Hello and welcome to your December newsletter from all of us here at Bee Group Accountants. The end of the calendar year is upon us again so it’s a good time to tie up any loose ends and start planning for growth in 2024.
Christmas Closure Dates
Bee Group Accountants will be closed from Wednesday 20th December 2023 and will reopen on Monday 8th January 2024. We look forward to working with you again next year.
Here’s what we’re going to cover in this month’s newsletter:
- Getting your business ready for warmer weather
- Free digital skills training for all Queenslanders
- Setting up Payment Plans with the ATO
- Calendar Dates
- Electronic Service Address for SMSFs
- SMSFs Investing in Property
Let’s Get Ready for Warmer Weather
As we get ready for Summer, it’s essential for businesses to consider the possible impact for storms and funky weather. There are some proactive steps that you can take to develop a plan and make sure you have what you need so you aren’t caught out.
Here’s some things you can do to prepare:
- Clean-up: Assess and reinforce your business premises and surrounding areas to withstand adverse weather conditions.
- Sign-up: Stay well-informed by subscribing to mobile weather notifications from the Bureau of Meteorology, enabling quick and informed decision-making.
- Connect: Foster a sense of community by getting to know your neighbours and actively engaging with your local community.
- Get covered: Review your insurance policies to confirm that your business and property are adequately covered for potential damages.
- Think ahead: Pack essential items such as long-lasting food supplies, drinking water, batteries, and a flashlight along with a radio in case of power outages.
Risk management here is key because it is better to be prepared than have to deal with the recovery after the fact.
Free digital skills training for all Queenslanders
Free digital skills training is now available to all residents of Queensland. This initiative aims to equip individuals with the necessary expertise to navigate today’s digitally interconnected world.
Enhancing digital literacy can significantly enhance employment prospects, create opportunities for remote work, and enhance the efficiency and innovation of businesses.
This training is accessible through an online learning platform and encompasses a variety of brief micro-credentials tailored to help you learn new digital skills. Topics covered include cyber security, data analysis, digital design, and website development.
This training program is paid for by the taxpayers of Queensland so if this is something that you’ve been thinking about doing then you can register for digital skills training today.
From our side, we’ve also got some how-to’s in our FAQ section for things that come up, like:
- Creating a MyGov account
- Creating a MyGovID account
Setting up a Payment Plan with the ATO
Have you received a tax bill and want to look to pay it off?
If you meet the eligibility criteria and your tax bill is under $200,000, you can establish a payment plan with the ATO either through their online portal or by phoning their call centre.
Before jumping into a payment plan though you should make sure that your business continues to be viable.
Payment plans require an upfront payment. This can usually be anywhere between 10-20% of the value of the amount owed. It will also need to be paid within the next 7 days, so just keep that in mind for your cash flow.
You can choose your repayment amount, and whether it is to be paid on a weekly, fortnightly or monthly basis.
Generally, you can get 12 months without much drama, 18 months is starting to push it out and anything longer will generally require a full financial assessment by the ATO.
When you have an active plan in place then you must stick to the scheduled payments otherwise you risk defaulting on your payment plan.
When you agree to the plan you are also agreeing that all future lodgements will be made on time and the debt paid in full. If you are unable to pay that future amount, you will need to contact the ATO to modify the arrangement.
While the plan is in place you may also be charged General Interest Charge (GIC). The current GIC rate is 11.15%, compounded daily. For instance, if you have a $20,000 tax bill and opt for a 12-month payment plan, you will incur an additional $2,359.82 in accrued GIC over the plan’s duration. Please note that this example is based on the current GIC rate, which is subject to quarterly updates.
Should you be experiencing financial difficulties, please feel free to contact us as we can discuss your options with the ATO and see if a payment plan is suitable in your situation.
Upcoming Dates for December and January
20 – Bee Group Accountants office closes for the Christmas break, reopening on January 8, 2024
21 – Lodge and pay November BAS (if you lodge monthly).
25 – Christmas Day (public holiday)
26 – Boxing Day (public holiday)
1 January – New Year’s Day (public holiday)
21 January – Lodge and pay December BAS (if you lodge monthly)
21 January – December Quarter PAYG Instalment Activity Statement payment and lodgement due
26 January – Australia Day (public holiday)
28 January – December Quarter Superannuation Contributions must be received by the funds
Electronic Service Address for SMSFs
SMSFs are required to receive employer superannuation contributions using the Government’s SuperStream Data and Payment Standard (the Standard). This Standard is supposed to streamline sending superannuation payments and associated information electronically.
This means more compliance. For every SMSF that receives employer contributions it means that you will need an Electronic Service Address (ESA).
For those that are registered with Bee Group Accountants, we administer all of our Funds through Class Super software. This means that you get an ESA included as part of your fund management plan. The ESA for this service is:
smsfdataflow
(Note: all lowercase and all one word)
If you have any questions in relation to this, please contact us.
SMSFs Investing in Property
There are a lot of rules when it comes to investment in property through a self-managed superannuation fund (SMSF). And there will be penalties for those who get it wrong.
First and foremost, it’s essential to use the property solely for providing retirement benefits to SMSF members. Any other use may breach the ‘sole purpose test’.
Additionally, specific rules apply to residential and commercial properties:
1. Residential property:
- Cannot be purchased by the fund from a member or a related party of a fund member.
- Cannot be rented by a fund member or any related party of a fund member.
2. Commercial property used solely for business purposes:
- Can be acquired by the fund from a member or a related party, but the acquisition must be at market value.
- Must be leased at market value to a fund member or related parties of a fund member. Failure to provide evidence of business use or report market value in financial statements is a breach of super laws.
As the trustee of an SMSF considering property investment, it is imperative to ensure compliance with super laws. Breaches may result in penalties, disqualification as a trustee, and the loss of the ability to operate the SMSF.
The Bee Group Cash Flow Series
Cash is king! Having cash readily available is essential for a business’s success as it provides the liquidity needed to meet short-term obligations and respond to unexpected events.
Check out our 14 tips on improving your cash flow.
Need to chat or meet with us?
We have a dedicated bookings page where you can schedule a time to talk with one of us. This links directly to our calendars so you can choose a time that suits your schedule. When booking a time, please leave as much detail as possible about why you need to chat to us so that we can make sure we are prepared.
Bee Group Accountants – Bookings
Need to update your contact details?
Visit our knowledge base here for help on how to do this.
Need Help?
The Bee Group Knowledge Base is filled with articles to help you with everyday frequently asked questions.
Alternatively, you can submit a help request online here.
As always, please reach out to us if you have any questions or queries. We look forward to hearing from you.
Wishing you all a very merry Christmas and happy New Year!
Sheree & the Team at Bee Group Accountants
We have been working hard at improving our systems and building up our team. This means that we are now able to start accepting new clients. If you have someone that you know who is looking for an accountant – please ask them to get in contact with our office via phone, email or through our website.
If there is anything that you think we can improve on too, please be sure to let us know. We are working hard to improve your experience in working with us as well!
We truly appreciate the opportunity to help and welcome any recommendations.
