• Welcome to the team!

    Posted on September 17th, 2014 editor No comments
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    John PostleIt was with great pleasure that we welcomed John Postle into our team at A B Accountancy as a director on the 11th August, 2014.

    John is not only a qualified Chartered Accountant but an accomplished business owner with a wealth of industry experience.  Upon commencing his career in Accounting and Tax with Ernst and Young he spent seven years working within their business services and audit divisions.  Following this, John joined a three partner city accounting firm (Peden Lavis), initially as a director and then as a partner. It was during this time that John worked closely with family businesses advising on accounting and taxation matters as well as business development.

    For the last decade John has owned and managed his family Real Estate business, so he comes to us with first-hand knowledge of the pressures and challenges faced by many of our clients.

    We know John will be an asset to our existing team here at A B Accountancy but more importantly, an asset to you, our client.

    We are confident that John will be an asset to A B Accountancy and invite you to contact John at our office at anytime to discuss any business or taxation matters on 07 3847 9499.

  • Superstream – Employers are you ready!

    Posted on May 28th, 2014 editor No comments
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    We have had a number of enquiries from our clients in regards to the new government reform of Superstream.

    We have listed below some of the key questions based on information from the Australian Taxation Office.

    What does all of this really mean for my business?

    If you are the owner of a business and are making employer contributions only to your own Self-Managed Super Fund (SMSF) then you do not have any employer obligations for Superstream. You can continue to make payments as you currently do.

    Please note that your SMSF may still be required to register as Superstream covers other measures such as receiving rollovers from other funds.

    If your business has employees in addition to the owners and you make payments of employer super to their super funds then you need to comply with Superstream for these employees only.

    You will need to contact each individual super fund you are making payments to for your employees. They will advise their individual requirements for Superstream and if any changes are required to what you are currently doing.

    The commencement date for compliance with this reform depends on the number of employees in your business. Please refer to the questions below.

     

    Superstream – My Obligations as an Employer

    What is Superstream?

    SuperStream is a government reform aimed at improving the efficiency of the superannuation system.

    Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.

    Who does Superstream apply to?

    SuperStream is mandatory for all employers making super contributions, APRA-regulated super funds and self-managed superannuation funds (SMSFs) receiving contributions.

    Exemption

    Employers making employer contributions to a related party Self-Managed Superannuation Fund are exempt from the Employers Obligations for Superstream. Payments can be made using existing processes.

    How will SuperStream benefit employers?

    These changes have a range of potential benefits for employers, including:

    • the opportunity to use a single channel when dealing with super funds, regardless of how many funds your employees contribute to
    • less time spent dealing with employee data issues and fund queries
    • greater automation and reduced cost of processing contributions and payments
    • more timely flow of information and money in meeting your superannuation obligations

    Related Party Employers and Related SMSF’s

    Employers making employer contributions to a related party Self-Managed Superannuation Fund are exempt from the Employers Obligations for Superstream.  Payments can be made using existing processes.

    Employer Obligations – 19+ employees – Commences 1 July 2014

    From 1 July 2014:

    • employers with 20 or more employees are required to use the SuperStream standard to send contribution data and payments electronically
    • all super funds (including SMSFs) must receive any employer contributions sent to their fund in accordance with the SuperStream standard.

    Employer Obligations – <19 employees – Commences 1 July 2015

    From 1 July 2015:

    • employers with 19 or fewer employees will also be required to send contributions data and payment electronically.
    • However, some may choose to implement SuperStream sooner.

    What do I have to do as an employer?

    Employers have options for meeting SuperStream by:

    • using software that conforms to SuperStream or
    • using a service provider who can meet SuperStream on your behalf.

    Your options may include:

    • upgrading your payroll software
    • using an outsourced payroll function or other service provider
    • using a commercial clearing house or the free Small Business Superannuation Clearing House(19 or fewer employees).

    What additional Information do I need to collect?

    Employers will need to collect the following information:

    • Unique superannuation identifier (USI) for APRA-regulated funds
    • ABN for SMSF funds
    • bank account details
    • electronic service address (ESA)

    For existing employees, simple processes will be implemented to enable employers to obtain this information. This may include receiving information:

    • direct from your default fund
    • via employees who have elected a choice fund (such as a self-managed super fund)
    • through a clearing house.

