Last month of the Super Guarantee Contribution Amnesty

By Sky Accountants

A restaurant employee may be entitled to earn superannuation when certain conditions are met. The amount is typically 9.5% unless otherwise agreed in awards. The employer notes the Superannuation Guarantee Contribution tally in the accounting software and employee pay slip and typically pays all accrued superannuation to the employee’s super funds quarterly. There have been plenty …

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How to take advantage of the $20,000 Instant Asset Write-Off

By Sky Accountants

The 2018-19 Federal Budget has extended the $20,000 instant asset write-off scheme up to 1 July 2019, enabling small businesses with less than $10 million of annual turnover to deduct eligible assets that cost $20,000 or less. This is good news especially for restaurant and café owners. Learn how to apply to write off eligible …

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Restaurant Bookkeeping Guide

By Sky Accountants

It is important to have an efficient bookkeeping system with security measures for a restaurant to be successful. Here is a guide to setting up a streamlined bookkeeping system for your restaurant. Your restaurant needs to accurately record business transactions through a well-defined bookkeeping system so you can manage your cash flow better. Organise all …

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Determine the Correct Payroll Award for your Restaurant Employees

By Sky Accountants

It can be pretty daunting to run a payroll for a busy café or restaurant because of all the compliance surrounding PAYG tax, superannuation and Fair Work awards. Most cafes and restaurants have casual and full-time employees and therein lies the challenge of food industry payroll awards. Some employees are entitled to tiered overtime rates, meal …

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Sky Accountants named a finalist in the Australian Accounting Awards 2019 for Innovator of the Year

By Sky Accountants

  Sky Accountants has been shortlisted for the Australian Accounting Awards 2019. Sky Accountants has been named a finalist in the Australian Accounting Awards for Innovator of the Year. The Australian Accounting Awards, in partnership with Intuit QuickBooks Australia, is the only national independent awards program for the accounting industry. Recognising excellence across a true …

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Avoid these FBT mistakes to avoid attracting the ATO’s attention

By Sky Accountants

It is important for business owners to know what to report to the ATO so they can avoid making costly mistakes. Here are some fringe tax benefit related items that often attract the ATO’s attention. The ATO is flagged when there is failure to report motor vehicle fringe benefits, incorrect application of exemptions for vehicles …

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New phone scam imitates ATO phone numbers

By Sky Accountants

There has been an increase in reports of scammers pretending to be from the ATO and threatening people with arrest if the outstanding tax debt is not paid immediately. Scammers can make the calls look like they originate from a legitimate ATO phone number with the use of technology. The number appears on caller ID …

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Budget Update – Instant Asset Write-off Changes Now Law

By Sky Accountants

In our recent wrap up of the Federal Budget, we flagged the Government’s intention to make changes to the small business instant asset write-off. On 6 April, Treasury Laws Amendment (Increasing the Instant Asset Write-off) Bill 2019 received Royal Assent. This Bill makes law the announced changes, being: To increase the write-off threshold for small …

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Federal Budget 2019-20

By Sky Accountants

The following is a brief rundown on the key tax related announcements included in the 2019-20 Federal Budget handed down last night (2 April) by the Treasurer, Josh Frydenberg. As usual, the Budget includes quite a volume of announcements with limited detail.  We will be taking the time to digest those announcements and will be …

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Casual Workers to Permanent Employees

By Sky Accountants

Casual staff who have worked regular hours for at least one year may now request a permanent position. The ruling by the Fair Work Commission was implemented in October and is expected to provide casual staff with opportunities for permanent employment. The hospitality industry is one of the biggest employers of casual employees, accounting for …

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