Welcome to 2023! We hope that you had a wonderful Christmas and New Year holiday season and are off to cracking start in the new year!
Can you believe that it is week 5 of the 2023 year already! How fast time goes. Which brings us to our tax lodgement deadline in May 2023.
If you haven’t already been in touch about your annual returns, we’ll be reaching out to you soon so that we can meet this timeline.
If you are ready to get started, then please feel free to email us so we can get it scheduled in.
With the start of a new calendar year, it’s time to focus on making this year your year.
Set Your Business Up for Success in 2023
The new year is the perfect time to assess your priorities, review the last 12 months, and set some new goals. By spending a little time on this now, you and your team can refocus on business objectives, map out the steps to get there and start working towards a more profitable and successful year for your business.
Here are 5 tips to help you get started:
1. Assess how your business went in 2022
If you had some business objectives set for the year, how did you perform against them? If you smashed those goals, congratulations! If not, review the reasons why you think things may not have gone as planned and lay down some strategies to mitigate those risks this year.
2. Set some goals for 2023
What would you like your business to achieve this year? Is it higher profitability, expansion, or would you like to reduce your working hours to achieve a better work/life balance. Whatever your goals, set them down on paper and formulate some strategies on how to get there. Use the SMART system – make your goals:
- S-Specific – clearly state what your goals are.
- M-Measurable – ensure you can measure your progress towards your goals.
- A-Attainable – make sure that your goals are achievable.
- R-Relevant – your goals should be relevant to your company values and long-term objectives.
- T-Time-bound – set a realistic end date for your goals to bring about focus and motivation.
3. Assess employee performance and provide feedback
Now is a great time to evaluate how your employees have performed over the last 6 to 12 months. Provide constructive feedback on areas of improvement and set some goals that they can work towards. Share your business objectives and provide details of how they can contribute towards those goals, and share the details of any incentives you might be offering.
4. Check your budget
It’s no secret that the costs of just about everything are increasing, and higher prices are likely to be here for some time. Check your budget and make sure that your numbers are realistic. Put some time aside to review regular expenses such as insurance, software services, and bank fees to make sure you have budgeted enough for these expenses, and also that you are not paying more than you should.
5. Schedule in some training
Whether you’re just starting out, or you have been in business for years, it is always a important to continue to upskill both your staff and yourself. For instance, there is a constant stream of new software services available that can help run your business more efficiently. If you are happy with your tech stack, maybe invest some time in learning how to use those platforms with greater depth and efficiency. Keep well-informed of your rights and responsibilities as a small business owner and employer by signing up to small business webinars and newsletters, as many rules and regulations change each year and you want to make sure you are across those things. Alternatively, invest time learning how to manage your cash flow, delegate well, or find more time in your day by reaching out to us. We have some exciting courses coming up that will help you increase efficiency and achieve those goals!
Upcoming Dates for February
21 – Lodge and pay December BAS (if you lodge monthly).
28 – Lodge and pay your Q2 (October – December) BAS (if you lodge quarterly).
We have some exciting things planned for this year too. This includes events, new service offerings, small business courses, free training, and much more!
Keep an eye on our newsletters to make sure you are the first to know.
Completing your BAS
With quarterly Business Activity Statements (BAS) due later on this month, it’s a good time to cover what we need from you to be able to lodge on time with the Australian Taxation Office.
Your BAS is a summary of the business taxes you have paid or will pay to the ATO during a specified period, usually quarterly or monthly. The ATO automatically sends you a BAS to complete after you register for GST.
A BAS may include some or all of the following:
- Goods and services tax (GST)
- Pay as you go (PAYG) income tax instalment
- Pay as you go (PAYG) tax withheld
- Fringe benefits tax (FBT) instalment
- Luxury car tax (LCT)
- Wine equalisation tax (WET)
- Fuel tax credits
What Information is needed to complete your BAS?
We need to know some things about your business including the amount of income and employees, as well as how much GST you collected on your sales, and how much GST you paid on your purchases. These need to be supported by tax invoices, however you do not need to provide them to us. Ensure you keep good records as the ATO may ask to see them at any time.
Deadlines
Monthly
- Your BAS must be submitted within 21 days of the month closing
Quarterly
- Your Quarter 1 (July-September) BAS is due on the 28th of October
- Your Quarter 2 (October-December) BAS is due on the 28th of February
- Your Quarter 3 (January-March) BAS is due on the 28th of April
- Your Quarter 4 (April-June) BAS is due on the 28th of July
What happens if you don’t lodge on time?
If you haven’t lodged on time and you don’t have a good explanation as to why, the ATO may impose heavy fines or additional fees. Your best bet is to make sure you get your information to us as soon as the period ends (monthly or quarterly) so that we can lodge on time.
