Hello and welcome to your November newsletter from all of us here at Bee Group Accountants.
Here’s what we’re going to cover in this newsletter:
- Let’s Get Social
- Audit Shield Tax Audit Insurance
- Cybersecurity Awareness Month
- Energy Efficiency Rebates for Queensland Businesses
- GST Audit warning from the ATO
- Calendar Dates
- Changes to Card Processing Fees
- Our New Blog Post – ABN and GST Compliance for Small Business Owners
With so many changes it can be hard to keep up. We didn’t want our newsletter getting too long, so we’ve decided to become more social!
We’ll be sharing news, content, tips and how-to’s on our social channels so we’d love to connect on your favourite app.
Audit Shield
Bee Group Accountants are pleased to continue to offer Audit Shield, an optional Tax Audit Insurance offering designed to provide relief from the professional fees associated with government-initiated revenue audit activity.
If we’ve spoken in the past few months, you’ll know that we strongly believe that the ATO will swing from its previous position on collection through to firm enforcement. They have already flagged a number of wide-ranging audit activity for small to medium business owners, including areas where they haven’t been for years.
This will include GST, Cash Economy and Fringe Benefits Tax among many other things. We are seeing an uptick in Superannuation Guarantee Charge compliance as well.
This type of audit insurance will cover any ATO inquiries that have a compulsion for you to respond. That is why we chose this over other products on the market. This covers not only ‘Audit’ but also reviews and Investigations as well.
What is Audit Shield?
Audit Shield provides for the relief of having to pay the professional fees otherwise payable by you to your accountant when incurred as a result of your accountant being required to respond, on your behalf, to an audit, enquiry, investigation or review (audit activity) instigated by the Australian Taxation Office.
The cost of being properly represented can be quite considerable depending on the circumstances. Even a simple audit or investigation can require hours of work.
Audit Shield provides a fixed, cost-effective solution to guard against these unbudgeted costs.
What are the benefits of Audit Shield?
Data matching becomes more sophisticated each year. However that doesn’t mean that the ATO necessarily knows what to do with it and at this time they are using it like a very blunt instrument.
This makes it simpler and far more likely for previously untargeted taxpayers to encounter audit activity, despite being compliant.
With Audit Shield, you can rest assured knowing that the relevant professional fees will be protected. Often these fees can be greater than those your accountant may charge you for completing the returns/filings.
Is Audit Shield tax deductible?
In Australia payment for Audit Shield is fully tax deductible for individuals, businesses and SMSFs.
Are previously filed returns included?
Yes. The protection is retrospective, so previously filed returns are included automatically.
How do I sign up? Over the next few weeks, we will be contacting you via email to see if you would like to register or renew Audit Shield. This email will contain the instructions on how you can proceed with Audit Shield. Follow those instructions as soon as possible to ensure your coverage against costly audit processes.
October was Cybersecurity Awareness Month
When was the last time you reviewed your cybersecurity systems and settings? Here are five quick tips to help you review and improve the cybersecurity of your small business during Cyber Security Awareness Month:
1. Update Software and Systems: Ensure that all your operating systems, software applications, and antivirus programs are up-to-date. Regular updates often include security patches that protect against known vulnerabilities.
2. Strong Passwords and Multi-Factor Authentication (MFA): Encourage employees to use strong, unique passwords for all accounts. Implement multi-factor authentication (MFA) wherever possible to add an extra layer of security. Consider using a password manager to generate and store complex passwords.
3. Regular Employee Training: Conduct cybersecurity awareness training for your staff. Educate them on the dangers of phishing emails, social engineering, and other common cyber threats. Make them aware of the importance of data security and how to report suspicious activity.
4. Backup and Disaster Recovery: Implement a regular backup strategy for critical data and systems. Ensure that backups are stored securely and can be easily restored. Have a disaster recovery plan in place to mitigate the impact of potential cyberattacks or data breaches.
