2020 FYCF

The introduction of the Tax Agent Services Act 2009 means a greater safeguard for taxpayers and our Financial Year Compliance File has been designed specifically with this in mind. This years 2020 FYCF has moved into the cloud!  The FYCF can now be completed online and supporting documents can be uploaded to each applicable question […]

EOFY Payroll

2020 Bove Payroll reconciliation spreadsheet must be completed after your final pay run for June 2020 and PRIOR to lodging your “Finalise Year” STP. 1. Click here for instructions 2. Click here to download the Bove Payroll Reconciliation spreadsheet.   “Finalise Year” STP Lodgement Dates are: 19 or less employees due 31 July 20 or more […]

Building and Construction

How did you go in 2020? Did you get selected for audit? Taxpayers in the building and construction industry have lodged their Taxable Payments Annual Report (TPAR). The A.T.O. are conducting a series of audits – make sure you don’t get caught out! For more information refer to TPAR [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]

EOFY Stocktake

Businesses that keep trading stock generally need to provide evidence of the level (quantity) and value ($) held at 30 June.  In these instances, a physical stocktake is required at the close of each financial year.  If you are a small business you may wish to elect to use the simplified trading stock rules. Clients […]

Directors Liability

Notice to all Directors: From appointment date, a director has 30 days to decide to resign with no potential for exposure to adverse personal financial liability.  Furthermore,  all directors have an increased responsibility to ensure their companies meet Pay As You Go (PAYG) withholding, goods and services tax (GST) as well as superannuation obligations or risk being held personally […]

Work in Progress

A calculation is required each tax year with respect to work that has been carried out but not yet completed by 30 June.  This is particularly important if you are in the building and construction industry.  An example would be, where you have incurred substantial expenditure for materials and/or contractors in respect of a stage […]

Car Odometer Readings

Remember to record your odometer readings as at June 30 2020!  Also, make sure that your car log book is valid; a valid log book is one that is less than five years old and must cover a period of 12 continuous weeks. Need a new Car log book?  Simply download by clicking here.

Instant Asset Write-off

Thinking of purchasing assets for your business? The instant asset write-off threshold has been increased to $150,000 (up from $30,000) to 31 December 2020 for businesses with an aggregated turnover of less than $500 million. From 1 January 2021 the instant asset write-off will only be available for small businesses with an aggregated turnover of less […]

Bank Reconciliations

Make sure you reconcile all bank accounts up to and including 30 June 2020 and not to the end of the statement.  This includes all term deposits, loans, credit cards and don’t forget Linkt and any trade accounts. Bank reconciliations (including bank statements clearly showing 30 June 2020 date and balance) will be required for […]

Reckon Accounts 2020

IMPORTANT:  UPGRADING TO RECKON ACCOUNTS 2020   If you are an Employer using the integrated payroll system in Reckon Accounts/Reckon Accounts Hosted, update your file:   1. ONLY once you have processed and finalised the 2019/2020 payroll procedures (refer to instructions provided in our 2020 FYCF – click here); and 2. BEFORE your first 2020/2021 Payrun.    Reckon Accounts Hosted users:· The 2020 […]