Welcome!
Hi There,
Happy New Year! I'm a few days late, but better late than never! 😂
Let's get into it!
Communication
I am always looking for ways to streamline everything, including communication and workload.
From now on, could you please send all emails about work-related tasks to wegotyou@theaccountingacademy.com.au?
You can still send me emails regarding things outside of work (I love a good meme), but anything relating to clients, tax and accounting questions need to go to this new email address.
You will have noticed that I have also been using a notetaker to summarise our meetings and give us a to do list. You should get an email with the summary after our meeting. Please review these post meeting and work through your tasks.
Workload
Speaking of workload, if you have already done so, could you please provide me with a list of the tax returns you currently have and the expected lodgement dates? It would be great to get your expected revenue also.
This will help me to manage my workload and get the returns out to your clients in a timely manner. Please get me this by Friday the 12th of July 2024.
At the moment, we do have a lot of tax returns to get through with Activity Statement on top of that, so the expected turn around time is 48 hours.
If you need to catch up to go through anything, please give me at least 48 hours notice also. It's best to find a time that suits you here.
Help is also on the way. I will fill you in on this next week.
Process, Process, Process
You might have heard me harp on about workpapers and having all the correct documentation. Unfortunately you are going to hear me say this even more during the busy season.
It is important that we have everything in order, more so than ever. This includes:
- Workpapers completed
- Having all supporting documentation
- Letter of engagements signed by all parties
- Client identity is verified
I will be asking for this info, so best to get it right at the start.
Training
Another thing I have been harping on about - Courses. These are coming, I promise. I aimed to starting releasing these next week.
Also, if you are new to Xero or QuickBooks, please check out the training and knowledge bases on their websites. You can find the links below.
Structuring and Tax Planning
If you have clients asking about how to structure their business or asking for a tax plan, please let me know. I will help you work through this. It is important to get this right as it can mean a whole lot of trouble if you get this wrong.
Make sure you ask your clients a lot of questions as the answers you seek will be there.
Reach out if you would like to discuss in more detail.
ASIC Compliance
Another thing us accountants do is ASIC compliance. If you are being asked to handle the annual renewal of a company, or make changes and updates, let me know. I can give you access to everything you need for this.
Reminders from last month:
Tax lodgements and Extensions
A reminder that if you get a new client that has an overdue tax return, we need to apply for an extension (deferral in ATO speak)
As tax agents, we have targets we need to meet - 85% on-time lodgements.
If you have a new client with an overdue tax return, you can apply for an extension. You can get up to a 6 week extension.
It is important to keep the ATO updated on any issues with lodgements and payments as they have been ruthless of late.
If you have any issues getting your clients tax returns lodged, please reach out so we can work out a solution.
STP Finalisation
STP finalisation is due by the 14th of July. We have a bit of time before this is due, but its good to start preparing for it, especially if you are planning on paying superannuation by the 18th of June.
If you have any items that need to be corrected, get them done as soon as you can. If you need help, please reach out.
Xero has an STP checklist. You can see it here.
I have left the Xero Year end and STP checklists below for your reference.
If there is anything you would like to see, or if you have any feedback on this newsletter, let me know.
As always, if you have any questions, please reach out.
Have a great week!
Cheers,
Daniel