5. Access Control and Permissions: Review and limit employee access to sensitive data. Only provide access to those who need it to perform their job. Regularly audit and update user permissions. Be cautious about granting admin privileges to avoid unnecessary risks. Remember that cybersecurity is an ongoing effort, and it’s essential to stay vigilant year-round. Regularly assess your security measures, keep up with the latest threats and best practices, and adapt your cybersecurity strategy accordingly.
Queensland Businesses can save with new Energy Efficiency Rebates
Rebates are currently being offered to promote energy efficiency and reduce electricity expenses for small to medium-sized businesses in Queensland. This rebate initiative is a component of the Queensland Business Energy Savings Transformation program, a part of the Queensland Energy and Jobs Plan. Eligible businesses that invest in energy-efficient equipment, such as heating and cooling systems, appliances with a 4-star energy rating, and lighting upgrades, can seek rebates of up to $12,500, covering 50 percent of the costs associated with their energy efficiency upgrades.
To be eligible, businesses must spend a minimum of $8,000 (excluding GST) on the purchase and installation of qualifying equipment. These rebates are currently available until the conclusion of the funding round. For more information about eligibility requirements and the application process, please visit the Business Queensland website. For more information, visit the Business Queensland website.
GST Audit warning from the ATO
The Australian Taxation Office (ATO) is intensifying GST audits to close a $6 billion so-called gap between receipts and owed taxes. The ATO is focusing on GST compliance, and BAS and tax agents have been told to expect more audits. To prepare, bookkeepers and accountants are advised to stay updated on GST regulations, use specialised accounting software, identify clients with compliance issues, prioritise data quality and data validation, and stress meticulous record-keeping. This means that your accountant or bookkeeper may be in contact with any potential compliance issues, areas for improvement or strategies for better record-keeping for your business.
The ATO has outlined its GST red flags and how it selected audit targets, which include:
- Size of turnover and GST liability.
- Notable deviations from previous GST lodgements.
- Previous compliance history.
- Repeatedly late lodgements, extension requests and late payments.
- Retail industries and those with high volumes of cash transactions.
- Property and other sectors involving large, complex transactions.
- Financial records that deviated from industry norms.
- Misalignments between income tax and GST records.
- The size and frequency of GST refunds.
If you have any concerns, please reach out to us for assistance.
Upcoming Dates for November
21 – Lodge and pay October BAS (if you lodge monthly).
25 – Lodge and pay Quarter 1 (September Quarter) activity statement if you lodge electronically.
28 – If you did not pay your employee superannuation contributions on time, then this is the due date for lodgement and payment of Quarter 1 (September Quarter) Superannuation Guarantee Charge Statement.
Many of you will have received your engagements letters for the 2024 Financial Year. Thank you to those who have read and accepted these agreements – we look forward to working with you again in 2024.
If you have not had a chance to look over yours yet, it would be excellent if you could read over them and let us know if you have any questions. Your monthly payments will be commencing soon if you are choosing this method of payment. If you want to know more about this, you can watch our video which goes over this in detail here.
IMPORTANT: Changes to Card Processing Fees
There are some important changes to payment processing procedures coming up. Starting December 1, 2023, a 1.75% card processing fee will be applied to all credit card payments. This adjustment is necessary to help cover the growing costs associated with credit card transactions.
However, there’s a way to avoid this fee entirely. We encourage you to consider adding your bank details for direct debit payments. Payments made through direct debit will not be subject to the card processing fee, ensuring a cost-effective payment option for you.
To update your payment method and set up direct debit, please log into your Ignition account or contact us for assistance. We greatly appreciate your continued support and understanding as we work to enhance our services. If you have any questions or need assistance, please don’t hesitate to reach out to us.
New Blog Available! ABN and GST Compliance for Small Business Owners
Did you know that a supplier must give you an ABN and if they don’t then you must withhold PAYG at 47%?
That brings us to the big question …
How often do you check the ABN records of suppliers?
When was the last time you checked that the ABN your supplier gave you was active AND the GST status was correct? As always, you are held responsible for checking this. So what are your options? Read more here.
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.
Have a fantastic November!
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.
