Aqua Bookkeeping

Site name

Are your employees' details correct in the SBSCH?

4 September 2018

Small Business Superannuation Clearing House (SBSCH) users - did you know that if there is a mistake in your employee's details, their super fund may reject your payment and send it back to us?

Before you click 'submit', make sure you've checked the:

  • Unique Superannuation Identifier (USI), commonly known as a super fund product for APRA-regulated funds
  • ABN, bank account and electronic service address for self-managed super funds (SMSFs)
  • super fund member account number
  • fund name has only alphanumeric characters and no symbols (including '&').

If the payment gets returned to us, we'll contact you and ask that the information is updated within seven days.

If you:

  • update the details, we'll re-send the super payment to the fund
  • don't update the details, we'll send the payment back to you.

Introducing Single Touch Payroll

8 March 2019

Single Touch Payroll (STP) extends to small employers with 19 or less employees from 1 July 2019. This means you report your employees' tax and superannuation information to us each time you pay them.

There is a three-month transition period so you can start reporting any time from 1 July – 30 September. Talk to your accountant, software provider or tax adviser early and explore your options.

We recently hosted a webcast to assist with your transition to STP, which covered:

  • what to do if you already use payroll software
  • what to do if you don’t use payroll software
  • simple, low cost solutions for micro employers (1–4 employees)
  • quarterly reporting concession for micro employers (1–4 employees)
  • requesting more time to get ready. 

Ready for tax time

 25 May 2018

We know it's a busy time of year.

Here are some tips to help you get ready to lodge your tax return:

  • Gather and sort your business records now, including cash, online, EFTPOS, bank statements, credit or debit card transactions covering:
    • sales and other business income
    • expenses you can claim as a business deduction such as staff wages, contractor expenses, operating expenses and business travel expenses.
  • If you changed your record keeping software during the year, check that all your information has transferred over correctly.


Is your ‘business’ a hobby?

2 February 2018

If you sell products or services without intending to make a profit, your activity may be a hobby rather than a business.

It’s likely you’re not in business if your activities are:

  • irregular
  • not aimed at making a profit
  • small in size and scale
  • not carried out in an organised manner
  • conducted in your spare time
  • mostly for your own satisfaction.

If your activities are a hobby, you can't claim GST credits on your purchases and should cancel your GST registration. You can only potentially claim GST credits for items you purchase that help you conduct a business.

If you’ve made any GST claims for your hobby, we can help you amend your past activity statements.

To discuss your circumstances, phone the Tax Office on 13 72 26.

Remember, registered tax agents and BAS agents can help you with tax advice.