Back to Work Support Payments and Short Courses
Back to Work Support Payments of up to $15,000 are available for employers who hire an eligible unemployed job seeker from the identified target groups. It is designed to give businesses the confidence to employ Queenslanders who have experienced a period of unemployment and help workers facing disadvantage in the labour market.
Back to Work has also developed a range of free short courses in partnership with TAFE Queensland that support businesses to recruit and retain employees.
Topics include:
- Effective workplace leadership
- Workplace resilience and wellbeing
- Recruitment for small business
- Communicating effectively with people with disability
- Cultural inclusiveness: Aboriginal and Torres Strait Islander peoples in the workplace
For more information, visit https://backtowork.initiatives.qld.gov.au/for-employers/.
Auditor Independence
Self-managed super fund (SMSF) auditors have been in the news recently, with over 300 having their registration cancelled due to failing to lodge their annual statements.
Auditor independence is important to us here at Bee Group Accountants and we use a completely arm’s length auditor who is based in Sydney. We can confirm that our auditor continues to be registered with ASIC and is approved to carry out SMSF audits.
SMSF auditors play a key role in instilling confidence and trust in the SMSF sector, and must comply with their independence requirements under the Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Regulations) 1994.
You can read more on this from the ATO here:
https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/Auditor-Independence/
ATO Warns of Illegal Early Access Schemes
The Australian Tax Office (ATO) has issued new warnings around people called ‘promoters’ who claim they can help you set up a self-managed super fund to get early access to super for the purposes of paying off credit card debts, purchasing a house or going on a holiday.
For most people, you can only access your super once you retire and turn 60, or you turn 65 (whether retired or not). You are not legally entitled to access super unless you meet these conditions.
If you are approached by someone who is offering to assist you with setting up a SMSF, please ensure you check whether they are a licenced financial adviser. You can do this through the Australian Security and Investments Commission (ASIC) website Moneysmart.
Illegal early access schemes:
- claim to give you access to your super once you have rolled it over to an SMSF
- claim that you can use the funds for personal expenses including debts and holidays
- target vulnerable people who are under financial pressure
- charge high commissions and fees
- ask you to provide identity documents, which can be used to steal your identity
If you suspect you have been approached by a promoter, please protect yourself by ceasing all communication with them, not signing any document or providing identity information, and call the ATO on 13 10 20 to report it.
Check out the ATO’s fact sheet here.
Can you purchase a car in your SMSF?
We love getting random questions and this was one that has come up recently.
Classic cars can be seen as an investment and can of course increase in value over time, but what are the rules around purchasing a collectible car in your SMSF?
If you are asking yourself whether you can purchase a collectible car in your SMSF, the answer is yes – as long as it is purchased and held according to superannuation legislation. You must pass the ‘sole purpose’ test, which checks if the item is purchased for the benefit of the super fund members at the same time as not providing a present day benefit to the super fund members or any of their related parties.
It is important to note that firstly, you cannot purchase the item from a related party to the fund. The item must then become part of your investment strategy and must be allowed by the fund trust deed.
Secondly, alongside regular investment rules, this would fall under the “Collectables and personal use assets rules” which places additional restrictions on the investment.
These include:
- The car cannot be leased to any related party of the SMSF.
- The car cannot be stored or displayed in the private residence of any related party of the SMSF. It can, however, be stored (but not displayed) in business premises.
- The trustees must keep a written record of the reasons for the decision to purchase the item, where to store the car, and these records must be kept for 10 years.
- The asset must be insured in the name of the fund within 7 days of acquisition.
- The classic car is not to be used by any related party of the SMSF.
- If the car is sold or transferred from the SMSF to a related party of the SMSF, it must be done at a market price determined by a qualified independent valuer.
The most important thing to note is that the car cannot be used by any related party at any time. Should the car require maintenance, restoration, or need to be driven for the purposes of a sale, this must be done by a person who is not a related party of the SMSF.
Click here for more information on collectibles and personal use assets from the ATO.
Electronic Signing
We will be making some changes to our electronic signing platform in the coming weeks. If you are expecting documents from us, please continue to check your junk email folders in case it is mistakenly filtered out of your inbox.
Please also make sure that you follow the instructions contained within the email to complete signing successfully. If there are any questions, feel free to check the help section for tips or email us for assistance.
Need to update your contact details?
Visit our knowledge base for help on how to do this: https://help.thebeegroup.com.au/articles/updating-my-contact-details
Need Help?
The Bee Group Knowledge Base is filled with articles to help you with everyday frequently asked questions:
https://help.thebeegroup.com.au/
Alternatively, you can submit a help request online via our site at:
https://www.thebeegroup.com.au/support/
As always, please reach out to us if you have any questions or queries. We look forward to hearing from you.
Have a great day!
Sheree and 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.
