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** IMPORTANT NOTE **
All Clients must have their complete book work including statements to the office by no later than the 10th of the Month to allow 2 weeks for completing and lodgement of BAS. Any book work received after this time may result in late lodgement fees to your business from the ATO.
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What does a Bookkeeper Actually Do?
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Whether you sell handmade alpaca socks, enterprise software, or legal advice, there are two things we can guarantee about your business: you earn money and you spend it. Bookkeepers are the ones who help you keep track of all that.
A Bookkeeper is someone who prepares your accounts, documenting daily financial transactions. Bookkeepers have been around as far back as 2600 BC (when records were tracked with a stylus on slabs of clay) making bookkeeping not the oldest profession, but pretty darn close.
But what does a Bookkeeper actually do all day?
A Bookkeeper’s role will always include a fair bit of data entry and receipt wrangling. Practically speaking, they label expenses, indicate who you paid and how much you paid, and keep a record of receipts. On the income side, they track incoming payments and sometimes issue invoices.
That said, bookkeeping is more than just dropping numbers into a spreadsheet or software program. It takes meticulous analysis and just enough legal know-how. After all, bookkeepers will help you survive an audit by making sure your records are in order and your deductions are legal.
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Single Touch Payroll is the next step in streamlining your payroll reporting. It will change the way you report your employees’ payroll information to the ATO.
You will report payments such as salaries and wages, Pay As You Go (PAYG) withholding and super information to the ATO when you pay your employees.
You can do this through your existing payroll software (such as accounting software) as long as it is updated to offer Single Touch Payroll reporting. Payroll software providers are updating their products now. We will keep you informed of how and when your product will be ready and require any necessary updates.
What does it mean?
-When you start reporting through Single Touch Payroll you will send your employees payroll and super information to the ATO from your payroll software each payday
-Your payroll cycle will not change. You can still pay your employees weekly, fortnightly or monthly.
-Your payment due date for PAYG withholding and super contributions will not change. However, you can choose to pay earlier.
-You may not need to provide your employees with a payment summary at the end of the financial year for certain payments you report through Single Touch Payroll. The ATO will make that information available to employees through myGov.
-You will have the option to invite your employees to complete Tax File Number Declaration, Superannuation standard choice form and Withholding Declaration online. (this feature will not be available immediately)
-When you report to the ATO through Single Touch Payroll, your employees will be able to view their year-to-date tax and super information through myGov.
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