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Superannuation Guarantee Amnesty

Have you heard about the
Superannuation Guarantee Amnesty?
 

The Superannuation Guarantee Amnesty (The Amnesty) is a one-off opportunity for employers to self-correct past super guarantee charge (SGC) non-compliance without penalty.
The amnesty will run from the 24th May 2018 till the 23rd May 2019.

Click below to see full details.

?Super Amnesty Info

 

Still need more information, contact us TODAY!

Ph | 02 8853 6600

Jason Murray | jason@alphacg.com.au

Chris Leeson | christopher@alphacg.com.au


What we do | Get in touch with us




Single Touch Payroll Roll-out - 1st July 2018

 

Single Touch Payroll (STP) is almost here -
Are you Ready?
 
 

From 1st July 2018, if you have 20 or more employees, there will be no more need to do the end of year ATO reporting for payroll, just report as you pay!
For additional information please refer to our first STP blog.

Both Xero & MYOB have released some great information outlining STP on their programs, click the links below to see:

Xero STP Blog

MYOB STP Blog

 

Still need more information, contact us TODAY!

Ph | 02 8853 6600

Jason Murray | jason@alphacg.com.au

Chris Leeson | christopher@alphacg.com.au


What we do | Get in touch with us

 


 

Single Touch Payroll

Single Touch Payroll



From 1st July 2018, if you have 20 or more employees, there will be no more need to do the end of year ATO reporting for payroll, just report as you pay!


Single Touch Payroll (STP) is changing the way employers report to the Australian Taxation Office (ATO) by providing a platform to report information like salary and wages, pay-as-you-go PAYG withholding and superannuation information when you pay your employees.

Xero and MYOB will be Single Touch Payroll compliant and provide a simple, easy way to meet your tax requirements each pay cycle.

 
To get ready for the change, here's what you need to do:

1.   On 1st April 2018 - Confirm your headcount to know whether you will be required to submit your pay information to the ATO from the 1st July 2018.
If you have 20 or more employees, you'll need to sign up to a software provider such as Xero Payroll to keep you STP compliant.

2.   From 1st July 2018 - Single Touch Payroll kicks in and will be mandatory for all employers that have 20 or more employees.

3.   From 1st July 2019 - Single Touch Payroll will be mandatory for all employers.

 

Need more information -
Talk to one of our Directors today on (02) 8853 6600 or contact them via email;

 

Jason Murray  -  Jason@alphacg.com.au

Chris Leeson   -   Christopher@alphacg.com.au

 Sauce: http://tv.ato.gov.au/ato-tv/media?v=bd1bdiub7gfnqq 

Understanding Christmas Parties and FBT

 Understanding Christmas Parties/ Entertainment and FBT



 With the Festive Season well and truly upon us, it is worthwhile having a refresher of the Fringe Benefits Tax (FBT) implications of holding Christmas Parties and other entertainment.

Many businesses will be considering what gifts, if any, they will provide to clients and employees. However, an important issue to consider is the possible FBT and income tax implications of providing "entertainment" to staff and clients.

 Form more information, click here to see our full article. 

Thinking of earning extra income?

The Sharing Economy and Tax 


For some business owners, the sharing economy can be a good way to earn extra money and top up your income.
The sharing economy connects buyers and sellers, normally through a website or app, and can include:
  • Completing jobs or errands for payment
  • Providing ride-sourcing services e.g. Uber - Click here to find out more
  • Renting out your vehicle or car space
  • Renting out all or part of your house, apartment or unit
The sharing economy is about making the most of available resources.
Depending on your circumstances as well as what you are doing, there are tax obligations you need to meet when you earn income through the sharing economy.
You need to declare what you earn in your tax return an only claim the business portion of your expenses, just like you would normally do when running a business.

Other things you may need include;
  • an Australian Business Number (ABN)
  • To be registered for GST and Business Activity Statements (BAS)

Keeping your records of what you earn will make it easier to claim deductions and will save you have to amend your tax return later on.


