New Bas Reporting
From 1 July 2017, small businesses will only be required to report:
- GST collected (1A)
- GST entitled to be claimed (1B)
- Total sales (G1).
Stay tuned for more information. Note this does not change your Bas amounts paid or refunded.
Super Stream Update
The deadline for all employers to be SuperStream compliant has now passed. All employers should be paying super and sending the corresponding data in an appropriate electronic format.
If you haven’t made this compulsory switch contact Maurie on 0418 573 667 for assistance
Understanding fuel tax credits for heavy vehicles
Use these guidance documents to help determine your clients’ fuel tax credit entitlements for fuel used in heavy vehicles.
- Heavy vehicle for travelling on public roads’ rate for travel on toll roads, bus lanes and busways
- All other business uses’ rate for travel on forestry, mining access and agricultural property roads, as these are examples of roads not considered public.
If you have a need to claim Fuel Tax pls contact Maurie at Bendigo Bookkeeping on 0418 573 667
Fuel Tax Credits Updates
For the March 2016 BAS and onwards, you can:
- use the rate that applies at the end of the BAS period
- work out your litres based on the cost of the fuel purchased.
You clients can also use a range of documents to support the fuel tax credit claims for all their past and future BAS. Further info from Maurie at Bendigo Bookkeeping on 0418573667
Xero – Statement of Cashflows
For small businesses a healthy cashflow is crucial. That’s why the statement of cash flows report is so useful.
It shows you the money…where it came from, and where it went.
While the Profit & Loss (or Income Statement) can tell you if you’ve made a profit it may include income and expenditure that hasn’t been paid yet, or that isn’t in the form of cash, like deprecation.
The statement of cashflows only looks at cash and groups the money going in and going out into useful categories so you can better understand the health of your cashflow.
For more information about turning this on in XERO, please contact Maurie on 0418 573 667
Super Stream Info
If you have under 20 employees, you have 6 months to comply with the new ATO Superstream requirements. Refer the article below or call Maurie on 0418573667.
Xero enters smartwatch space
Cloud accounting software provider Xero has hit the emerging smartwatch market, with the launch of the Xero for Apple Watch app.
The decision to enter the smartwatch space stems from the company’s acknowledgement of the time pressures placed upon small business, with Xero claiming an ever-growing need to access business tools at any hour.
Integrated within the app is the ability to view transactions, receive notifications when invoices and bills have been paid, and to access accounts across multiple banks.
