Do you need an ATO portal for your Sunshine Coast business?
February 23, 2018
When you started your business, we’re sure that the part you were looking forward to wasn’t the lodging statements and doing taxes part. Well, unless you started an accounting business, then it might be up your alley.
For most though, this is seen as a time consuming and all too complicated distraction that takes from what you want to do with your business.
The great news is that with an Australian Tax Office (ATO) portal, you can save time and save money. The dread of filling out those forms that come in the mail is over. You just log into the site and fill in the information and hit send. No trips to the post office, and more importantly no late fees if it gets there late.
By registering with the ATO online, you will be given control over many aspects of your business and enjoy the convenience of them being in one location. Even if in the end you still want your registered tax or BAS agent to lodge your forms for you, you’ll still have full access to be able to see transactions and balances or access the secure mailbox for any correspondence you have with the ATO.
If you register for a Business Portal, you will not only be able to lodge statements and use the secure mail feature, but you will also be able to update your business registration details when needed.
Maybe you are a small business, with 19 or fewer employees with a turnover of less than $10 million, and want to make your Superannuation contributions easier.
Registering with the ATO online gives you access to the Small Business Superannuation Clearing House which lets you pay all your employee’s super, no matter which super they are with, in a single transaction.
If you are in the greater Sunshine Coast area and would like more information, let us know, and one of our bookkeeping expert staff will get you started.
Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD
And then there are employee payment summaries and the summary of income and expenses in a profit and loss statement, the record of debtors and creditors, asset purchases and expenditure on improvements, depreciation expense claims and capital gains tax, income tax returns and yearly reports, returns for PAYG withholding, fringe benefits tax (FBT), Goods and Services Tax (GST), and the taxable payments reporting system, meeting superannuation requirements… the list goes on and on.
With so many great software options including XERO, MYOB and Reckon. It’s vital for Balanced Bookkeeping and Business Solutions to be on top of them all. Our expert team can help tailor fit any software your business needs. We proudly keep the Sunshine Coast on top of their accounts. Ask us how we can help you today.
Balanced Bookkeeping and Business Solutions is a local Sunshine Coast company that provides a complete bookkeeping service and solutions for small to medium businesses and can cope easily with both the ATO and ACNC, so that you can pursue the far more rewarding and philanthropic business of fund-raising and distributing to the deserving foundation or trust of your choice.
Balanced Bookkeeping and Business Solutions is a local, Sunshine Coast business that provides a complete bookkeeping service and solutions for small to medium businesses. The principal of Balanced Bookkeeping and Business Solutions has worked in the accounting industry for over 20 years and is a qualified accountant and registered BAS agent, which means that you can discuss the pros and cons of casual and full time and part time employment, knowing that you will receive practical, constructive, valuable advice.
So, what is Fringe Benefits Tax? Simply put, it’s an extra tax that you cover for your employee that is for the benefit of the employee in lieu of paying them more money. The tax is calculated on the value of what is being used for FBT.
This is only a new initiative as we mention that came into effect as of the 1st of July 2018, so there are still a lot of questions to be answered. This is why a number of clients we serve on the Sunshine Coast have been coming to us at Balanced Bookkeeping and Business Solutions to see their options.