Not-for-profit (NFP) organisations can use the Fringe Benefits Tax (FBT) concessions to provide tax advantaged salaries to their employees. The FBT Concessions are essential in allowing NFPs to be able to provide services sustainably. FBT Concessions Some FBT...
Meet Brayden, our newest Accountant here at Nexis. After 7 months working with us, Brayden has brought a fresh and new perspective on age-old tax organisation strategies. As an Accountant, his best piece of advice for clients is to identify what their business’ most...
Once upon a time, accountants could just do their 60-hour work weeks absorbed in Excel and handwritten ledgers. While for some businesses that’s still the norm, the world is changing – and so are expectations. Excel, TechOne, financial statements, tax, CA/CPA...
The final part of Phase 1 of the ATO’s Single Touch Payroll (STP) Reporting requirements came into effect from 1 July 2021. Now we are getting ready for Phase 2. Phase 1 was a way of reporting employees’ tax and super to the ATO in real time. Phase 2 will...
The Australian Securities and Investments Commission has implemented a new legal requirement for all company directors to hold a Director ID. Each director must only apply for one director ID, even if you are a director of multiple companies. When you must...
The superannuation stapled fund measure is starting soon. This month in Nexis News, we want to simplify this new requirement for our business clients. What is this new requirement under the superannuation reform? The superannuation reform, Your Future, Your...
As a business owner, you probably already know that lodging on time with the ATO is an integral part of keeping your business moving. It allows you to stay on track with your accounting and bookkeeping and employee requirements like Payroll and Superannuation. At...
Meet Henry Metcalfe, one of the newest members of our Nexis team in Canberra. He has been with us for the last six months and is settling into the Nexis life – which currently means working from home, due to the ACT’s lockdown. While he’s eager to get back to seeing...
At Nexis, we understand that restrictions such as reduced capacity, reduced staff and temporary closures affect business owners in the ACT and the region. We are here to answer any of your accounting, bookkeeping and business advisory questions, starting with what...
The next stage of the ATO’s Single Touch Payroll (STP) Reporting requirements come in affect from July 1st 2021. All closely held employers must start reporting the amounts paid to their closely held employees. What this means for you: You must register for STP...
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