Welcome to your October newsletter from all of us here at Bee Group Accountants.
Those who have scheduled their annual taxes to be completed in October, you will be receiving correspondence shortly that will detail out the information that we will need to get started.
If you are yet to get in touch with us about your preferred month to get your accounts done, please feel free to contact us.
21 – Lodge and pay September BAS (if you lodge monthly).
28 – Lodge and pay your Q1 (July – Sept) BAS (if you lodge quarterly).
28 – Super guarantee contributions for Q1 (July – Sept) is due by today.
31 – Last day to submit individual income tax returns if you have 2022 and an earlier year due.
A question that comes up each year is whether you have to lodge by the 31 October. The usual answer is ‘NO’. This is because you are represented by a tax agent, and you gain access to our extended lodgement concessions. For most people this means that the returns will be due by the 15 May the following year.
What are the risks involved in selling your business?
Some of you may be considering selling your small business and all of the major impacts this will have on your finances and lifestyle. This is generally something that does not happen very often, and therefore you may not be very experienced in the best strategies around preparing the business for sale.
Click here to learn more about the risks involved in selling your business.
Registering your .au domain
The .au domain is the new, general purpose, shorter Australian domain name option, available to any business, organisation or individual with a connection to Australia to register.
The .au domain name is a quick, simple, and more memorable way to get clients to your website.
Priority access to .au domain
If you are looking to register an exact match of your existing domain, and you have held it prior to 24 March 2022, you would have priority access to the equivalent .au domain. The priority access period ended on 20 September 2022 and anyone with a connection to Australia can register for available .au domains from 3 October 2022.
What happens if I don’t register for a .au domain?
If you decide not to register your equivalent .au domain, you risk someone else registering the domain, using it to redirect potential customers to their website or impersonating your business. Pricing is generally very competitive right now, and may increase dramatically in coming years, so it may be best to register your .au domain as soon as possible.
There are many providers through which you can register your .au domain however it is probably best to contact your current provider. Please note, you will need your current domain’s access information so have this on hand before you call.
Reminder: Directors ID
You must register for your Directors ID number. The date for this is fast approaching and it can be a little difficult to link the required roles to your MyGovID in order to make the application. To make sure that you have enough time to do this you should start soon.
The process itself is very quick once you have all of the information. This number is not sent out to you by post or other form of notification so when you get the details at the end of the application can you please let us know so that we can add it to your profile for when your company renews.
Who needs a Director ID?
You need a director identification number (director ID) if you’re a director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation.
When do I need to apply?
You can apply for a director ID now.
When you need to apply is determined by when you were first appointed, and under which Act.
If you plan to become a director, you can apply before you’re appointed.
You MUST apply before the 30 November 2022. As with most things government there are major fines if you don’t comply.
To apply, visit this link: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number
Service Levels
In order to streamline our service to you, we are offering service packages for your annual taxation requirements.
Strategy + Tax
Focus on growing your business while we take care of everything accounting. The 3 Core Elements of this service package include:
- Management of Compliance and Red Tape
- Regular Proactive Meetings
- Support and Accountability
At the end of the year we ensure that your income tax returns are completed and lodged on time so that you are compliant with the ATO.
Want more information? Watch our explainer video for Strategy + Tax with Bee Group Accountants here.
Just The Tax
Not looking for any bells and whistles and only want your i’s dotted and the t’s crossed, then Just the Tax might be just for you.
This is perfect where you are working with one of our recognised Bookkeepers. We become the team behind your accounts and finance department, keeping you on top of the numbers so that you know exactly where you stand.
Want more information? Watch our explainer video for Just The Tax with Bee Group Accountants here.
Please get in touch to let us know your preferred service offering.
Improving your focus at work
Are you distracted at work, or feeling like you can’t focus? Perhaps you find yourself looking at your phone more often, scrolling through social media or scanning the news headlines several times throughout the day?
Do you have employees that work interstate?
You may employ people who work for you interstate or in more than one state or territory. So how does a workers compensation claim work when the employee sustains an injury whilst working in another state?
Justice Applegarth considered this question in a recent Supreme Court case where a chef injured herself whilst working for her Queensland employer in the Northern Territory. The Workers’ Compensation & Rehabilitation Act 2003 specifies that ‘compensation under this Act is only payable in relation to employment that is connected with this State’, known as the State of Connection test.
The Act provides a three-step, hierarchical test to determine the state a worker’s employment is connected with.
1. Consider which state the worker usually works in for the relevant employment.
2. If step 1 does not identify a state, consider the state where the worker is usually based for their employment.
3. If the first two tests do not identify a state, consider the state where the employer’s principal place of business in Australia is located.
Other things to consider include:
- The particulars of the worker’s work history with the employer
- The intentions of the employer and worker
In this case, the decision fell to the third test. The employer’s principal place of business was in Queensland, which is where the worker entered into her employment contract, the employer issued instructions from, and made payments to the employee from.
If you are a Queensland employer with workers that are based interstate or overseas, it is important to consider the State of Connection test to ensure you have adequate insurance coverage.
November deadline looming for Director IDs
Do you have a self-managed super fund (SMSF) with a corporate trustee? Directors will need to obtain a Director Identification Number under new government requirements which are attempting to improve record keeping, crackdown on illegal activity, and increase the transparency of companies.
All members of an SMSF with a corporate (company) trustee are required to be a director of that company, and therefore will need to have a Director ID.
The deadline for applications is 30 November 2022, with large fines applied if you do not apply before this date.
If you have already applied and received your Director ID, please ensure that you send it through to us to update our records. If you have not yet applied, please visit the Australian Business Registry Services website to start your registration as soon as possible: https://www.abrs.gov.au/director-identification-number
Acquiring collectibles inside your SMSF
Your SMSF must be maintained for the sole purpose of providing retirement benefits to its members (or their dependents if the member dies before retirement) to remain compliant. So, if you are considering acquiring collectibles inside your SMSF, you must ask yourself why.
The sole purpose test (section 62 of the Superannuation Industry (Supervision) Act 1993) is the best place to start when you are looking to invest in collectibles. It must work as an investment to build or protect the retirement savings of members, and rules also extend to the management, use and protection of that collectible or asset. For example, members (and their associates) cannot use or enjoy the collectible or asset in any way, so it cannot be used or displayed in a member’s home or office. The collectible can only be leased or used by an unrelated party. The collectible must be insured by its own insurance policy owned by the SMSF within 7 days of acquiring the asset. Collectibles must also be valued independently and sold at market value if sold to a related party.
Your SMSF investment strategy must align with investing in these types of collectibles or assets, especially if these investments have the potential to dominate the types of assets help by the SMSF.
If you have any queries about an asset or collectible that you are considering for your SMSF, feel free to reach out to us.
Telephone Update
We are pleased to report that we have finally made some progress with our telephone number and you should now be able to contact us on (07) 5501 5765 without issue.
We are also able to receive messages to our text line so feel free to contact us via SMS on 0485 868 152. Please note: this is for messages only and cannot receive phone calls.
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 here at Bee Group
P.S. Don’t forget to have a look at our service packages and let us know your preferred option.
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 too!
We truly appreciate the opportunity to help and welcome any recommendations.
