Client Information

Information

Xero – Secure Documents & E-Signatures

Robert Bates uses Xero to distribute and house all client information which adheres to Australia’s strict privacy laws. Xero uses data encryption for file sharing and ensures data integrity is maintained throughout their lifecycle.

Robert Bates & Co

Launching My Accounts App

Download the Robert Bates and Co free App on your device today. The App will give you access to key accounting data, in real time, whenever you need it. We’ve included your favourite business systems, invaluable tools and features such as calculators, mileage tracker logbooks, receipt and income management and valuable company info, directly from us.

Get the App

Visit the Apple or Play Store, scan the QR code displayed. Our My Accounts App is exclusive to customers of Robert Bates & Co. Contact us for your special client access code.

Receipt Management, Email and Store

You can track your receipts and expenses literally at the touch of a button. With minimal effort you can take a picture of any receipt and save it to the App. Any additional information can be added later and receipts are stored by amount, category, and date.

It can help you track all your expenses with ease and enable us to interact electronically with you. Data is not received by RBC until emailed to us.

GPS Mileage Tracking and Logbook Tool

Our app can help you keep an accurate tab on your journeys. Using the built-in GPS in your device, it will automatically track mileage, helping you to record every single trip at the touch of a button. It will also manage trips, storing them and allowing you to view, edit or email complete ease. Data is not received by RBC until emailed to us.

Robert Bates & CO

Business Updates

We Are Participating in the Coleman Greig Virtual Challenge

Robert Bates & Co staff will be taking part in the virtual challenge beginning on Friday 18 September. Each team member has set a personal goal to achieve and RBC will be donating on their behalf for the challenge.

We are committed to keeping our team physically and mentally fit, especially during Covid-19.

If you would like to support this cause you can Donate Now

Additional Tax Information

Single Touch Payroll (STP) is changing the way employers report their workers’ tax and super information to the ATO.

Employers are expected to report information on a variety of areas through software that offers STP reporting or third-party service providers. Withholding amounts, superannuation liability information, ordinary times earnings, salaries, wages, allowances and deductions should all be included in reports.

Parliament has passed legislation to extend STP to now include businesses of any size. There are separate guidelines and due dates in place for different sized businesses.

Businesses with 20 or more employees:

As STP for businesses with 20 or more employees started on 1 July 2018, relevant businesses should already be reporting through STP or have applied for a deferral. If you are unsure if your current software has STP reporting, the ATO recommends talking to your software provider or tax professional.

Businesses with 5-19 employees:

Reporting can start anytime from 1 July to 30 September 2019. If you already use payroll software which offers STP, you can update your product and start reporting early. Online forms will be available from April 2019 for those who need to defer reporting or meet exemption criteria.

Businesses with 1-4 employees:

Micro employers with four or less employees who don’t currently use payroll software can report STP information in other ways. The ATO has listed software developers who offer no-cost and low-cost STP solutions to make the transition smoother. There is also an option for your registered tax or BAS agent to report your STP information quarterly rather than each time you run payroll. This will be available until 30 June 2021.

To help with ease of transition for everyone involved, the ATO offers no penalties for mistakes, missed or late reports for the first year. Exemptions from STP reporting can also be provided for employers experiencing hardship, or in areas with intermittent or no internet connection.

The Instant Asset Write-Off Scheme has been extended to 30 June 2020 for assets purchased under $30,000.

The scheme affects small to medium businesses with a turnover of up to $50 million a year, allowing business owners to immediately deduct assets costing up to $30,000 which can then be claimed for tax return in that income year. The new rules will apply from 2 April 2019 and are set to remain in place until 30 June 2020.

This extension was introduced in the 2019-20 Federal Budget, increasing the write-off threshold and eligibility criteria. The threshold applies on a “per asset” basis, meaning that eligible businesses can instantly write off multiple assets. There are certain assets that are excluded from the scheme so it is best to check with your accountant or financial advisor.

While the Instant Asset Write-Off Scheme reduces the tax your business has to pay, it is not a rebate. Your cash flow will still have to be sufficient enough to support any purchases. Ways that assets are purchased, such as lease or borrowing methods, may affect eligibility for the scheme.

This change will not supersede the previously announced threshold increase that allows businesses to immediately deduct purchases of eligible assets costing less than $25,000. The $25,000 increase applies from 29 January 2019 until budget night (2 April 2019) whereas the new $30,000 increase applies from budget night until 30 June 2020.

There is no guarantee that the Federal government will extend this scheme beyond 30 June 2020.

Owning an investment property can provide great benefits, including additional income and entitlement to tax deductions.
Now is the time for property investors to take advantage of the tax strategies available to them this 2019-20 financial year.

Prepaid Expenses:

In order to maximise your tax bill this financial year, bring forward any maintenance expenditure that will need to be completed by 30 June. Ensure to distinguish between what the ATO considers a ‘repair’ and an ‘improvement’, as improvements are non-deductible.

Interest:

Prepay interest on property investment loans if you have adequate cash flow in order to claim an immediate deduction. Investors may choose to pay interest in advance in order to simplify finances by making one prepayment of interest upfront or protect against possible interest rate rises over the 12 month period.

Record-keeping:

Investors must maintain a sufficient filing system to substantiate any claims made. The ATO requires you to keep up-to-date records of things such as proof of earned rental income, all incurred expenses, periods of private use by you or your friends, periods the property was used as your main residence, loan documents and efforts to rent out the property.

Depreciation deductions:

A depreciation schedule can be provided by a qualified quantity surveyor, outlining the tax deductions that are available and help to provide a significant return. The cost of a depreciation schedule is also tax deductible.

There’s much more in our full 2018-19 End Of Year Newsletter. Click HERE to download…

Browse Here or Download Our Newsletters In PDF

Your Knowledge – October 2020
Your Knowledge – November 2020
2020 – Year End Strategies
Business Matters – Q2 2020
Business Matters – Q3 2020
Business Matters – Q4 2020
Resources

Learn More About Us

Download respected documents if you want to know more about us.

Enquiry Form

    R Bates & S Hewitt is a Corporate Authorised Representative No 124 4980 of SMSF Advisers Network

    ABN 64 155 907 681
    AFSL No. 430062

    Liability limited by a scheme approved under Professional Standards Legislation *other than for the acts or omissions of financial services licencees.

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