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Single Touch Payroll | January 2015 Newsletter
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Client Alert: January 2015
Tax News
Cutting red tape for employers through Single Touch Payroll

The Minister for Small Business, Bruce Billson, and the Assistant Treasurer, Josh Frydenberg, today announced that the Government will cut red tape for employers by simplifying tax and superannuation reporting obligations through Single Touch Payroll.

Under Single Touch Payroll, employers’ accounting software will automatically report payroll information to the Australian Taxation Office (ATO) when employees are paid.

This will eliminate the need for employers to report employee-related Pay As You Go Withholding (PAYGW) in their activity statements throughout the year and employee payment summaries at the end of the year.

In addition, the Government will streamline Tax File Number declarations and Super Choice forms by providing digital services to simplify the process of bringing on new employees.

Single Touch Payroll builds on the Government’s investment in Standard Business Reporting and utilises the innovation of software developers to provide accounting software solutions that meet the needs of employers.

Single Touch Payroll will be available from July 2016 and transition arrangements will be the subject of consultation with the business community early in 2015. The ATO and the Treasury will consult with the community on the phasing of the start date for different sized employers and the arrangements to support the move to Single Touch Payroll. This will include how the new arrangements will build on the SuperStream changes currently being implemented.

In addition, consultation will examine the potential for employers to remit PAYGW and the
Superannuation Guarantee at the same time employees are paid their salary and wages, and what support businesses may require to enable such a transformation in payments to government and superannuation funds.

The Government is committed to working with business and this is another significant policy that will reduce red tape costs on an ongoing basis.

New guidance to assess your R&D eligibility

If you are carrying out research and development (R&D) then the R&D tax incentive could assist you. The incentive encourages businesses to undertake R&D and provides generous benefits for companies performing eligible activities.

AusIndustry has developed the new R&D Tax Incentive SnapshotExternal Link to provide guidance on the R&D tax incentive. The tool provides a step-by-step guide on eligibility, registration and record-keeping industry sector examples to help you assess the relevance to your business.

Click this link >> 
http://www.randdsnapshot.business.gov.au/Pages/default.aspx

Featured Blog

New Harvard Research Reveals A Fun Way To Be More Successful


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4) Send A “Thank You” Email Every Morning

 

5) The 20-Second Rule

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Tips from John Beale

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What is new at BMG?
BMG Wealth – Serious interest savings!

BMG Wealth have been able to give some of our clients a great financial start to 2015 with some serious savings of interest.

When we review a client’s finances some of the things we are asked to review are Interest rates, Fees, payment amounts and the benefits of offset accounts.

When we look at interest rates we can summarise potential savings based on the rates at the time.

In December alone we have help lots of our clients to buy new assets or in refinancing existing loans.

The summary of interest to be saved for our December approved clients is estimated to be $55,844.18… that’s for the first year alone. The biggest win out of that month was that one of our client’s family was able to save $21,593 in the first year… and it didn't cost them a cent.

If you would like to potentially save thousands of dollars in 2015 please do not hesitate to contact us directly.
BMG Group Information and strategy session -
10th of March 2015


You are cordially invited to attend the BMG Group Information and strategy session for 2015.

Join us for a light breakfast and some strategic insight to start 2015.
  • BMG Accountants – Tax strategies for 2015
  • systEmise – Grow your sales with insight into the latest Marketing and SEO strategies
  • BMG Outsourcing – Manage your business while reducing cost in 2015
  • BMG Wealth – Finance and SMSF strategy for 2015
  • Special Guest – Kevin Lee – Smart Property Adviser – take greater control of your financial future
 
DATE: Tuesday, 10th of March 2015

VENUE: BMG Wealth – Suite 7, 8 -10 Waratah St Mona Vale

TIME: 7.30 am to 10.00 am, Light Breakfast and refreshments served

RSVP: info@bmgwealth.com.au

Cost: $0 (value $625)
Tips from John Beale
"What you can Measure you can Manage."
Photo of John Beale
All successful businesses have sound management processes in place and in all cases it will revolve around measuring their key performance indicators (KPI’s).
 
Business owners should pick at least 3 KPI’s that they will monitor, daily, weekly and monthly.
 
The most useful KPI’s for the majority of businesses are:
 
  • Gross Profit (gross sales less cost of goods sold)
  • Units sold
  • Average price per sale
Other useful KPI’s may be:
  • Gross profit per fulltime employee (FTE)
  • Units sold per FTE
  • Employment costs (salary, super, etc) as a percentage of sale or gross profit
  • Rent as a percentage of sales
  • Number of times a customer buys off you in a period of time.
 
Contact us to advise you on the most practical methods to measure your KPI’s and to help you grow your business.
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