I need to wear specific clothing for work, what can I claim on my tax return?

You can claim for clothing that is specific to your occupation, is not everyday in nature and allows the public to easily recognise your occupation – such as the checked pants a chef wears. You can’t claim the tax returns on the cost of purchasing or cleaning clothes you bought to wear for work that are not specific to your occupation, such as a bartender’s black trousers and white shirt, or a suit.

How much does it cost to register a company?

The total fee is $888 which includes all government fees, our service fee and GST. The ASIC registration fee is $463 and our service fee, inclusive of GST, is just $425. For $425 you get the professional advice before, on and after your business registration, Free ABN and GST setup, and also having all your company documentation such as consents, share registry, opening minutes etc. prepared and email to you. For an optional $88 extra One Minute Tax will also print, bind and post your documentation. For optional $49 extra One Minute Tax will also provide a common seal for your company. ASIC also charge an annual fee on the anniversary date of registration, ie if you registered a company today the annual fee would be payable in one years time. Annual fees vary depending on the type of company, they can be viewed on ASIC website.

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Attention Employers, SuperStream is Coming

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Accounting | Bookkeeping

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Posted On 17/06/2016

What is SuperStream? And How Can I be SuperStream Compliant?

SuperStream is a new law introduced by the ATO so that employees can be notified by their super fund when their super is paid. So all employers will need to pay superannuation contributions electronically (EFT or BPAY), that is Super Stream compliant. The benefit for employers is that with SuperStream you can pay all super contributions in one transaction, even if they’re going to multiple super funds.

To comply with SuperStream requirements, you can choose one of the following options.

1. USE AN ACCOUNTING SYSTEM THAT MEETS THE SUPERSTREAM STANDARD

Xero is the best accounting system for Australian SMEs and payroll in Xero already provides what you need for SuperStream compliance. To Setup Auto Super correctly, make sure,

All regulated superannuation funds must have a new identifier – a unique superannuation identifier (USI) – that replaces the previous SPIN.
Most self-managed super funds (SMSF) must have an electronic service address (ESA).
Some employee information – such as a valid contact number, email, and gender – become mandatory.

Note: With Superstream, no cheque payments are made to superannuation funds.

Xero Auto Super saves you time, keeps you compliant and is a SuperStream certified product with the ATO.

2. USE A SUPER CLEARING HOUSE

We recommend the free ATO “Small Business Super Clearing House” Clearing house pays super to your employees’ funds for you. You send a single electronic payment to the clearing house, together with the contribution data for all your employees, and the clearing house does the rest.

The other good option is using your superfunds online system, such as Quick Super provided by Australian Super. However, the employer has to have an employer account with the superfund in order to use their system, and you will also need to check with your fund to make sure they are SuperStream Compliant.

If you are an employer or business owner still not sure what to do, please contact One Minute Tax on 03 8899 7506, we are here to help to make you SuperStream compliant.

P.S. Just got an update from ATO that they extend the due date to 28th October 2016 to become SuperStream compliant.

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