in: Top Tip