 

Need more information -
Talk to one of our Directors today on (02) 8853 6600 or contact them via email;

 

Jason Murray  -  Jason@alphacg.com.au

Chris Leeson   -   Christopher@alphacg.com.au

 

 Sauce: https://www.ato.gov.au/Newsroom/smallbusiness/General/Thinking-of-earning-extra-income-/?sbnews20170919 

 

 

I Won't Get Hacked - Free Event for Businesses

I Won't Get Hacked!?... 
 
How many times do we hear or say that?

This year alone Australians have lost approximately $45million in cybercrimes and scams.

Just some statistics shown include:
  •  $8,376,944 in Internet scams/ hacking
  • $7,771,221 in Email scams/ hacking
  • $7,126,987 in Social networking scams/ hacking

In NSW alone we have lost in excess of $10,000,000. These are quite alarming statistics.

 

Source - https://www.scamwatch.gov.au/about-scamwatch/scam-statistics

 

Alpha Consulting Group have teamed up with ParaFlare a Cyber Security Solutions provider who can help protect your Business from this growing threat.

ParaFlare are hosting a FREE event on the 26th October 2017 in Sydney to provide insights on how to mitigate the risk of cybercrime and explain the role a dedicated Cyber Security provider can play in your Business.

Join us and the ParaFlare team for an afternoon of cyber security insights from former Australian Defence cyber specialists, ParaFlare's cyber and international security law experts and an open engaging Q&A session aimed at Small and Medium business owners.

The information and Q&A session will be followed by drinks and networking. 

ParaFlare is an Australian owned cyber security business with a focus and passion on applying effective and tailored solutions to Australian Small and Medium businesses.

 

Registration can be found on the link below:
https://www.eventbrite.com/e/i-wont-get-hacked-presente   d-by-paraflare-powered-by-carbon-black-tickets-36532575918

 

CYBER IS THE NEW FACE OF CRIME. Don't be a victim!

Take Control of your Tax Debt

Do you have your Tax Debt under control? 
 
 

From 1 July 2017, a new tax measure will come into play for small businesses, and we're here to help prepare you for this tax change.

Businesses that haven't engaged with the Australian Taxation Office (ATO) to get their tax debts under control could have their tax debt information disclosed to credit reporting agencies by the ATO. 

Initially, the ATO will be applying this new disclosure measure to businesses with a tax debt greater than $10,000 and is in default (at least 90 days overdue). If your tax debt is disclosed by the ATO, your credit rating will be adversely affected for the next 5 years.


What do you need to do?

If you have a tax debt that is 90 days or more overdue, you need to secure a payment arrangement with the ATO before 30 June 2017, regardless of how big or small the tax debt is. 

We also encourage everyone who has outstanding tax payments not yet in default, to get these paid as soon as possible. 

Tax debts, once disclosed to credit reporting agencies, will go on your credit rating file for 5 years which could greatly impact your chances of securing finance in the future or enter in to credit arrangements with your suppliers. 

So, it is important to get your tax debts under control as soon as possible, and well before 1 July 2017.


How we can help you! 

As your tax agent, we can help you negotiate an effective payment arrangement with the ATO without negatively affecting your cashflow. 

 

Need more information -
Talk to one of our Directors today on (02) 8853 6600 or contact them via email;

 

Jason Murray  -  Jason@alphacg.com.au

Chris Leeson   -   Christopher@alphacg.com.au


 

 

General advice disclaimer
Alpha Consulting Group (FP) Pty Ltd is an Authorised Representative of Count. 'Count' and Count Wealth Accountants® are trading names of Count Financial Limited, ABN 19 001 974 625 Australian Financial
Services Licence Holder Number 227232 ("Count") a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count is a Professional Partner
of the Financial Planning Association of Australia Limited.

Super Reform Changes

 

Super Reform Changes - and what you need to know about them.

The Federal Government's reforms to superannuation are now in effect, with new rules having commenced from 1 July 2017. It's important to understand how these changes could affect your financial strategy and retirement plans.

 
 

In the 2016 Federal Budget, the government proposed a wide range of reforms to Australia's superannuation system. In fact, these are the most significant changes to super of the last 10 years. Although not all the proposals have been legislated, some significant ones were passed by parliament late last year and are now in effect.

