News / Small Business Accounting News

SMALL BUSINESS ACCOUNTING NEWS

Latest news about small business accounting and taxation from Billings + Ellis, the small business accountants in Melbourne.

Billings + Ellis, Accountants South Melbourne

 

Federal Budget April 2019

2019 Federal Budget highlights in review

On 2 April 2019, the Treasurer of Australia, Josh Frydenberg, announced the 2019-2020 Federal Budget. Highlights include personal tax reductions for low- and middle-income earners, the extension of the instant assets write-off to more businesses, superannuation and social security measures to assist older Australians, and a strengthening of the ABN rules.

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Reduced tax rates 2017-2018

Does your company qualify for the reduced tax rate in 2017-2018?

Effective from the 2017–18 income year, some companies are eligible for the lower corporate tax rate of 27.5% if certain conditions are met. Find out if your company qualifies for this reduced rate in the financial year 2017-2018 and more reductions in years to follow.

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small business instant asset write-off

Update on small business instant asset write-off for 2019-2020

The instant asset write-off scheme for small business has been extended and the threshold increased to $25,000 for 2019-2020. Are you one of the 47% of business owners who don’t seem to know about this potential benefit?

Single Touch Payroll system of ATOOn 29 January 2019, the Prime Minister announced that the government would increase the $20,000 instant asset write-off threshold to $25,000 effective from 29 January 2019, and the scheme would be extended until 30 June 2020. Read more

Single Touch Payroll 2019

Small business owners – are you ready for Single Touch Payroll 2019?

Single Touch Payroll (STP) reporting for employers with 19 or fewer employees will come into effect from 1st July 2019. Is your business ready?

Single Touch Payroll (STP) reporting for employers with 20 or more employees (as deemed to be a ‘substantial employer’) came into effect on 1st July 2018 in accordance with new Australian government legislation. From 1st July 2019, this reporting requirement will also most probably come into effect for employers with 19 or fewer employees.

So, what is Single Touch Payroll? How do you prepare for STP? What changes do you need to make? The following simplified explanation could help you better understand Single Touch Payroll reporting and how to get ready for the transition.
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Federal budget highlights 2018

2018 Federal Budget highlights explained

The 2018-2019 Federal Budget, handed down on 8 May 2018, focused on personal taxation, business taxation, superannuation, and measures to assist older Australians. Here, highlights are explained with tables to help calculate savings or changes to previous circumstances as the Budget 2018-2019 measures are brought into effect.
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Billings and Ellis, Xero Gold Partner

Billings + Ellis strikes Gold with Xero!

For many businesses, Xero doesn’t need an introduction. But if you’re not familiar with Xero, it’s cloud accounting software that allows access to your business finances anytime from anywhere via your internet-connected device. Xero lets you collaborate with your accountant, bookkeeper, and staff in real-time. Billings + Ellis is proud to be a Xero partner and even prouder to have recently achieved Xero Gold Partner status. So how does an accounting firm become a Xero Gold partner and what are the benefits?
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Single Touch Payroll, Xero Gold Partner

Single Touch Payroll from 1 July 2018 – are you ready?

Single Touch Payroll (STP) reporting affects employers with 20 or more employees (known as a substantial employer) and commences 1st July 2018 in accordance with new Australian government legislation. So, what is Single Touch Payroll? How do you prepare for STP? What changes do you have to make? The following should help you better understand Single Touch Payroll reporting and how to get ready for the transition.
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Changes small business 2017-2018

Some good news for small business in Federal Budget 2017

The Federal Budget announced on 9 May 2017 delivered no sweeping changes to the small business landscape, and increased compliance is something that most business owners have become used to. However, there was some good news for business owners wanting to continue investing in assets to improve business productivity, profitability, and capacity for innovation.

Here we explain Budget highlights as relevant to small business owners:

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Tax deductible airport lounge club member

Are airport lounge club membership fees tax deductible?

Belonging to The Qantas Club or Virgin Australia Lounge can provide business travellers with somewhere comfortable and convenient to relax, revitalise, or work productively whilst remaining inside the airport terminal. Exclusive amenities like deluxe armchair seating, hot showers with complimentary towels and toiletries, ‘free’ food and beverages, WiFi, workstations, and priority passenger services don’t come too cheaply, however. Any airport lounge club membership will cost hundreds of dollars per year for each traveller.

Many frequent flyers regard membership of an airport lounge club as vital for relieving some of the stress and work-disruption associated with business travel, and at Billings and Ellis we’re often asked the question: “Are airport lounge club membership fees tax deductible?”

The good news is that airport lounge club memberships can be wholly deductible for businesses with travelling employees. Even sole traders and employees may claim a deduction for their own membership fees in whole or part, subject to general rules summarised below.
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eceipt Management Software

Receipt Bank works like magic for entering bills and receipts

How much time do you spend entering data from supplier bills into Xero? How about sorting those crumpled receipts for expenses? If you’ve got better things to do with your time than sifting through paperwork and entering data, you’re going to love Receipt Bank. Receipt Bank reads the data from bills in any format – even camera shots of receipts. Receipt Bank enters the data into Xero for you, and saves a PDF of the original document in Xero.
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