Business Alert at 9:00am with CVA

Clear Vision • June 12, 2018

Single Touch Payroll – The dangers for your business.

Single Touch Payroll (STP) aligns your reporting obligations to your payroll processes. You will need to report to the ATO each time you pay your employees, whether that’s weekly, fortnightly or monthly. The information you send the ATO will include your employees’ salaries and wages, allowances, deductions (for example, workplace giving) and other payments, PAYG withholding and superannuation information.

For employers with 20 employees or more you will need to start reporting to the ATO through STP from 1 July 2018 (some extensions have been allowed depending on your payroll software provider). For employers with 20 employees or less, you will need to start 1 July 2019.

So what would help you right now? ‘Boutique Tax Planning’

We strongly recommend reviewing your company’s SGC & PAYG payroll processes to ensure the various types of payments & amounts is correct BEFORE the mandatory change. We are here to help you, so now may be a good time to book a Boutique Tax Plan.

The snags to be aware of as an employer:-

Audit concerns – The Tax Man will have access to even more information to match data and see if all Super Guarantee Charges and PAYG withholding obligations are being met. Errors you make are likely to drastically increase your chances of an ATO audit or review.

Transparency – Employees will be able to view their payroll information and annual payment summary online which will mean more red tape for taxpayers.

Administration – Once an account is established, all tax information like assessment notices etc. will be sent to an online account instead of via post which means you will have more paperwork to do. Not only will you have to keep checking your account, you will also need to email this information to us, your accountant for review.

Make no mistakes – The ATO will be able to match an employee’s superannuation payment to an actual payslip. This means you will need to make sure you are compliant with every payment made to employees.

Systems – Your payroll system needs to be compliant with the new law which may involve additions cost for some employers, particularly ones that do not currently use a software based payroll system.

Cashflow disadvantages – Because information will be given to the ATO in real time; all entitlements need to be met each and every payday.

Planning is your best friend right now. Spend the time now to get prepared and you won’t be panicked down the track. Call our office to set up a time and let us take some pressure off.

Capital Gains Tax Implications of Subdividing Land in Australia

By Caroline Gillies • June 1, 2025
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Autumn Tax Tips: Make the Most of the Final Weeks Before Year-End

By Caroline Gillies • May 25, 2025
As we step into the final week of autumn and feel winter’s chill approaching, it’s a natural time for reflection—and that includes taking stock of your financial and tax situation. The end of the year is closer than it seems, and a bit of preparation now can make a significant difference come tax season. Here are a few things to consider as the leaves fall: 1. Review Your Income and Deductions This is a good moment to check your income year-to-date and consider whether there are any deductions you can still take advantage of. Charitable donations or investment losses might help reduce your taxable income before year-end. 2. Maximise Super Concessional Contributions If you haven’t yet maxed out your superannuation concessional contributions, there’s still time. Remember unused cap amounts carry forward for 5 years and the 2019-20 unused cap amount will expire 30 June 2025. These contributions not only help secure your future but can also offer tax benefits now. 3. Organise Your Records Autumn’s slower pace is perfect for pulling together receipts, invoices, and financial documents. Getting organised now means less stress later when tax season begins in earnest. 4. Consider Tax-Loss Harvesting If you’ve had investments that underperformed, selling them before the end of the year to offset gains can be a strategic move. Consult with us today to see if this makes sense for you. 5. Plan Ahead Winter may bring holidays and downtime, but it's also a good window to consult with a tax professional. A quick meeting before year-end can reveal savings opportunities or help avoid surprises when you file. So, as the days grow shorter and frost begins to settle in, use this time to bring clarity and warmth to your finances.

Have you Thought About Where Your Business Will Be in 5 Years?

By Caroline Gillies • May 11, 2025
At Clear Vision Accountancy Group, we offer tailored services to support your long-term success—from strategic business planning to high-end tax administration. Whether you're aiming for growth, improved profitability, or a clearer direction, we're here to help you build a plan that gets results. If you're ready to map out the next five years with clarity and confidence, contact us today on (07) 4688 2500. Our 1-Page Business Plan will help you with: 1. Vision & Purpose Where are you headed, and why does it matter? What is the core purpose of your business? In five years, what positive impact will you have made on your customers, team, or community? What do you want your business to be recognised for within your industry? 2. Growth & Scale What does success look like, and how will you achieve it? What revenue, profit, or market position are you targeting? How many clients or customers do you want to serve—and in which markets? Are you planning to expand your offerings or enter new territories? 3. Team & Culture Who is helping you build it—and how? What does your ideal team look like in terms of structure, culture, and capabilities? How will you attract, retain, and develop top talent? What kind of leadership values and workplace environment will you foster? 4. Operations & Systems How will you deliver at scale—efficiently and reliably? What systems and workflows need to be in place to support sustainable growth? Which technologies or platforms will you implement to improve efficiency? How automated or streamlined do you want your business operations to become? 5. Brand & Customer Experience What do customers say about you—and why do they keep coming back? How will clients describe their experience with your business? What kind of reputation or brand presence will you be known for? What sets your business apart from the competition ?  Our Dream it. Plan it. Get it! will help you with: 1. Lifestyle & Personal Goals How does your business support the life you want to live? What level of involvement do you want in the day-to-day operations? What does ideal work-life balance look like for you? What personal or financial goals will your business help you achieve?