Here's a breakdown of  most important changes and questions around them.

 

1. Super contribution cap reduced by up to $10,000

Changes to superannuation from 1 July 2017 have reduced the concessional contribution cap to $25,000 for everyone. If you made concessional contributions (such as salary sacrifice) of more than $25,000 to super last financial year, you may need to reduce your contributions to avoid breaching the concessional contribution cap this year. To speak to one of our Financial Advisers call us on (02) 8853 6600 to book an appointment to discuss if your retirement goals will still be on track in light of these changes.

2. High income earners to pay 15% more tax on super contributions

If you earn over $250,000 a year, your concessional super contributions could be subject to an additional 15% tax.
Your earnings could include realised capital gains, payments received on termination of employment and
superannuation lump sums taken under age 60. Whilst super is still a tax effective way to save for retirement,
it's a good idea to speak to your adviser or call us on (02) 8853 6600 to ensure you will still be on track to meet your goals.
 

3. Are you thinking of contributing more than $100,000 to super?

The after-tax contribution cap is now $100,000 a year; or $300,000 over a 3 year period for anyone under age 65 and has a total superannuation balance less than $1.4 million at the beginning of the financial year. If you've made a contribution over $180,000 in the previous two financial years, you may be eligible for 'transitional' rules. If you're planning on making a large contribution to super, consider speaking to your adviser or call us on (02) 8853 6600 to give you the best chance of meeting your retirement goals.

 

4. Earnings in Transition to Retirement (TTR) pensions now taxed at 15%

Changes to superannuation from 1 July 2017 mean TTR pensions are now subject to 15% tax on earnings
derived from assets supporting the TTR pension. This, combined with the reduced concessional contribution
cap of $25,000, means that TTR strategies may not be as beneficial as they once were. If you currently have a
TTR pension or are considering a TTR, it's worth asking your adviser or call us on (02) 8853 6600 whether the
strategy is suitable for you, or if any changes to your existing strategy are required.

 

5. Have the latest super changes affected your beneficiaries?

Significant changes to death benefits from superannuation pensions and the rules around how they can be transferred to beneficiaries came into effect on 1 July 2017. Like many of the recent super reforms, these changes are complicated and could potentially undermine the effectiveness of your estate plan. It's important you contact your adviser or call us on
(02) 8853 6600
to understand how your estate plan may be impacted and to ensure your beneficiaries have the financial security you intended.
 

6. Have the latest super changes affected your beneficiaries?

Some significant changes to death benefit pensions and the rules around how they can be transferred to
beneficiaries came into effect on 1 July 2017. For example, super death benefit pensions now count towards
the beneficiary's Transfer Balance cap of $1.6m and can no longer be converted back to the beneficiary's super account. Any amount of death benefit pension that exceeds the recipient's transfer balance cap must be cashed out of the superannuation environment. The changes may undermine the effectiveness of your estate plan, so it's important to contact your adviser or call us on (02) 8853 6600 to discuss your situation and ensure your beneficiaries have the financial security you intended.


Speak to us for more information

If you have any questions, please speak to one of our Financial Advisers.

 

Jason Murray  -  Jason@alphacg.com.au

Wayne Clark - Wayne@alphacg.com.au

To make an Appointment or call us on 02 8853 6600.




Important information
This document contains general advice. It does not take account of your objectives, financial situation or needs. You should consider talking to a Financial Adviser before making a financial decision. This document has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. 'Count' and Count Wealth Accountants® are trading names of Count. Count Financial Advisers are authorised representatives of Count. Information in this document is based on current regulatory requirements and laws, as at 2 June 2017, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document. Count is registered with the Tax Practitioners Board as a Registered Tax (Financial) Adviser. However your authorised representative may not be a Registered Tax Agent. Consequently, tax considerations are general in nature and do not include an assessment of your overall tax position. You should seek tax advice from a Registered Tax Agent.

Are you using the Correct Award Rates

 Are you using the Correct Award Rates?
 
 

Happy new financial year! We hope last years was financially
prosperous and here's to another exciting year ahead
.

