Self Managed Superannuation Funds Corporate VS Individual Trustee

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Self Managed Superannuation Funds Corporate VS Individual Trustee

Do you want to choose how you invest and strategically manage your retirement funds?

There are a number of benefits of owning a Self-Managed Superannuation Fund (SMSF). This all begins with selecting the right type of trustee to fit your circumstances. When you establish a Self-Managed Superannuation Fund(SMSF), a trustee is required to be appointed and can either be an Individual Trustee or a Corporate Trustee.

We hope you find our guide on Corporate VS Individual Trustees valuable in assisting you with your decision on owing a SMSF.

If you have any questions, please do not hesitate to give our office a call on 03 8746 7700.

 


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Xero announces Beautiful Business Fund to boost future aspirations of small business


Designed to celebrate small businesses, empower success and accelerate their growth. The Xero Beautiful Business Fund is offering NZ$750,000 in funding to Xero small business customers in Australia, New Zealand, Singapore, South Africa, the United States, Canada and the United Kingdom.

There are 4 categories in seven countries and no limit on how many you can enter.
Think you qualify for all categories? Apply for all four!

  • Innovating for sustainability: How is your business taking the next step on your sustainability journey?
  • Trailblazing with technology:  How is your business seeking to innovate and set pace with technological advancements?
  • Strengthening community connection: How is your business striving to give back to your community?
  • Upskilling for the future: How is your business thinking ahead and preparing for the future?
Click here to view everything you need to know about the Xero Beautiful Business Fund
 

For each category, there will be seven regional winners identified by a regional judging panel. The pool of regional winners in each category will then be evaluated by a global judging panel and the winner of each category will receive an additional global prize.

Xero has made applying for the Xero Beautiful Business Fund easy! Follow the below simple steps for each category you’d like to apply for:

  1. Shoot a 90 second pitch video for your organisation (Xero even has a application video filming guide!)
  2. Upload the video to the dedicated Xero website
  3. Fill out the short application form
Applications close on 6 October 2023.

Good luck! We would love for one of our amazing Suntax small business clients to win funding from Xero.

Regards,
Your Suntax Team


It’s time to process your Taxable Payment Annual Report (TPAR)

If your Business employs contractors and is in the below list of industries, you must lodge your Taxable Payment Annual Report (TPAR) by the 28th of August 2023.
Businesses directly involved in the following services need to lodge TPARs:

  • Building and Construction Services
  • Cleaning Services
  • Courier or Road Freight Services
  • Information Technology Services
  • Security, Investigation and Surveillance Services

There are two ways you can finalise your Taxable Payment Annual Report.

Option 1: The Easy Way
Let Suntax complete your Taxable Payment Annual Report for you

The cost to prepare your Taxable Payment Annual Report is $220 plus GST.  If you choose this option, you do not need to read this newsletter any further.

Click here for Suntax to prepare your Taxable Payment Annual Report 

Option 2: Complete the Taxable Payment Annual Report yourself using the ATO supplied instructions below

By using the instructions below as supplied by the ATO you can complete your Taxable Payment Annual Report yourself.

ATO Instructions on how to complete independently

IMPORTANT NOTE: The processing of your Taxable Payment Annual Report is something the ATO will pursue if not lodged by the due date of August 28th.

Regards,
Your Suntax Team


Xero has two versions of their reports an old and a new version. On 31st July 2023 Xero are switching to the new reports only. Please note NO data will be lost!

Reporting is one of Xero’s most loved products and a core part of the Xero platform. All software has a lifecycle, the older it becomes the more challenging it gets to maintain it. For Xero reporting it was time for an upgrade.

If you are currently using the old version of reports Xero are encouraging you to switch to the new ones so you get familiar with them before the old versions are retired on the 31st July 2023.

If you are using an old report and the newer version is available you will see a message prompting you to switch to the new report.

What is going to happen from the 31st of July 2023? 
  • You won’t be able to run Xero old reports
  • Any saved drafts of old reports will be removed from Xero
  • You’ll have read-only access to old published and archived reports

There are some reports and features Xero won’t retire on 31 July 2023 as they are upgrading them in a different way or at a later date. These include:

  • GST Return
  • GST Reconciliation report
  • Budget Manager
  • Budget Summary report
  • Expense Claim Summary report
  • Foreign Currency Gains and Losses report
  • Inventory Item Summary report
  • Sales by Item report
  • Tracking Summary report
  • Unrealised Gains and Losses report
  • Reporting API (please note this is not a report)
Be prepared before the end of July

If you wish to use the new reports as they are you simply just need to open the report and get started. If the report is more complex you can check our Xero’s steps for getting started with new reports.

