Category Archives: Accounting News

Tax Tables

We have received confirmation from the ATO that there will not be new tax tables this year from the changes in the federal budget for the Low and Middle Income tax Offsets but rather that this amount will only be through their Income Tax Returns.

 

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New Tax Tables

With the ATO releasing the new NAT 1004 and NAT 3539 documents for 2019/2020 on their website last Friday, InterAcct have updated the Tax tables for the coming financial year. 

Contact Support if you need assistance installing the new tables. 

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TPAR Reporting

For a number of years people working in the Building and Construction Industry have needed to report on data of who they have had working for them as sub contractors. This data was used to work out if contractors were paying the correct tax, declaring all of their income and as to weather they were really employees or actual Subbies.

 

This year it will expand to include businesses in Cleaning services, Courier Services. Next year it will be expanded again to include Road Freight Services, Security, Investigation or Surveillance services and Information Technology (IT) services.

 

InterAcct has a report that pulled this information from the database and enables you to report this data to the ATO for Subbies. The existing report will continue to be able to report the additional types of contractors that you may engage with.

 

If you have any questions Please contact us or review to the ATO page

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Government Grants

One question that I get asked from time to time is what assistance is available to help them with what is a reasonable one off cost to their business. While there are finance options available, another option is to get a government grant.

Grants can be available for many reasons, a recent prospect found 24 options for their industry. While not all might be applicable to their needs, it does not take too long to see what might be available.

The following website is a link to some grants

https://www.business.gov.au/assistance/search

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End of Financial Year

Things are starting to get busy in the office as new clients start to implement systems over the next month or two in preparation for going live in the new financial year. You can start your InterAcct installation and go live at any time of the year, but every year this is a question asked of us as to when is the best time. I think the answer depends on you and your team.

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Fixed Asset Demo Video

There is a new Demo video which has a quick look at some of the features on the Fixed Asset depreciation module. It runs at just over 2 minutes and is a great little addition to the standard system that can be added at any time.

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Single Touch Payroll for All.

Well it looks like the House of Representatives have finally passed the legalisation for the Single Touch Payroll to be a requirement for all Australian Businesses. Good news that InterAcct have this feature as part of its standard Payroll module. It was a free update to any existing Users and will be able to run for all sizes to businesses. If you would like more Information give us a call.

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Job Costing Transaction Demos

We have completed the last of the basic videos that look at each of the main job costing transactions. Stock Issues, Purchase Orders, Works Orders, Timesheets, Sundry Costs and Machine Timesheets. There are more options in the system than these but it is hoped that this gives you an idea of what some of the options are. You can see the new videos together at  https://www.interacct.com.au/job-cost-transactions/ .  For a Demo on the system Contact us.

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Single Touch Payroll Updated

Well we have successfully moved 100% of existing payroll users that required it across to Single Touch Payroll ahead of the roll over this weekend. As well as the new tax tables. Congratulations to our team for all of their hard work.

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Product Verification Testing for STP

It’s taken just over a month to get everything ready for the Product Verification Testing for STP, but today we have managed to upload our first data set to the ATO for testing. A few formatting changes but we got there in the end. Now we just need to wait until the ATO confirms the data and all of our clients can go into production.

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