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September 2015 Quarterly Edion

RINGROSEBUTTON NEWSLETTER GeneralTopics:

InthisEDITION:

KeyDates

FuelTaxCreditChanges

Events&Sponsorships

Howcantechnologyhelp you!



1 rom f s e li 5 App ust 201 Aug Aer the Federal Governments decision to repeal the Carbon Tax in November 2014, there have been some changes to the fuel tax credits scheme. Rates are now indexed twice yearly, generally on 1 February and 1 August, which means extra care will need to be taken when you are comple(ng your Business Ac(vity Statements. It is important that you use these new rates to calculate your fuel tax credits. Business Use

Heavy Vehicle (on road) Power Auxiliary Equipment All other business uses

Fuel Type

Date fuel acquired From 1 July 2015

From 1 August 2015

Petrol or Diesel

12.76 c/L

13.06 c/L

Petrol or Diesel

38.9 c/L

39.2c/L

Petrol or Diesel

38.9 c/L

39.2 c/L

All other business ac(vi(es refer to those businesses in the following industries (note, this is not the whole list): Agriculture

Welcome to our technology issue of the Ringrose Bu>on newsle>er. We have designed this newsle>er to help you, our clients, help yourself through the use of technology. This newsle>er shall share (ps, tricks and advances which can not only save you (me but also increase the accuracy of your bookwork. For any further informa(on on anything you have read in this newsle>er, please contact your accountant, or follow the provided links.

Nursing and medical services Electricity genera(on by commercial, sta(onary or portable generators Quarrying If you need help working out your fuel tax credits claim, you can use the calculator on the ATO website to help ATO Fuel Tax Credits Calculator. Alterna(vely contact your accountant for further informa(on. LONGREACH │ 116 Eagle St │

P – 07 4658 1377 HUGHENDEN │ 53 Brodie St │ P – 07 4741 1088

BLACKALL │ 83 Shamrock St │ P – 07 4657 4144 TOWNSVILLE │ Level 1, 25 Stuart Street

│ P – 07 4722 2738

POSTAL │ PO Box 446, Longreach QLD 4730 │ EMAIL – [email protected] │ WEBSITE – www.rbca.com.au

R)*+,-+ ., M,0) ., .1) C3,45... Cloud soware refers to plaorms “live” on the web. They take up no space on your computer, and can be accessed from any Internet-connected terminal. Here are just a few reasons why cloud accoun#ng is becoming so popular. Security When you’re using cloud soware, everything is always protected – stored on mul(ple servers, secured with the newest and most advanced technology to make sure no one can access or delete your storage data. You never need to worry about computer crashes again. Real-Time Live Data Cloud users have all their financial informa(on con(nuously updated, which allows them to make decisions based on the newest informa(on available. Compare this to “tradi(onal” accoun(ng soware which requires (me-consuming manual data inputs. Accessibility One of the biggest perks of moving to cloud soware is the ability to access the data from anywhere, any(me. If there’s an Internet connec(on, you can log in and manage your accoun(ng informa(on on any device. It also allows you to share your data between mul(ple users, including your accountant, without having to send files backwards and forwards. Accuracy Cloud accoun(ng provides much more automa(on of data entry and reconcilia(ons than tradi(onal accoun(ng. This can eliminate manual entry errors making reconciling much quicker and easier. Mulple different soempt to match any bank deposits received for the same amount. If you agree with the match all you will need to do is press one bu>on to confirm. Xero also has a payroll func(on, substan(al repor(ng list and a business ac(vity statement func(on to help with your repor(ng requirements. For more informa(on contact your accountant or see the Xero website. LONGREACH │ 116 Eagle St │

P – 07 4658 1377 HUGHENDEN │ 53 Brodie St │ P – 07 4741 1088

BLACKALL │ 83 Shamrock St │ P – 07 4657 4144 TOWNSVILLE │ Level 1, 25 Stuart Street

│ P – 07 4722 2738

POSTAL │ PO Box 446, Longreach QLD 4730 │ EMAIL – [email protected] │ WEBSITE – www.rbca.com.au

EVE

Looking for something to do? Why not check out some of the great events happening this quarter, which we proudly sponsor!

NTS

October

Events

12th

Blackall Artesian Bull Sale

17th

Blackall Races

24th

Isisford Ross Cup Races

November

Events

14th

Blackall Races

December

Events

10th

Longreach Street Christmas Party

BANK FEED TECHNOLOGY ‘Bank feeds’ refers to the ability of your accoun#ng program to either automa#cally or manually import account transac#ons from your bank or other financial ins#tu#on. Many new versions of soware, as well as cloud based programs now have this feature. Using bank feeds can save considerable #me in data entry and reconcilia#ons. The method of collec(ng and impor(ng statements differs between soware and banks but here are some base instruc(ons to get you started. MYOB – This 3 minute short video will further explain how MYOB uses bank feeds and how to get started. Click Here.

S E T A D KEY

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Reckon – Provides bank feeds through a service called BankData. This is a subscrip(on service i.e there is a monthly cost involved. Follow this link for further informa(on and setup instruc(ons. SeVng Up BankData Many other soware providers are also providing integrated bank feeds or the ability to import transac(ons downloaded directly from internet banking. Compa(ble programs include Phoenix, Cashbooks Plus and Quicken while some programs such as Banklink and Xero are use bank feeds as their main source of data. If you would any further informa(on or help seVng up your soware to receive automa(c bank feeds please contact your accountant.

November 2015

21 October: September 2015 Monthly Business Ac(vity statements due date for lodgement & payment 28 October: September 2015 Quarterly ac(vity statement due date for lodgement and payment if not lodged through a tax agent. 28 October: September 2015 Quarterly super guarantee contribu(ons due for payment 31 October: 2015 tax returns due for lodgement for all en((es that had one or more years outstanding as at 30 June 2015.

