The Australian Bookkeepers Network (ABN) recently advised members that the ATO has increased its focus on GST compliance and BAS. The expectation is that tax agents can expect a surge in audits. Director of the ABN, Peter Thorp, highlighted the essential role of Bookkeepers in the audit process and gave some tips on how Bookkeepers can prepare [...]
As you may be aware, the ATO is expanding the data collected through the Single Touch Payroll process - this is known as ‘STP Phase 2’. STP phase 2 requires more granular information to be given to the ATO, providing greater visibility of the types of income employees receive (and where it should be pre-filled [...]
The Government has introduced changes requiring all Directors to apply for a Director ID (previously referred to as a 'Director Identification Number' or 'DIN'). A Director ID is a unique identifier, issued to Directors that have verified their identity with the Australian Business Registry Services. It applies to all Directors of a Company, registered Australian [...]
We are excited to announce that our tech innovation wizard Ricardo has been nominated for Receipt Bank’s ‘Most Efficient Accountant’ Award. The Awards night will be held on 6 November, celebrating Accountants and Bookkeepers that are paving the way for the industry through the use of the innovative accounts payable software. Purpose has helped many clients [...]
Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. This change means that organisations using a solution that offers STP reporting, such as payroll or accounting software, will send employees' tax and super information to the ATO in real time (i.e. each time they run payroll). The [...]
In 2018 we worked closely with the Settlement, a charity providing a range of social and health initiatives for children and young people, indigenous social programs and affordable housing. Together we transformed their financial processes through the rollout of Receipt Bank technology. What is Receipt Bank? Receipt Bank automates many of the traditional paper-based bookkeeping processes. [...]
There’s a lot of talk at the moment about the automation of financial processes and how these changes will affect the sector. We've seen these technologies having a major impact and we expect they will be more widespread in the near future. This year we have been pleased to deliver some major technology innovations for a range of [...]
