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Profit & Loss Statements - The Basics

Defining a Profit and Loss Statement

Before you can read a profit & loss statement, you have to first understand what it is. 

A profit and loss statement is key to determining your business's taxes. It helps to determine your business's tax liability, and a simple mistake can end up costing you thousands. 

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Single Touch Payroll for Employees

Single Touch Payroll is the ATO's latest compliance regulation that requires your employer to send employee payroll information to the ATO at the same time as they process a standard pay runs instead of at the end of financial year.

If your employer reports to the ATO through Single Touch Payroll, you will be able to see up-to-date tax and super information through myGov. Employers with more than 19 employees were required to use Single Touch Payroll from 1 July 2018. All other Employers have to start reporting payroll information to the ATO under Single Touch Payroll from 1 July 2019. 
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Single Touch Payroll for Employers

Single touch payroll will change the way businesses report salary/wages, PAYG withholding and superannuation information to the Australian Taxation Office. What is Single touch payroll and how big is the change?

 

Single Touch Payroll (STP)

STP is a new regulation that changes when and how small businesses report payroll activity to the Australian Taxation Office (ATO).

Businesses used to report this information to the ATO once a year. Now, they need to send a report after each pay day.  Reports must be submitted digitally, using a specific format.  STP is a significant change that will require many employers to upgrade or replace their payroll system in order to meet new payroll reporting obligations.

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Happy Easter to all!

OUR OFFICES WILL BE CLOSED ON
GOOD FRIDAY (19th), EASTER MONDAY (22nd)
AND ANZAC DAY (THURSDAY 25th)
IN APRIL 2019.

We will be open as per normal business hours on all other weekdays. If we can
assist you around these dates, please do not hesitate to give our offices a call.

We hope you have a happy and safe Easter  ~  Lest we forget

Naracoorte (08) 8765 7777
Bordertown (08) 8752 8888
Murray Bridge (08) 8535 5999


What to Expect with new Division 7A Rules

Come 1 July 2019, it is likely that there will be higher interest rates, shorter loan terms and larger repayments being mandatory on all loans.

Existing loans will also not be exempt, with individuals being required to transition onto new agreements as early as 2021. While public consultation is still in progress and there is no real knowing what Government will decide, now is the time to start planning for how these amendments may affect you and your company to mitigate possible strain on cash flow before we reach the new financial year.

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Changes to tax legislation mean that travel to and from residential rental properties no longer apply; an amendment which came into effect on 1 July 2017. 

As it's been commonplace for owners to claim for this type of expenditure, it will now need to be of consideration for investors lodging tax returns for 2017/2018 to ensure that figures are calculated correctly.

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Farm Land prices are fetching record prices recently. Many farming asset holders have acquired land through succession or other forms of acquisition for a cost base which is significantly lower than the current values. In these instances there are often significant unrealised capital gains that can be triggered in the event of transfer or sale.

  • Are you aware of the implications if this were to occur in your situation?
  • What tax would be payable; $10,000, $50,000, $100,000, more?
  • Does stamp duty apply on top of this and are there exemptions available?
  • Under what conditions can stamp duty exemptions be applied?
  • What methods are available to minimise or mitigate the tax implications?
  • How will a change in Government affect this situation?
  • Could I plan for this event to mitigate the risks of capital gains tax crystallising?
  • What if I transfer? What if I sell?
  • Do I properly understand our asset holding structure?

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When you're a busy truck driver with your own business, it's often difficult to find a spare moment to even think about tax affairs, which is why it can feel like such a burden when it finally comes around.

To avoid feeling like this, there are small things you can do to keep tax matters simple, even if you're spending many nights away from home with limited or no access to the internet or a computer. To get the ball rolling, here are some of the concerns that Australian Truck Drivers may have, along with our suggestions to make tax time a breeze. 
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TIPS TO GETTING THE CREAM OF THE CROP BEFORE HIRING FRUIT PICKERS & SEASONAL WORKERS

Subject to what your farm grows and the time of year your crops need to be harvested - employing temporary immigrant or seasonal workers for fruit picking or other seasonal farm work can be extremely beneficial for everyone involved.

That said, below are some key tips to consider and take into account before hiring temporary seasonal workers for your fruit-picking season.

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AFR Top 100 Accounting Firms


THANK YOU TO ALL OF OUR CLIENTS!

You are the reason we are in the 2018 "Financial Review Top 100 Accounting Firms"

Murray Nankivell are proud to make the list again this year. Our merger with Mencel Business Services helped to maintain a 'mid-pack' footing.

We continually strive to provide high quality services to the local community and pride ourselves in knowing what is important to our clients.

By combining local knowledge with our accounting and financial planning expertise, we get the job done, for you.