The Number Factory

BACCHUS MARSH ACCOUNTANT AND TAXATION SPECIALIST

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Our focus has always been to help businesses grow, so we have created our Factory Memberships which provide all the services required by a business, all for one low monthly fee.

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OUR SERVICE

What’s New In The World Of Tax

As you may know the federal budget for 2017-18 came out back in May. Some of you may have read it some of you may not have.

Help me get ready
OUR WORK

My 11 Top tips on getting more bang for your buck!

We list our top 11 things to do to help you stay on track with your budget. Some commonsense, and some might surprise!

Show me the tips!

News from the Factory Floor

As your local accountant, we like to keep you up to date with the latest news and advice. Keep an eye here for tips on how to manage your finances, whether business or personal.

Proposed Superannuation Guarantee Amnesty

December 17, 2018
You should be aware that under the current law, if you’ve missed a payment or haven’t paid an employees’ super on time, you are required to lodge an SG charge statement. Until law giving effect to the proposed Superannuation Guarantee Amnesty is enacted, we will continue to apply the existing law, including the application of the mandatory administration component ($20 per employee per period) to SG charge statements lodged by employers. New law required As at 6 December 2018 Parliament has concluded for the year and the Amnesty bill has not been enacted. If passed into law, the proposed amnesty will be a one-off opportunity for employers to self-correct past super guarantee (SG) non-compliance without penalty. The legislation to give effect to the proposed amnesty was introduced into Parliament on 24 May 2018. Subject to the passage of legislation the proposed amnesty is intended to be available for 12 months from 24 May 2018 to 23 May 2019. If enacted, we will apply the new law retrospectively to voluntary disclosures made from during this period. You will be entitled to the benefits of the amnesty for any SG shortfalls you’ve voluntarily disclosed to us – subject to the eligibility criteria. Who will be eligible for the proposed Amnesty? To be eligible for the proposed amnesty you will need to have: voluntarily disclosed amounts of SG shortfall or late payments that have not been previously disclosed for any period from 1 July 1992 up to 31 March 2018 made the voluntary disclosure within the proposed 12-month amnesty period (between 24 May 2018 and 23 May 2019) not be subject to an audit of your SG for the relevant periods. Periods from 1 April 2018 won’t be eligible for the benefits of the proposed amnesty. What if my SG is audited? You won’t be eligible for the benefits of the proposed amnesty for any periods that are currently subject to an audit of your SG. An audit of your SG can be initiated at any time by the ATO. We may also audit your SG in response to employees who advise they haven’t received their SG. What are the benefits of the proposed amnesty if the law is enacted? If the proposed amnesty legislation is enacted, the benefits will be applied retrospectively – subject to the eligibility criteria. Benefits will include: the administration component ($20 per employee per period) of the super guarantee charge (SGC) won’t be payable Part 7 penalty will not be applied all catch-up payments made during the 12-month amnesty period will become tax-deductible. Employers who do not disclose their SG shortfalls during the Amnesty period may face harsher penalties if they are audited in the future. How can I access the proposed amnesty? If you’ve missed a payment or haven’t paid an employee’s super on time, you should lodge an SG charge statement and pay the amount owing to us. We will apply the current law to this statement however, if legislation is enacted, we will apply the benefits of the proposed amnesty retrospectively. When do I need

Business Plans

December 12, 2018
Have you ever written a Business Plan for yourself? It’s not a legal requirement to have one, however, having one can help you within your business. Whether you’re about to start your business or you are already trading, Business Plans can help you to think about certain things you may not have in such as target markets, goals and even insurances you need to consider when starting up. We can assist you in writing up a Business Plan and Setting Goals, alternatively, there is an excellent template and guide issued by the Australian Government and it can be found here. Happy Planning

Extension of the TPAR to Courier and Cleaning industries

December 6, 2018
TPAR (Taxable Payment Annual reporting) is currently in force in the Construction industry but is to spreading to contractors in the courier and cleaning industries. On 9 May 2017 the Government announced that from 1 July 2018 businesses that supply courier or cleaning services will need to report payments made to contractors if the payments are for courier or cleaning services. Businesses supplying courier or cleaning services need to review their payments made to contractors for these services from 1 July 2018 and complete and lodge a Taxable payments annual report by 28 August 2019 for the 2018–19 income year; those businesses that recorded their payments and lodge their annual report in accordance with the changes do not need to do anything more those businesses that did not record their payments to contractors will need to review their records and compile a summary of all payments made after 1 July 2018 and the required details for each payment. Businesses supplying courier or cleaning services are not required to lodge a Taxable payments annual report for an income year if payments they receive for courier or cleaning services make up less than 10% of their GST turnover for that year. The first annual report for these businesses is due by 28 August 2019. If you are wanting some assistance in lodging your TPAR get in contact with us and we can provide you guidance in meeting these obligations.

Working out if you have to pay super

November 19, 2018
Generally, if you pay an employee $450 or more (before tax) in a calendar month, you have to pay super guarantee (SG) on top of their wages. If your employee is under 18 or is a private or domestic worker, such as a nanny, they must also work for more than 30 hours per week to qualify. You have to pay super for some contractors, even if they quote an Australian business number (ABN). You pay super no matter whether the employee: is full-time, part-time or casual receives a super pension or annuity while still working – including those who qualify for the transition-to-retirement measure is a temporary resident – when they leave Australia, they can claim the payments you made through a ‘departing Australia superannuation payment’ is a company director is a family member working in your business – provided they are eligible for SG. Domestic workers If you engage someone to do work of a domestic or private nature for 30 hours or more per week and pay them $450 or more (before tax) in a calendar month, you have to pay SG for them. ‘Domestic or private’ means work relating personally to you (not to a business of yours), or work relating to your home, household affairs or family – such as a nanny, housekeeper or carer. If you use funds from the National Disability Insurance Scheme (NDIS) to engage a carer or other domestic help, you may have to pay SG for these workers. This only affects people who choose to manage their NDIS plan themselves. Employees not eligible for super You don’t have to pay SG for: non-resident employees you pay for work they do outside Australia some foreign executives who hold certain visas or entry permits (call 13 10 20 for information) employees paid under the Community Development Employment Program members of the army, naval or air force reserve for work carried out in that role employees temporarily working in Australia who are covered by a bilateral super agreement. You must keep a copy of the employee’s certificate of coverage to verify the exemption. If you’re a non-resident employer, you don’t have to pay SG for resident employees for work they do outside Australia. SOURCE: ATO.GOV.AU

What Our Clients Say

Alexandra is extremely competent and has a very friendly persona making her a dream to work with. She does such an amazing job for both business and personal tax as well as providing wonderfully informative seminars. I highly recommend The Number Factory for all accounting and bookkeeping services

Ashley Brown, SOSOCII Solutions

Alexandra and the entire team at The Number Factory have been invaluable for our new small business. They are always prompt to respond to my queries and have been a great sounding board for business advice. I highly recommend.

David McIntyre, Programmable Soda