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Australian Bookkeepers Network Conference 2016

17Oct
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Recently I attended the Australian Bookkeepers Network Conference and I felt inspired.

The conference commenced with the inspiring Paul Dunn: Buy1Give1

“The power of any idea is only ever in its implementation. There has never been a time to matter more”

“Know WHY you know WHAT you are doing it then has more impact”

These words were amazing and powerful to all.

This is not just for business owners.  This applies to everybody.  Do you know why you get up in the morning to do what you do. Paul made us record these words:

“I get up in the morning………so that………..!”

Isn’t that so powerful!!

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Paul Dunn- B1G1 with Fiona Failla

Then the Australian Tax Office Colin Walker spoke about the future of Single Touch Payroll- imagine no Payment Summaries and no Tax File Number declarations. Every time a payrun happened the information would be sent to the ATO.

“Single touch payroll is the beginning of the new world”

Simplified BAS system by 1/7/17 businesses under 10 million only having to lodge GST on Sales, GST on Purchases and Total Sales. The impact on business will be huge. The owner’s of the business could concentrate and spend more time with their trusted advisors like us with looking at valuable reports and on how to improve their business.

The presentation on Trading Structures was given by Darren Hagarty. And so the question comes to mind: Are you trading under the best structure for your business and family?

Sole Trader- Partnership-Trust-Company are the most common structures.

Business owners need to remember that accounts are organised differently for each structure. It is not a one size fits all approach.

We were also able to see and spend time with representatives from our software providers such as Xero, MYOB and Intuit.

To top of the day we were introduced to the #ABNorangedude. You might have have come across my one in Darling Harbour, Sydney.

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ABN Orange Dude in Darling Harbour, Sydney

Thank you Australian Bookkeepers Network for a wonderful conference and lots of information to take home and share. It was a great opportunity to network with like minded people and develop a strong support network for the industry.

If you are a bookkeeper wanting support contact me and come and join me at the South Morang ABN Coffee Club, any business owners wanting support contact us.

 

 

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SUPERSTREAM HAS ARRIVED

01Jul
Supersteam

As of the 1st of July 2015, employers that have 20 or more staff need to be super stream ready. Superstream in a nutshell is the new way of making super contributions.

The rate will remain the same at 9.5% on ordinary time earnings.

Superstream works by uploading and entering in information into one super fund, which will then distribute lodgment details and specified amounts of money to various employee super funds.

Employers must first ensure that the following steps have been taken:
• Have they chosen their default fund
• Advised the default fund that they will be using them for superstream
• Entered in all of the employees information in the default super fund
• Or, have they entered all of the information in software that supports superstream

The Institute of Certified Bookkeepers has provided a minimum checklist for all bookkeepers and employers to help better understand the changes.

These are the data fields, which are required:

• Name—family name and given name
• TFN (mandatory if provided by employee)
• TFN not provided indicator (if no TFN provided by employee this must be notified)
• Member identifier
• Gender
• Date of birth
• Address
• Contact details
• Contribution type (e.g. employer SG contribution, salary sacrifice)
• Contribution amount

As well as the details about their superfund:
• Fund name
• ABN
• Unique Product Identifier (if required)

Payment Details:
• Payment date
• Payment type
• Payment amount
• Payment reference number (unique)
• Fund bank account details
• Fund name
• If BPAY is used, biller code and customer reference number

These minimum requirements will allow you to meet your obligations by the deadlines. If information is not available to the default superfund, you may fail to meet your requirements.
If you would like more information about the requirements feel free to contact AboveBAS.

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Conversions what are you being promised?

22Apr
France Conversion

I was recently speaking to a client about a conversion from a MYOB desktop to Xero and it occurred to me that many clients are not sure on what they require, so it makes me think when they convert have they considered these factors:

  • How much information do you want to convert?
  • Do you want to have just opening balances and start a fresh file? Or are you wanting all the information for the current year included in the conversion?
  • Are the accounts going to be tailored the way you do business?
  • Do you prefer a basic Chart of accounts, or a more complex one?
  • Are comparative balances for each prior month important to you, so when you a reading a report there are comparisons for the prior month there? How many months do you require?
  • Do you have employees?
  • Do you require your Sales invoice to be set up?
  • Do you require a fixed Asset Register?
  • Do you require extensive training or just the basics? How much is included?
  • Are the accounts going to be tailored the way you do business?
  • Do you require Add on software that will integrate seamlessly to your accounting package?

With the correct guidance from an experienced Certified Advisor these questions will all be answered prior to your conversion.

If you require more information about conversions please contact us at AboveBAS as we are more than happy to help you.

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