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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.

SINGLE TOUCH PAYROLL REPORTING

The A.T.O’S introduction of the Single Touch Payroll Reporting (STPR) is set to streamline the way employers report some tax and superannuation information to the A.T.O.

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 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.

The Australian Taxation Office have recently released the 2014/15 individual tax return statistics and it makes for some interesting reading.

We all remember the recent story about how much the head of Australia Post was being paid. Well did you know that in Sweden you can request a copy of anyone else’s tax return and find out how much they earn.

Gold Group Consulting are pleased to welcome Chase Perkins to the team. Chase is a TSS graduate, and is currently studying a Bachelor of Commerce ...

After 30 years of service with Gold Group Consulting, 28 of which were as a partner, Rob Fearnley has decided to retire. During this time Rob has been involved...

Gold Group Consulting are pleased to welcome Tegan Scott to the team. Tegan has worked in public practice for the past 8 -9 years. She holds a Bachelor of ...

We are pleased to welcome Roy Chak to Gold Group Consulting. Roy has a Bachelor of Commerce with a major in Accounting and is currently undertaking...

Did you know that during 1 July 2014 to 30 June 2015, the ATO reported that 3,179,845 people received a low income superannuation contribution totalling...

We are very pleased to welcome Mark Gardner to Gold Group Consulting. Mark has recently graduated from Griffith University with a Bachelor in Commerce...

We are very pleased to welcome Chelsea Bechaz to Gold Group Consulting. Chelsea has joined our team of lovely receptionists, who go above and beyond...

We are very pleased to welcome Michael Courtin to Gold Group Consulting. Michael is a Chartered Accountant and has completed a Bachelor of Commerce...

It is with great sadness that we announce the recent passing of our practice's founding partner Eric Lee. Eric started the practice in Southport back in 1969.

We are very pleased to welcome Laura Baker to Gold Group Consulting. Laura is currently undertaking a Bachelor of Commerce with a double Major in Financial Planning & Accounting...

From the 9th February Xero is changing the way that users are notified of updates and new features. They are adding a drop down panel that will display notification cards.

There is a general perception that accountants and accounting is boring – maybe that's true. But occasionally something comes along that gets us genuinely excited.

We are very excited about our new website. It contains many new features. We will also be able to provide a seamless client file transfer interface.