Hawkesbury Bookkeeping

Affordable Bookkeeping Solutions for your Small Business

Record Keeping

Changes to AusKey

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Don’t forget that from the end of March you won’t be able to use AUSkey anymore. It is being replaced because it hasn’t kept up with modern technology.

AUSkey will be replaced with:

  • myGovID – the Australian Government’s digital identity provider and a new way to prove your identity online. Establish your identity once and use your myGovID to access government services online.
  • Relationship Authorisation Manager (RAM) – a new Australian Government authorisation service that allows you to link your myGovID to your ABN and manage who can act on behalf of your business online.

You can already use these new services for the Business Portal.

Get started today by downloading the myGovID app and setting up your digital identity. Then using RAM; link your ABN to your myGovID so you can work on behalf of your business online.

For more information on accessing online services with myGovID and RAM, please click here.

Record keeping for your business

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Confused about the records that you need to keep and how long you need to keep those records for?

Click here to refer to the ATO’s resource on keeping accurate records for your business.

If your books are in a mess and your record keeping needs an overhaul, Book a Chat with us today because we can certainly help you.

Christmas Parties and FBT

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‘Tis the season to be jolly! But ho-ho-hold up before you start making spirits bright and rewarding your employees with gifts or parties this Christmas, as fringe benefits tax may apply when providing all the trimmings.

So you don’t get your tinsel in a tangle for your work Christmas party, consider:

  • how much it costs
  • where and when it is held – a party held on work premises on a normal work day is treated differently to an event outside of work
  • who is invited – is it just employees or are partners, clients or suppliers also invited?

Similarly, where you provide Christmas gifts, you’ll need to consider:

  • the amount you spend
  • the type of gift – gifts such as wine or hampers are treated differently to gifts like tickets to a movie or sporting event
  • who you are giving the gift to – there are different rules for employees and clients/suppliers.

Find out more about Fringe Benefits Tax and Christmas Parties

Find out more about Fringe Benefits Tax and Entertainment for small business

Information provided by the ATO Small Business Newsroom

Stay Smart Online Week

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7-13 October 2019

If your organisation uses the internet for email, banking, accounting, running a website or other activities, you need to know how to keep your information and assets safe. Many small businesses don’t realise they could be an attractive target for hackers – but the good news is that you can take simple steps to protect your business and customers.

You may not think that your business could be a target, but cybercriminals are motivated by a variety of factors – most of them lead back to money!

Cybercriminals make money through holding data to ransom, stealing funds from bank accounts, identity theft and sale of stolen information. Profits from these activities are highly lucrative and can be fairly easily obtained from unprotected businesses.

It’s easy for a business to underestimate the potential harm that a cyber incident could cause. Loss of revenue, damage to equipment and reputation are some of the concerns that can come from cybercrime and other malicious online activities. Even if no data is lost, the impact can still be detrimental for organisations. Don’t think that it can’t happen to you.

By acting now to prepare your business, there is a good chance that you can protect your interests and recover from an incident. 

Investing in your online security will almost certainly save you money in the long run – even if you suffer a cyber incident, the cost and time of any recovery is likely to be less if you have good measures in place. 

Every day we take measures to safeguard ourselves and our businesses in other areas. Likewise, protecting your business information should become part of normal day-to-day activities.

For more important information on how to protect your business, visit https://www.staysmartonline.gov.au/protect-your-business

Information provided by Stay Smart Online

Is your employee super up-to-date?

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Single Touch Payroll (STP) reporting, combined with improvements in super funds’ reporting through the Member Account Transaction Service (MATS) means that the ATO now has near real-time data to show employers’ compliance with their super guarantee (SG) obligations.

The ATO will use this data to help prevent and correct late or under-payment of employer superannuation guarantee contributions.

If you have not met your SG obligations, the ATO may be making contact to:

  • request lodgment of super guarantee charge statement(s), if you have paid late or under-paid SG obligations in a previous quarter
  • remind you to pay their current quarterly SG obligations by the due date

If you need help in getting your superannuation in order, please Contact Us or Book a Chat.

Information provided by the ATO

Is your ABN up-to-date?

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Starting this month, the Australian Business Register (ABR) is contacting random ABN holders across all entity types. If selected, you will be asked to confirm your business information, and discuss:

  • your understanding of how your ABN works
  • what you use your ABN for
  • your entitlement to an ABN (if applicable)
  • your ABN registration experience and how it can be improved.

ABNs will not be cancelled unless requested by you.

Information gathered will be used to measure the data quality of the ABR, and help improve the experience when applying, maintaining and cancelling an ABN.

The ABR is focused on ensuring only the right people get an ABN and that the register can support business and government beyond initial registration.

Information sourced from the ATO Small Business Newsroom