For July’s reporting you will be required to do your end of month reporting in the new reports as the old version will not be available.

Click here to watch Xero’s YouTube Video on how easy it is to move your work across.

How do I use the new reports?

On the right hand side of your screen panel you will see Xero’s Tips and Tricks. Here you will find links to support articles, how-to videos and a feedback button on the new reports.

Xero Central contains an abundance of helpful information, search for a particular report here or you can check our Xero’s YouTube for the playlist of reporting videos.

Lastly you can register for a live webinar on reports.

As always, we are here to help if you need any assistance.

Regards,
Your Suntax Team

 

Source – Xero Central. 

It’s time to process your EOFY Payroll using Single Touch Payroll (STP).

Employees now access their Income Statements (previously known as Payment Summary or Group Certificate) through their personal MyGov account.  This happens after you have completed your Single Touch Payroll processing.To finalise your Single Touch Payroll in Xero you need to complete your End of year Employer Reporting.  There are two ways you can do this:

Option 1: The Easy Way
Let Suntax complete your Employer Reporting for you.  

The cost to prepare Employer Reporting will be as follows:

  • STP Finalisation – $125 + GST and $21 + GST per employee
  • Annual Workers Compensation – Declaration of Rateable Remuneration
    • $85 + GST if we are completing STP Finalisation
    • $190 + GST  if we are not completing STP Finalisation
  • Payroll Tax Annual Reconciliation – $250 + GST per state reconciliation
If you choose this option, you do not need to read this post any further.

Request Suntax to complete STP Finalisation

 Option 2: Complete the Employer STP Finalisation Yourself

 

Step 1 – Complete the Instructions on the Xero Payroll Checklist 

Step 2 – Workers Compensation Annual Declaration of Rateable Remuneration

At the end of each financial year, employers are required to declare their total rateable remuneration to their Workers Compensation insurer and an estimation of the following year’s remuneration.  If you employ staff in various states, you may be required to hold a workers compensation policy for each state.  Please let us know if you would like assistance with this.

If you are registered for Workers Compensation, your insurer will issue a Tax Invoice shortly after the end of the financial year.  This tax invoice will provide details on how to access your online account if you haven’t done so already.  By logging onto your online account, you can make the declaration online.

If you only employ staff in Victoria, here is a link to assist you in calculating your remuneration:   Remuneration inclusions and exclusions

Or, if you would like further information about Workers Compensation Insurance in Victoria, click on this link:  More Information about Victorian Workers Compensation Insurance

Step 3 – Payroll Tax Annual Reconciliation (if applicable)

Payroll tax is a state government imposed tax with varying thresholds and rates for each state.  If you employ staff in multiple states and you need advice on your payroll tax status, please contact us.  If you only employ staff in Victoria and your total wages plus superannuation exceeds $900,000, then you will be required to register for Payroll Tax.

At the end of each financial year, if you are registered for Payroll Tax, you are required to submit an Annual Reconciliation.

What’s changing in FY2023/24

The Fair Work Commission (the Commission) has announced:

  • The National Minimum Wage will be increased to $882.80 per week or $23.23 per hour
  • a 5.75% increase to minimum award wages.

The increase applies from the first full pay period starting on or after 1 July 2023.

These changes will apply to pay runs with a payment date of 1 July 2023 onwards.

We know it has been another year of challenges and EOFY can be a particularly hectic time, so if these steps seem too onerous or time consuming please remember we have a team at the ready to process your EOFY Employer Reporting. Just click the button above.

Regards,
Your Suntax Team

 

If you have worked from home in the last financial year, there have been changes to the way you can claim your Working From Home (WFH) tax deductions.

  • From 01 July 2022 – 28 February 2023 – The ATO will accept a record of the number of hours worked from home through a representative 4 week period to estimate the total of hours worked.
  • From 01 March 2023 – you are required to have recorded every hour you have worked from home by keeping a WFH diary.

The ATO has changed the way WFH deductions can be claimed. They now fall under two categories.

  1. The Fixed Rate (67c per hour) Method, this is likely to result in lower tax refunds as this method does not allow  you to also claim internet, mobile, stationery and computer consumables 
  2. The Actual Cost Method, requires a calculation of your WFH deduction based on your actual electricity, gas, mobile phone, internet and other work related expenses.

To ensure we can calculate the most tax effective result for you, we will need you to add up your gas, electricity, phone and internet bills for the year and provide the hours you have worked from home.

We look forward to seeing you soon,

Your Suntax Team

 

Sunbury Essendon