You may have heard of the upcoming choice that business will have to lodge ‘Simpler BAS’. This is a move by the ATO to reduce the complexity of current GST tax types in current use, as a way to encourage businesses with turnover below $10m to lodge more accurate statements. From 1/7/17, these small businesses will only need to report GST on Sales, GST on Purchases and Total Sales. Regardless, BAS will still require PAYG Withholding and Instalments, WET, FBT, FTC and LCT (if required). Businesses will still need to implement the GST system and understand how GST applies to what they sell. A business will still need to understand what GST they are allowed to claim back.
Where we undertake your BAS, simpler BAS options will be applied, and any resulting efficiency gains will be passed onto you as a matter of course.
Yes Peeps, time to get your BAS in for Jan/Feb/March 2017. Lodge and pay by end of April 2017. Give us a call if you need a hand.
With so much illegal activity happening in the employment space in Australia, Fair Work Ombudsman are certainly cracking down on certain industries, however DON'T BE SCAMMED. There are companies claiming to be 'Fair Work' who are contacting businesses and demanding to see records and issuing fines. Many businesses in Australia have already fallen victim to these bully-boy tactics under the guise of a government department.
Never let anyone on your premises who cannot prove beyond a shadow of a doubt that they are from Fair Work Ombudsman (www.fairwork.gov.au) or Fair Work Commission (www.fwc.gov.au).
Still, its a timely reminder to make sure you are compliant with the rather complex employment laws in Australia if you are employing people. The Sydney Morning Herald reported 2 days ago
"About 1600 hair and beauty salons in NSW, Victoria and Queensland will be randomly audited over the next 12 months after previous audits showed more than half of salons failed to comply with workplace laws. The retail, hair and beauty salons will be targeted by Fair Work inspectors because they employ high numbers of young people and workers from migrant backgrounds."
And the hair and beauty industry are not alone in upcoming audits. The government plans on clamping down on the cash economy rife in this country in order to "claw back and estimated $15 billion in lost federal tax revenue" according to the SMH yesterday. They said the worst offenders of the "hidden cash-only payments were widespread across cafes and restaurants, hair and beauty industries and building and construction, but that the worst sector for black economy activity was labour-hire companies."
There has never been a better time to get compliant!
Bookkeeper, BAS Agent, Diploma Accounting, I love helping small businesses get their books back in order and create calm out of chaos.