Factory News

News and commentary to help your finances grow

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

ATO to target 10000 Small Businesses…

November 9, 2018
The ATO are cracking down on Small Businesses who are not doing the right thing. They will potentially be knocking on the door of 10000 business to see if they are doing the right thing. In Victoria alone it is said they will target Geelong and Box Hill areas. I believe they will hit harder with those who operate on a cash only basis. You can find a more detailed article of the ATO’s plan here.