We quite often receive queries from company owners in terms of when and how they can use their company money or assets once business generated profit. If you are a director or shareholder of a company that operates a small business, this article will help you understand when you can take money out of your company or use its assets.
• Your company is a separate legal entity from you as a director or shareholder.
• The money the business earns, and its assets do not belong to you, they belong to the company.
• If you take money out of the business or use its money or assets for yourself or your family, it needs to be reported and you must keep appropriate records.Small business using your Company Money or Assets Link
Single Touch Payroll (STP), is a new way of reporting tax and superannuation information to ATO. Each time pay salary to your employee you need also sending their salary information to ATO along with pay as you go (PAYG) withholding tax and superannuation information through a STP enabled software or solution. The amount submitted should be year-to-date figure. When and how you report depends on what type of employer you are: • Small employers with 19 or less employees – STP reporting started from 1 July 2019. • Large employers with 20 or more employees – you should already be reporting through STP for a while. Although STP implementation already kicked in for a while, there are quite a few small businesses still do not know what is STP and how to use it properly until now. During COVID-19 period, a lot of small business have some difficulties to apply and receive government grants this is due to lack of records to support for their employee payroll system. Although some of them may have manual records, whereas this many not be accepted by ATO.
Single Touch Payroll (STP) Link
All estate agents who hold or receive money
for or on behalf of others relating to any transaction are required to open and
maintain trust account(s). Every person who carried on business as an estate
agent during the whole or any part of the previous financial year shall cause
his accounts of trust money for the whole or part of that financial year to be
audited. In this article, we will discuss the topic of trust account for estate
agents. Estate agents trust accounts audit link