Industry Event - 15 July 2015
ABSIA Board member, Nicholas Perrott attended the meeting on behalf of ABSIA, the key messages and main points of discussion were:-
1. Fix it squads
The Fix it squad team have been assisting in the creation of guides in respect of changing a business structure (e.g. sole trader to company) and a guide for small business directors.
Assistance with taking on a new employee with updated guides that will appear on the FairWork website. Note that many small business are not using payroll software due to the cost.
2. Every Year Counts
Looking at initiatives for next year including managing tax for business, making superannuation easier for small business, employee share schemes, online services and linking a business to myGov.
The community is embracing the digital era - 70% of users are supportive with an additional 25% will get there with some active support. The ATO is also delivering new online services available on PC, smart phone and tablet. Also looking to assist with online SBR lodgement through cloud based services without an AUSkey
3. SuperStream Update
Update on the progress of SuperStream by Colleen Gibson with a dramatic increase in transaction volumes starting in June. It is estimated that 20% of small business are already using SuperStream.
4. Safe Harbour
A number of working groups covering GST, FBT, Employee Share Schemes etc. have been created with the ATO not challenging "valuations" providing the guidelines are followed. Questions also raised over what can be claimed when a home office is used.
5. GST Return Simplification
Discussions have been taking place in respect of the simplification of GST returns for a business with a turnover of less that $2M with the possibility that only the GST Collected and GST Paid figures will be required.
ABSIA has the opportunity to raise issues of concerns; if you have any issues you would like raised please email them to email@example.com before the next meeting on 12 November 2015.