 

However, as it is the new financial year, it's time to ensure that you're paying up to the correct award rates.

 

Here is a quick how-to-guide that we've put together to make sure you are up to date with the current rates!

 

To find your minimum pay rates:

1.     Head over to the Fair Work Pay Calculator

2.     Enter in your award or utilise the built-in tool to help you find your award.

3.     Follow through the steps for each employee or employee type till you get to the end and compare that to your staff's pay rate in your HR files and payroll software.

4.     If there is a change, make sure you enter in the new award pay rates for your staff in their HR files and update your payroll software.

5.     Feel free to give us a call if you have any questions about this process, your award, or anything else.


For our clients in the Hospitality, Restaurant, Fast Food, Retail and Pharmacy industries, make sure you look through the updated penalty rate changes here.

 


We're looking forward to working with you into the future and to ensure you achieve all your business goals, and a beautiful future!

 


Need more information -
Talk to one of our Directors today on (02) 8853 6600 or contact them via email;

 

Jason Murray  -  Jason@alphacg.com.au

Chris Leeson   -   Christopher@alphacg.com.au




General advice disclaimer
Alpha Consulting Group (FP) Pty Ltd is an Authorised Representative of Count. 'Count' and Count Wealth Accountants® are trading names of Count Financial Limited, ABN 19 001 974 625 Australian Financial
Services Licence Holder Number 227232 ("Count") a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count is a Professional Partner
of the Financial Planning Association of Australia Limited.


2017 EOFY Tax Minimisation Tips

 

 Your 2017 EOFY Tax Minimisation Tips
 

Another financial year is about to finish!
As a business owner, there are many obligations that you need to consider and action just before and after 30 June.
Some of these will help to minimise your tax.
We have outlined these action points below to assist you.



Date

Action Required

BEFORE
30 June 2017

· Ensure your employee superannuation payments are received and allocated by your employees' super fund prior to 30 June 2017 to ensure a tax deduction for this year. Any payments made between 1July 2017 and 28 July 2017 will count towards your Superannuation Guarantee requirement but will not be tax deductible until the 2018 financial year.

· If you operate through a trading company, review shareholder loan accounts and make minimum loan repayments (may need to declare dividends).

· If you operate through a discretionary family trust, ensure that a Trust Distribution Resolution for each Trust is signed by 30 June 2017.

· Review 2017 LAST MINUTE strategies below to reduce your tax prior to 30 June 2017.

· Carry out a stocktake by 30 June 2017 (companies with turnover over $10 million)

1 July 2017

· Superannuation guarantee rate is still 9.5%

· 2% Temporary Budget Repair Levy ceases.

14 July 2017 or before

· Provide 2017 PAYG Payment Summaries to all employees

28 July 2017

· Quarterly Superannuation contributions due for employees (for the period 1 April 2017 to 30 June 2017). THIS IS A KEY DEADLINE!

(Note: If you fail to meet your requirements by 28 July 2017, you must complete a Superannuation Guarantee Charge Statement and forward it to the ATO together with underpaid superannuation plus administration fees and interest by 14 August 2017. Superannuation Guarantee Charge payments are NOT tax deductible.)

14 August 2017 or before

· Lodge your 2017 Annual PAYG Payment Summary Statement (for employees) with the ATO. Penalties apply for late lodgement.

28 August 2017

· Taxable Payments Annual Report due for lodgement with the ATO (building and construction industry)


Click Here to read the full EOFY Tax Minimisation Tips
 


Need more information -
Talk to one of our Directors today on (02) 8853 6600 or contact them via email;

 

Jason Murray  -  Jason@alphacg.com.au

Chris Leeson   -   Christopher@alphacg.com.au


General advice disclaimer
Alpha Consulting Group (FP) Pty Ltd is an Authorised Representative of Count. 'Count' and Count Wealth Accountants® are trading names of Count Financial Limited, ABN 19 001 974 625
Australian Financial Services Licence Holder Number 227232 ("Count") a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.
Count is a Professional Partner of the Financial Planning Association of Australia Limited.

 

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