ATO

How to make journals in Saasu & Xero more useful

One of the most useful features found in cloud-based accounting software such as Xero and Saasu is the ability to upload and attach documents to various transactions. This is great because it means that not only are you complying with your record keeping requirements, but you can also verify your purchases with others. By “others” I mean your accountant, bookkeeper and yes, the ATO should they ask for supporting evidence. Most Saasu and Xero users will be aware that they can upload and attach source documents to sales and purchase invoices. What they may not be aware of is that you can also attach documents to journal transactions. Today I will show you how this done in Saasu.

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Record-keeping – why what and how

Do you understand why record-keeping is so important (whether you’re in business or not)? No? Well here is your complete why what and how of record-keeping. Learn why you should do it and exactly which documents you should be keeping in today’s blog! This blog will assist you whether or not you are a business owner.

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Didn’t lodge your BAS on time? Here come the late lodgement fines…..maybe

So the BAS lodgement date came and went and you didn’t get around to lodging your BAS – what happens now? The Australian Tax Office (ATO) doesn’t look favorably on this behaviour. If they see fit, you may just find yourself having to pay late lodgement penalties. What are these penalties and how much will you have to pay if charged?

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Employers’ Toolbox (free download)

Are you a new employer? Do you need help with getting started? Do you know what your employer obligations involve? Being an employer is a huge responsibility and brings with it added compliance to which you must adhere if you want to get it right. To assist you in this task, we have created the “Employers’ Toolbox”, a simple guide to getting started including all of the resources you will need along the way.

Toolbox

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Any Tom, Dick, and Harry can prepare and lodge the BAS… but should they?

It’s a well known fact that almost everyone can prepare and lodge the Business Activity Statement (BAS). Those who charge a fee for this task must become registered with the Tax Practitioners Board (TPB) as stipulated by the TASA 2009 legislation. Others, however, who fit certain criteria (see below) don’t have to register but can still prepare and lodge BAS. So we have registered and unregistered persons doing the same job. The question is, should unregistered persons be preparing and lodging BAS in the first place? I don’t think so, and here’s why:

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How to lodge your taxable payments annual report online

If you are in the building and construction industry, you are now required to lodge a taxable payments annual report (TPAR) by the 28th of August each year. The TPAR tells the ATO about payments you have made to contractors during the year in your business. Lodging via hard copy and snail mail can be a nuisance particularly if there are many contractors to report about. Information about lodging your TPAR online can be found on this ATO webpage.

Even though the above ATO webpage explains how to lodge the TPAR via the business portal, the instructions still apply to BAS Agents using the BAS Portal to lodge on behalf of clients as the lodging process is the same. In fact, the instructions apply to lodgement of any file via the portals so this video is pretty handy.

For more information about the Taxable Payments, Annual Report read our in-depth blog here.

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Tax Agent Services Act 2009

The Tax Agent Services Act 2009 (TASA 2009) together with two other pieces of legislation known as “Regulations” and “Transitional Rules” make up the legislation or new laws that now govern the behaviour and business dealings of all bookkeepers, tax agents and now, the newly termed, “BAS Agents”. TASA 2009 was enacted on 1st March 2010.

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How do our Clients Deal with Source Documents?

Last week we looked at source documents, what they are and why they’re important. This week we look at how our clients work with source documents, how they deliver them to us, and the various issues that can arise from time to time.

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What are Source Documents & Why are they Important?

Bookkeepers and accountants who are processing your accounts may ask you to present “source documents” to verify the information in your accounting file. What are source documents and why are they important?

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How BAS/Tax Agents can advise of a change of contact details

If you are a registered BAS Agent or Tax Agent, you are obliged to advise both the ATO and the Tax Practitioners Board (TPB) of any change of your contact details.

Some BAS/Tax Agents are under the impression that if they advise the TPB of any change of their details, that the TPB will automatically advise the ATO of this information. This is not the case! You must advise both the ATO & the TPB of your details changes in order to keep them up to date. The TPB only advises the ATO of approved or cancelled registrations. They don’t exchange any changes in personal contact data.
 
 
 
The contact data you must advise the ATO & TPB about include:
  • Postal address
  • Telephone number
  • Fax number
  • Email address
 
 
To advise the ATO, you can call them on 1800 443 846.
 
 
 
To advise the TPB of any contact details changes, go to their website www.tpb.gov.au, select Agent Log-in, enter your log-in details and then choose Your Profile. Enter your contact detail changes as required. You can also send an email to the TPB via enquirymanagement@tpb.gov.au to advise them of any changes.
 
 
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