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.

What Records to Keep for Your Rental Property

By Caroline Gillies • August 3, 2025
If you own a rental property or holiday home, keeping the right records is key to maximising your tax deductions and staying ATO-compliant. This week, we’re highlighting what the ATO expects you to keep when it comes to residential rental properties. Here’s a quick checklist of the documents you should hold onto: Purchase & Sale Documents – Contracts, settlement statements, and legal documents. Loan & Ownership Records – Loan statements, refinancing documents, land tax assessments. Rental Income – If you don’t have a rental statement you will need to document all rental income received, including bond money retained, insurance payouts, and any other reimbursements. Expenses & Repairs – Keep receipts and invoices for expenses like advertising for tenants, property agent fees, council rates, strata levies, repairs, maintenance, insurance, and interest on loans. Depreciation & Capital Works – Receipts for assets over $300, depreciation reports, and capital improvement records. Before and after photos of any capital works. Holiday Home Use – If your property is rented out part-time, you’ll need evidence of when it was genuinely available for rent (e.g. booking requests, advertising, availability calendars). How long to keep records: You’ll need to keep most records for at least 5 years after lodging your tax return, or longer if claiming capital works or carrying forward losses. Keeping detailed records ensures you claim everything you're entitled to—and makes things much easier in the event of an ATO audit.  Need help getting your documentation in order? Reach out to our team at Clear Vision Accountancy Group—we’re here to help. To read a more detailed list of items you need to keep for your rental property visit: Records for rental properties and holiday homes | Australian Taxation Office

How Much Do You Need to Make? Understanding Business Turnover

By Caroline Gillies • July 13, 2025
Running a business isn’t just about making sales — it’s about making enough sales to cover your costs and pay yourself what you deserve. But how do you figure out how much turnover (aka revenue) you actually need to make each month? Knowing this number helps you: Set realistic sales targets Price your products or services properly Know when to cut costs or increase margins Understand when your business is sustainable This isn’t just about numbers — it’s about clarity and control. Once you know your required turnover, you can stop guessing and start planning. Whether you’re a solopreneur, a growing startup, or a small business owner, this is the foundation of making your business work for you — not the other way around. We love numbers — seriously. And we get that not everyone does. If you need help breaking things down in a way that’s simple, practical, and actually makes sense (even if numbers aren’t your thing), call Clear Vision Accountancy Group today on 4688 2500.

12% Superannuation Guarantee - 1 July 2025

By Caroline Gillies • June 22, 2025
From 1 July 2025, the Superannuation Guarantee (SG) rate in Australia will increase to 12%. This means employers will be legally required to contribute at least 12% of an eligible employee's ordinary time earnings to their superannuation fund. This increase is the final step in a legislated rise from 9.5% in 2021 to 12% by 2025, aimed at boosting retirement savings for Australian workers. If you use Xero for payroll, the SG rate should automatically update in the system. However, we recommend you double-check your payroll settings to ensure everything is correct. If you’re unsure or need assistance, please contact your bookkeeper or get in touch with us at: Clear Vision Accountancy Group (07) 4688 2500 We’re here to help you stay compliant and avoid any costly errors.