Have you heard?
We are moving to Hub Docs as part of our bookkeeping service. The ability to store invoices and receipts in the cloud has revolutionised the way we do business and this application offers even more for your business. Hub Docs is a fantastic program that provides an electronic box to store and separate invoices which makes it very convenient and easy if you want to take your organisation to the next level. Invoices can be forwarded to Xero from here and it’s designed from simple coding for small businesses. It really works and is a great time-saving device.
If you have a full Xero account which includes invoicing then you already have Hubdocs, you just need to call us to enable.
Director identification number needed
New legislation introduced by the Government in June means that company directors will soon need to have a Director Identification Number. This will consolidate all registry function to a single Commonwealth Business Registrar to be administered by the ATO. The purpose behind the DIN is to assist ASIC and other regulatory bodies in correctly identifying directors, particularly for the purposes of insolvency and illegal phoenixing activity. New directors will be required to apply for a DIN prior to their appointment while existing directors will be subject to a transitional period of up to 15 months to apply. Read more at https://www.abr.gov.au/media-centre/modernising-business-registers-and-director-identification-numbers
What the Xero portal can do for you
The Xero portal on our website makes it very easy to access your information and get various aspects of business done. You can now file receipts, add information and update personal details. It’s very simple to do – just click on the portal and away you go.
Single Touch Payroll update
Single Touch Payroll is now part of the process for payment to employees so employers will need to provide taxation and superannuation details to enable their staff to retrieve payment summaries from MyGov.
If you have not yet finalised your Single Touch Payroll, you will have some disgruntled employees. Finalisation is the equivalent of sending your Annual Payment Summary Reconciliation to the ATO. If you need assistance with this, please contact the office.
Good news, good news
Good news for those accessing the Federal Government’s Jobkeeper payments, with a second round to commence after the October lodgement.
This will be a little bit trickier to access than the earlier round as the standard test compares the September 2019 quarter to the September 2020 quarter. To access, you will need to show a 30% or more decline in income in the September 2020 quarter. The rate will also be reduced to $1200. It has not yet been finalised whether any alternate tests will apply. This September quarter test can only validate for three months.