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ASIC update to upcoming AGM and Financial Reporting Requirements

ASIC has provided some information for listed and unlisted public companies with a financial period ending 31st December and are required to hold an AGM by 31st May. No-action on AGM’s due by 31st May Due to gathering restrictions, ASIC will not take action against an entity who doesn’t hold their AGMs by 31st May. The current ‘line in the sand’ is AGMs be completed by 31st July or such later date as ASIC advises. Hybrid and Virtual AGMs Entities still proceeding with their AGM by 31st M...

NFP's preparing for audit in the face of Covid-19

The impact of Covid-19 is being felt across Australia’s economy and the rest of the world. It’s creating greater uncertainty both now and into the future, creating more risks that may not have been encountered before. Management and Board need to perform appropriate risk assessments and assessing the impact of Covid-19 in these changing and conditions. These are the types of questions an auditor performing the financial assessment is going to want to confirm; Has a cash flow forecast an...

Revised Commonwealth Government Support

Wow- what a weekend it has been!!Revised cashflow suport for business & Not for Profit in summary:Paying PAYG quarterly- the whole PAYG amount will be provided in a grant for the March & June payments.Additionally if you add those 2 payments together & divide by 4 you will recieve that amount each month from July to October- subject to you continuing to employ staff.Paying PAYG Monthly- you will receive your March PAYG witholding x 3 & then 100% of your April, May & June withholdingAdditionally ...

State Government Payroll Tax Relief Measures

ACT All ACT businesses with Australia-wide wages of up to $10 million can defer their 2020-21 payroll tax, interest free until 1 July 2022. How to apply Businesses will need to complete a simple online application form (which will be available soon)  to confirm their eligibility by visiting the ACT Revenue Office website. Note: hotels, clubs, pubs, restaurants and cafes, and businesses in the creative arts, entertainment sectors will have their payroll tax waived for 6 months from April t...

ATO support measures for Small Businesses affected by Covid-19

These measures are available now!! Allowing businesses to vary their PAYG Instalment (Company tax) to Nil in the March quarter BAS This is huge!! Varying the PAYG Instalment to Nil in the March BAS will automatically trigger a refund of the September & December instalments previously paid. Payment deferrals of up to 6 months For amounts due through business activity statement (including PAYG Instalments), income tax assessments, fringe benefits tax assessments and excise. Allowing businesses to ...

Business Continuity

We wish to outline the measures being taken by Successful Alliances to ensure business continuity and security of your data during the Covid-19 outbreak. Successful Alliances has worked with our IT company to ensure all staff have secure access to our servers and online files in the event that work from home is required. We have also implemented Zoom to enable virtual meetings with clients as well as to continue our methodology of having a staff member review critical work, such as payroll, thro...

Key Changes to Modern Award Annualised Salaries

From the 1st of March 2020 changes have been made to annualised salaries covered by some modern awards. Employers must comply with these changes, including a new notification, annual reconciliation and record-keeping. Employers in the past have reached an agreement with their employees to be paid an ‘all-inclusive’ salary, which includes their base salary, overtime, penalties and loading. From the 1st March 2020 this changes and employers will need to ensure transparency around these calcula...

Successful Alliances launches a secure portal for the transfer of documents!

We are excited to announce that with the beginning of the New Financial Year Successful Alliances is launching a secure portal for the transfer of data between our team & clients. Once invited, clients can receive documents from Successful Alliances as well as upload documents to Successful Alliances. Examples of documents we will use the portal for are: New employee informationTFN declarationsLeave requestsTimesheetsBank StatementsReportsBudgetsPayroll tax InformationPayroll information such as...

Single Touch Payroll

Single Touch Payroll (STP) is the most significant change in reporting to the Australian Taxation Office (ATO) for businesses since the introduction of the GST in 2000. STP will commence for substantial employers and those who elect to opt in from 1 July 2018 and the plan is (if legislation is passed) to roll it out to other employers from 1 July 2019. Are you a substantial employer? A substantial employer is classified as an employer who has 20 or more employees as of 1 April 2018 or Is a memb...

18 years of bookkeeping

https://www.myob.com/au/blog/s......