Blog Updates from Gold Group Consulting
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Lets take security seriously
Xero will soon start making two-step authentication (2SA) compulsory for all business clients, just as it has for accountants. There is now an opt-in period which has begun for subscribers and Payroll administrators and will be mandatory by September 11. By the end of this year, every user with access to Xero in Australia will be required to take up 2SA.Read More
Property and the New GST Withholding Regime
Ordinarily, vendors (sellers) pay GST on the value of the taxable supplies that they make. Vendors will sell goods or services for a price that includes a GST component. When it comes time to lodge their BAS, the vendor will then pay that GST component to the ATO. There may be a three or four months delay between a vendor receiving a purchase price (including the GST component), and having to pay the GST to the ATO.
In recent times, the ATO and the government have become increasingly concerned that some property developers collect the GST on a sale, but ultimately do not pay GST. The ATO have also publicly acknowledged that their enforcement and detection methods are not effective.
Ten Tips for Directors
Ten Tips for all Directors on how to minimise your risk of being personally liable for company debts The ATO have ever increasing powers and right now the they are increasing its use of Director Penalty Notices (DPNs) for unpaid PAYG tax and superannuation debts. The ATO have adopted this strategy since the new laws were passed in July 2012. It is predicted by Irish Bentley Lawyers that DPNs will become one of the ATO’s main collection tools. Directors of companies with arrears need to take prompt action to avoid or mitigate personal liability.Read More