MARCH 2021

Welcome to our first newsletter for 2021!

It feels just like last week we were wishing you a Merry Christmas and closing the office for our Break, but now here we are with Easter just around the corner.

For us, 2021 has started as normal. All 6 of us are now back in the office, client interviews are back up and running and we have had a busy start to 2021 getting all of your tax affairs sorted and ready for lodgement! The next few months are set to only get busier with lodgement due date for 2020 tax returns just around the corner. So we can prepare your returns on time, drop off your information today! If you haven't heard from us about bringing in your information, and require assistance in collating your documents, please do not wait. Contact us today to arrange an appointment or ask for a list of required documents to make it easier for you. 

All of our school aged Maxcam kids are back in full swing school mode! Some ecstatic and others not so happy to be back. At the ages they are, they don't see the importance of school just yet. If only they can understand that their school years will go so quick and when they leave, they will want to go back! We will blink and before we know it school holidays will once again be upon us and the Easter Bunny will arrive. 


ONLINE SERVICES FOR BUSINESS

The Tax Office has now made live Online Services for Business (Beta). Online Services will replace the existing Business Portal and electronic superannuation audit took (eSAT). The Tax Office are recommending any business usually done via the business portal should now be done by Online Services for Business and are asking for feedback. The Business Portal and eSAT will continue working during the Beta period, however are set to be decommissioned once the system is streamlined. 

The new Online Services can be accessed via this link:

https://onlineservices.ato.gov.au/business/

Further information regarding online services can be found on the tax office website:

https://www.ato.gov.au/general/online-services/


 

ATO DATA MATCHING

The ATO's data matching program is being extended regularly and more and more external sources are providing transactional information to the Tax Office. The ATO have now advised further matching will occur, with the Tax Office acquiring motor vehicle registry data from state and territory motor vehicle registry authorities, and data regarding Australian sales made through online selling platforms.

With more vigilant checks from the ATO, it is important the information you are including in your tax return is accurate and complete. Please read the following information from the Tax Office website carefully to fully understand what information the ATO is obtaining and what the potential consequences can be.

The motor vehicle registries data-matching program has been developed to assess the overall tax compliance of individuals and businesses involved in buying and selling motor vehicles. The ATO will match the data provided by state and territory motor vehicle registry authorities against ATO taxpayer records, with the intent of identifying those who are not participating in the tax and superannuation system by meeting their registration, reporting, lodgement and payment obligations.

Information will be acquired from state and territory motor vehicle registry authorities where their records indicate:
• a vehicle has been transferred or newly registered during the 2019–20, 2020–21 and 2021–22 financial years, and
• the purchase price or market value is equal to or greater than $10,000. This threshold was determined by review of vehicle prices trends and cost/benefit assessment.

The data acquired will allow compliance checks of luxury car tax, fringe benefits tax and fuel schemes. It will also identify higher risk taxpayers with outstanding lodgements and those with undeclared income whose asset holdings may not be proportionate to their declared financial position.

In relation to The Australian Taxation Office's (ATO) online selling data-matching program, this has been in place since 2008.

This protocol consolidates the existing online selling data matching programs for:
• 2015–16 to 2017–18 financial years (gazetted 26 September 2016)
• 2014–15 financial year data (gazetted 8 October 2015)

The protocol outlines the ATO approach to collecting a further three years of online selling data. This will be up to and including the 2022–23 financial year.

The ATO have developed the program to ensure businesses and individuals selling goods and services online are:
• registering correctly with the ATO
• lodging their returns
• reporting the payments they receive and are
• paying the correct amount of tax.


BUSINESS TIP

COLLECTING YOUR DEBTORS

Cashflow management is one of the biggest challenges faced by a small business. Collecting money outstanding from debtors is imperative to the smooth running of your own business.

At some point every business will encounter late paying customers and a system for proper management of your debtors will maintain a healthy balance between getting paid on time and avoiding bad debts.

Here are a few examples of simple tips to ensure a smooth debt collection process while also maintaining customer relationships. 

Invoices issued to your customers should clearly and specifically outline your payment terms. Giving the customer a clear message about how and when you expect to be paid for your products or services will help you maintain good cash flow and customer relationships.

Remember by law, and common courtesy, there are things you can and cannot do or say to encourage debtor payments. You can contact debtors to request payment of an outstanding account by letter, phone or in person. You must do this in normal business hours and not threaten, harass, or physically intimidate. We suggest being consistent with your collections and to start contact at 7 days overdue.

Phone calls are an important debtor collection tool. Sending reminder invoices or debtor statements can easily be missed or ignored whilst a phone call is harder to ignore. Most times it is an honest mistake, and they will pay after the first reminder. If not, a phone call is a quick and efficient way to make it known to them that you have provided a service or product and expect a prompt payment. 

If you feel like you need help with collection of debtors or have any questions about the best way to contact your clients and customers make an appointment to see one of our accountants today so we can point you in the right direction.

Kind Regards 

The Team
Maxwell & Cameron Pty Ltd

www.maxcamaccountants.com.au           

 

Quick Links

ATO Homepage

ATO - Claiming deductions for personal super contributions

ATO - Instant asset write-off thresholds

ATO - Children's savings accounts   

ATO - Clothing, laundry and dry-cleaning expenses 

Tax Payer - Deductible Business start - up costs   

Check out our latest blog here

 


Did you know we offer $0 upfront Tax Returns?

That's right - absolutely no upfront cost to prepare your tax return and your refund is paid directly to your bank account. Come and see our friendly team to find out how (conditions apply).  

       


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