    For new employees, the choice of super fund form will be updated to include this information.

    My clearing house shields me from a lot of this complexity, so why do I have to change?

    Provided your clearing house submits data and payments electronically on your behalf in accordance with SuperStream, you will not have to make any change to how you provide information or payments to them.

    In some cases however, you will need to provide additional data in the payroll file you send to your clearing house. This may include the fund’s unique superannuation identifier, bank account details, electronic service address or employee tax file number (TFN) details (where these have been quoted).

    Your clearing house or other service providers will be able to advise you about their plans and what they mean for you.

    Can I continue to make contributions using cheques?

    If you have 20 or more employees, you must send electronic payments and messages (in the approved format) to meet your SuperStream obligation.

    The electronic payment must be linked to the message via a unique payment reference number that you or your agent working on your behalf has generated.

    If you continue to send cheques, you will not be compliant with SuperStream and may face penalties under the law.

    If you are unable to handle electronic payments yourself, you may engage an agent (such as a clearing house or payroll bureaux) who can accept cheque payments and who will then transact electronically using SuperStream on your behalf.

    Can I send a paper notice or form?

    You must send linked electronic payments and messages (in the approved format) if you have 20 or more employees. Employers with 19 or fewer employees have until 1 July 2015.

    Paper notification methods are a barrier to contributions being processed efficiently and reliably.

    If you continue to send paper notices or correspondence, you will not be compliant with SuperStream and may face penalties under the law.

    If you are unable to handle electronic payments yourself, you may engage an agent (such as a clearing house or payroll bureaux) who can accept cheque payments and who will then transact electronically using SuperStream on your behalf.

    What if my system is not working, or the internet or payments system is unavailable?

    In these instances, an employer can still discharge their SG obligations by using alternative channels (paper or electronic) and by informing the fund of the reasons for sending it in this format. Note: the fund cannot reject contributions received in these circumstances.

     

    Provided that reasonable care and diligence has been applied by the employer in meeting their obligations under SuperStream, the ATO would not seek to take compliance action.

     

    What happens if I am not ready to use SuperStream by the required implementation date?

    The Australian Taxation Office (ATO) will provide flexibility and support to employers making a genuine attempt to comply with their obligations under SuperStream. This will be based on your efforts to get ready, your capabilities, whether you have considered other options for meeting your obligations, and the particular arrangements you have worked out with your default fund.

  • ATO – Important Information for the Hair & Beauty Industry

    Posted on March 20th, 2014 editor No comments
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    The Australian Taxation Office has released a statement relating to the latest crackdown for the hair and beauty industry. Starting from July this year, the ATO will be taking a closer look at the hair and beauty industry to make sure everyone plays fair & will be contacting those who are not paying the correct amount of tax or super entitlements.

    The ATO will identify these businesses by:

    • comparing businesses in the industry using the small business benchmarks
    • reviewing third party information, such as bank records, and comparing it to what the business reports
    • investigating information provided by the community, including employees
    • comparing income people report against assets they have purchased.

    The ATO recommends if you are within this industry to ensure you continue to keep your tax and super records up to date and correctly recorded, to reduce your chance of being contacted.

    If you believe you have made a mistake, or would like some further information, you can visit the ATO websites www.ato.gov.au/hairandbeauty and www.ato.gov.au/paysuper.

    Please do not hesitate to contact our office on 07 3847 9499 should you have any concerns or further queries.

  • The Arrival of Ethan Alexander Wheatley

    Posted on January 17th, 2014 editor No comments
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    Ethan Alexander Wheatley was welcomed into the world on the morning of Melbourne Cup, 5th November 2013! Ethan was born at exactly 1.41am weighing in at just 3.14kg (approx. 7 pounds).

    A big congratulations from the team at A B Accountancy to Chris & Leisha on their new arrival! He is absolutely adorable!

    And for those who are wondering – we are also told Ethan’s hair is slowly attempting to turn a lovely red! Just like his Dad!

    Baby Ehtan

  • Meet the Candidates – South East Brisbane Chamber of Commerce (SEBCC)

    Posted on September 10th, 2013 editor No comments
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    AB Accountancy were lucky enough to be invited to the latest SEBCC meeting at the Colmslie Hotel in Brisbane. “Meet the Candidates” was an exciting morning for all invited with Prime Minister Kevin Rudd as the guest speaker.

