Tag: Bookkeeping Westernport

July 3, 2018 Superannuation

What is the Superannuation Amnesty?

superannuation amnesty

The Australian Government has announced its plans to allow employers with outstanding superannuation debts, a 12-month amnesty to pay overdue superannuation to their employees before penalties will be imposed.

It is reported that in 2014-15 alone, approximately $2.85 billion in Superannuation went unpaid.

To comply with the amnesty guidelines, employers must pay all of the superannuation that is owing to their employees, including nominal interest. The usual hefty penalties for late payment will not be applied during the amnesty period.

According the Australian Government’s announcement, employers that do not take advantage of the amnesty will face higher penalties when they are subsequently caught.

Throughout the amnesty period the ATO plans to continue its usual enforcement activity against employers who do not voluntarily disclose their historical obligations.

The SG Amnesty is a great opportunity for businesses to wipe their slate clean and for employees to be paid the entitlements that they are rightfully owed.

The amnesty is a draft law before parliament.

Click here to read the Australian Government’s announcement of SG Amnesty.

June 22, 2018 Software

How safe is cloud based accounting software?

Undoubtedly, cloud based accounting is the way forward.  Switching your account keeping software to the cloud, not only saves your business a tremendous amount of valuable time, but also increases accuracy and gives you access to real-time data on any device.

But many cautious business owners ask “how safe is cloud software?”.  And let’s be honest, in a time when we are so often hearing about credit cards being hacked, personal details being stolen and used in fraudulent ways, why wouldn’t we be concerned?  It is definitely a question we should be asking, especially when we are placing our business finances and documents within these systems, we want to be sure that we are the only ones who are able to access it. So, how safe is cloud-based accounting software?

As with any system, proper precautions must be taken.  Software that is being hosted locally can just as easily be hacked as cloud based software, the security issues are the same. There are currently multiple layers of security with cloud based software and The Australian Taxation Office (ATO) is introducing a new operational framework for software developers and for accountants and bookkeepers who use software to interact with the ATO.  This new framework requires accountants and bookkeepers to use multifactor authentication when they login. This means anyone working with Australian taxpayer information needs to have 2 step authentication implemented in their cloud based software by the end of March 2018 to comply.

Whilst software companies like Xero and MYOB have many layers of security to protect our business, this latest ATO requirement gives another level of added security protecting Australian Businesses.

April 13, 2018 Superannuation

SBSCH to join the ATO Online Services

On February 26 2018, the Small Business Superannuation Clearing House (SBSCH) will join the ATO’s online services. This will streamline how you use the SBSCH and also include extra functionality, such as the ability to sort employee listings and payment by credit card. Businesses will be able to access the SBSCH within the Business Portal. For further information, click on the following link.
https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/small-business-superannuation-clearing-house/

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