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21 November: October 2015 Monthly Business & Instalment ac(vity statement due for lodgement and payment

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1 December: Income Tax for large income tax payers, including companies & super funds due for payment.

25 November: September 2015 Quarterly Ac(vity Statements due for lodgement and payment for those lodged through a tax agent

RINGROSE BUTTON VISITING DATES BLACKALL 22nd & 23rd October 3rd & 4th December Elaine Jacobie will be visi(ng out Blackall Office. For appointments phone 07 4657 4144 or email [email protected]

21 December: November 2015 Monthly Business & Instalment ac(vity statement due date for lodgement and payment

HUGHENDEN 4th, 5th & 6th November

25 December: Christmas Day !

Bill Ringrose will be visi(ng our Hughenden Office. For appointments phone 07 4741 1088 or email [email protected]

Please note that our offices will be closed from Tuesday 23rd December to Monday 4th January. LONGREACH │ 116 Eagle St │

P – 07 4658 1377 HUGHENDEN │ 53 Brodie St │ P – 07 4741 1088

BLACKALL │ 83 Shamrock St │ P – 07 4657 4144 TOWNSVILLE │ Level 1, 25 Stuart Street

│ P – 07 4722 2738

POSTAL │ PO Box 446, Longreach QLD 4730 │ EMAIL – [email protected] │ WEBSITE – www.rbca.com.au

ATORS L U C L A ATO C 1. The ATO now provides PAYG withholding tax

2 Wee k quarte s extra ever y r to lo dge & p ay your B AS!

tables in an excel format. This allows you to enter the gross wages and it will automa(cally return the tax to be withheld. Saving (me on looking up long confusing tables. Click here and select from Weekly, Fortnighly, Monthly or Casual. 2. Fuel Tax Credit Calculator. Fuel tax credit claims have never been more complex to calculate par(cularly with the indexing of rates every 6 months part way through a quarter. Click here to access the ATO provided fuel tax credit calculator for your BAS. 3. Employee/Contractor Decision Tool. There is a fine line between employee or contractor. To make sure you are trea(ng you workers correctly and not neglec(ng your obliga(ons use this Employee/Contractor Decision Tool. 4. Super guarantee Contribu(ons Calculator. Click here to determine how much super you should be paying for each of

The ATO Business Portal is a secure website for managing your business tax affairs electronically directly with the Australian Taxa(on Office. Its convenient easy to use format allows you to electronically: Prepare, lodge and revise ac(vity statements View your statement of account and payment op(ons Request a refund or transfer of funds between accounts Update your business registra(on and contact details Lodge and download files including TFN declara(on reports and year end PAYG Summary Statements. Communicate with the ATO through a secure mailbox. By signing up for electronic business ac(vity statement

your eligible employees.

lodgement through the ATO Small Business Portal you will be able to lodge your BAS online in real (me allowing your

HOW TO REGISTER

business addi(onal days each month or quarter. Paper lodgements are required to be received by the ATO by the due

How to register for the small business portal;

date meaning they must be posted 2 business days prior. As an 1. First you will need to setup an administrator AUSkey. To do this addi(onal incen(ve to use the portal, the ATO allows an click here. extended (me period to lodge and pay your BAS for those 2. You will need to enter the ABN of your trading en(ty as well as registered to report quarterly. For those worried they might other proof of iden(ty details. forget about their lodgement obliga(on without a paper form, 3. Once you have submi>ed your applica(on for your AUSkey an you will receive an email reminder whenever a new BAS is ac(va(on code and reference number will appear on the screen. You will need to print or save this page as you will need available. the ac(va(on code later.

LODGEMENT TIMETABLE

4. An email with instruc(ons on how to set up your AUSkey will be sent to you. This is will require you to download some soware. Quarter

5. Follow the prompts to ac(vate your AUSkey & select a pass- July - September word. October - December 6. Further instruc(ons on installing your AUSkey can be found by clicking here. January - March 7. Now you have an AUSKey and password you can log on to the April - June Business Portal at h>ps://bp.ato.gov.au

Due Date Paper

Due Date Online

28 October

11 November

28 February

28 February

28 April

12 May

28 July

11 August

The ATO Small Business Super Clearing House lets you pay your superannua(on contribu(ons to mul(ple employee funds in one simple transac(on. It’s designed to make the payment process easier, reducing red tape and compliance costs for small businesses. You simply register to use and enter each employees’ super fund details. The ATO will distribute your contribu(on to each individual fund and keep your employees’ details saved for the next (me your contribu(ons are due. To access the Small Business Clearing House you will need to register. This can be done by following these steps; Follow this link and select register. Read through the terms and (ck the Acknowledgment box, followed by I Accept. You will need to enter the ABN of your trading en(ty as well as other proof of iden(ty details. When you have finished following the prompts, a user ID and link to set-up your password will be emailed to you. Once you have your user name and ID it is as simple as logging on seVng up each of your employees, entering the figure you would like to pay them and making one secure payment. Aer the setup has been complete you will only need to enter the details of any new employees for future contribu(ons. For further informa(on visit the ATO website. LONGREACH │ 116 Eagle St │

P – 07 4658 1377 HUGHENDEN │ 53 Brodie St │ P – 07 4741 1088

BLACKALL │ 83 Shamrock St │ P – 07 4657 4144 TOWNSVILLE │ Level 1, 25 Stuart Street

│ P – 07 4722 2738

POSTAL │ PO Box 446, Longreach QLD 4730 │ EMAIL – [email protected] │ WEBSITE – www.rbca.com.au...