    Meet the Candidates photo

    Our Business Manager, Laurena Reissman, was one of three local business operators selected to discuss local business issues and concerns with 612 ABC Local Radio host, Steve Austin. Click here to listen to the Podcast!

     

  • Staff Member of the Year – 2013

    Posted on August 7th, 2013 editor No comments
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    June 30th marks the end of the Financial Year and a time to recognise and acknowledge the contribution, support, dedication and commitment of the amazing group of people that make up team A B Accountancy.

    In recognition of this a BIG congratulations goes to Renae Robinson for winning A B Accountancy’s 2013 Staff Member of the Year Award!

    Smofty 2013 Renae Robinson

     

    Anne & Lorelle Team Recognition AwardIn addition to our Staff Member of the Year Award, this year there were two additional awards given as Team Recognition for two special staff members who year on year receive nominations in the categories of “Clever Person” and “Professional Person”. These were awarded to Lorelle Hitchcock and Clare Hooke.

    Anne & Clare Team Recognition Award

  • Business of the Month – South East Brisbane Chamber of Commerce (SEBCC)

    Posted on June 7th, 2013 editor No comments
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    AB Accountancy were lucky enough to be invited to speak as a Business of the Month for the South East Brisbane Chamber of Commerce.  Laurena Reissman our Business Manager presented on behalf of our team on the topic of using business tools like Xero to improve business performance.

    As well as hearing about the ways in which to improve processes and performance, each of the guests on the morning received a very special gift bag full of ABA and Xero goodies – and even a cup cake.  Needless to say we had a very attentive audience!

     

    Xero Packs - BOM June 2013

  • Thank You to our Valued Clients and Associates!

    Posted on July 5th, 2012 editor No comments
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    The votes have been counted and thanks to your amazing support, A B Accountancy have been announced as a finalist in the category of Professional Services in the 2012 Quest Business Achiever Awards.

    We would like to take this opportunity to thank you all for taking the time to vote for us this year and getting us one step closer to taking out the award.
  • Vote 1 – A B Accountancy !

    Posted on May 22nd, 2012 editor No comments
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    Thank you for your support!

    In 2011, A B Accountancy was a Finalist in the Quest Business Achiever Awards for the category of ‘Professional Services’. This year we would love to go one better and take out the title & we need your help to do so!

    Quest Newspapers have commenced taking nominations for this year’s Awards & we would appreciate your support in nominating A B Accountancy in the category of Professional Services’.

    All you need to do is simply click on the ‘Vote for Us!’ logo below to nominate our business. 

    From there simply follow these few easy steps to place your vote:

    1. Type in our business name:      A B Accountancy

    2. Choose the award category:      Professional Services

    3. Fill in your details:     Your name, address, email & phone number

    4. Then press the green SUBMIT button. All done!

    Thank you, we appreciate your support.

    Vote for Us 2012

  • Thank You!

    Posted on March 21st, 2012 editor No comments
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    We want to thank everyone who supported ‘Cate’s Team’ in the RACQ International Women’s Day Fun Run/Walk for 2012!

    As a result of the generous donations of our community ‘Cate’s Team’ raised $7,894 (and rising) towards Cate’s favourite charity, Mater Chicks in Pink. The funds raised provide practical and tangible support to breast cancer patients at the Mater while also investing in research to find a cure for future generations.

    Whether you realise or not, on Sunday you helped women with breast cancer by making their journey a little bit easier. As Cate said not 10 months ago, “There’s nothing I wouldn’t do to support those girls – they’ve been so wonderful to me”.

    After completing the run on Sunday, 11th March ‘Cate’s Team’ was awarded as the highest fundraiser for the year and we were privileged to have Natalie, Cate’s daughter, collect the trophy for our team on the day. ‘Cate’s Team’ raised $7,894 of the total $34,860, nearly 23% of the entire funds raised in 2012. In addition to the generous donations, we had a phenomenal turn out of people who came in support of our Cate, with 40 plus runners and walkers participating in the team.

    Thank you to everyone who participated and donated to help make ‘Cate’s Team’ a success – we could not have done it without you.

    Kind regards,

    Anne and the Team at A B Accountancy

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