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01
Aug

Tax free threshold increases to $18,200

Written by Richard Puffe

Hi All, With the recent May 2012 Federal Budget, the government announced that the tax free threshold for Australian residents will increase from 1st July 2012 to $18,200. This should see a nice saving of tax for low income earners. What you may not realise, is if you are “certain” your income from 2 or more jobs in total will not exceed $18,200 for the financial year, you can claim the tax free threshold on each job. Previously you were only allowed to claim the tax free threshold on your main job. Not only will low income earners receive more in their pay each week, it means they potentially do not have to lodge an income tax return (I suggest double checking with your accountant before deciding not to lodge an income tax return). Don’t take my word for it, check out the ATO page below, updated on 31st July 2012. http://www.ato.gov.au/content/23070.htm Have a great day. Richard Puffe | Product Manager, LiveAccounts | MYOB

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31
Jul

Emailing payslips – now just a click away!

Written by MYOB Team

A recent update to LiveAccounts means you can now easily print and email individual payslips to your employees. We’ve outlined below how easy it is to do. 1. Firstly, go to the Payroll > Payroll Settings menu option. 2. In Payslip email setup, type in the text you would like to appear in the email when you send the payslip. Please note the default text provided includes merge fields. This means these fields will prefill automatically with details you have already entered. For example [Employee name] will prefill with the employee’s name e.g. To Mary Jones, thereby personalising the email sent. 3. Then click ‘Save’ to store your changes. 4. Next, go to Payroll > Employees 5. Add the required email address to each of your employees. Next time you do a payrun you will now have the option to tick the Email box. LiveAccounts will automatically email the payslips when you finalise the payrun. Emailing and printing past payslips You can also email or print individual payslips from past pay runs. 1.Go to Payroll > Past pay runs 2. Select the required past payrun and click on ‘Print/Email’. This will outline all the employees in that particular pay run. 3. Tick the box of the employee(s) you would like to email a payslip to, or print payslip for. The ‘Print’ and ‘Email’ buttons will become active. Please note: If the email button does not become active at the bottom of the screen, this means you haven’t entered an email address for that employee. You can add their email address via Payroll > Employees. 4. Click on ‘Email’ and off it goes! Click on ‘Print’ and the payslip PDF will open, and you can print it from there. If you need any help getting your payroll setup, please contact LiveAccounts Support.

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31
Jul

Get a free website in 15 mins – no catch, no dramas

Written by MYOB Team

Here’s the perfect way to get a website for your business without the hassle or the cost. Did you know 75% of Australians look online before purchasing products or services, but only 38% of Australian businesses have a website? A lot of revenue goes to businesses simply because they can be found online. Last year, MYOB launched an initiative to help get 50,000 Australian small businesses online, with a website that is free for the first 12 months*. This was met with unprecedented success with over 34,000 getting on board. But there’s still room for more! MYOB Atlas, our dynamic website builder, makes it quick and easy for you to get online. It’s easy to use, easy to manage and you can have your own website in around 15 minutes.

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30
Jul

LiveAccounts product update – what’s on the go?

Written by Richard Puffe

Hello! It’s been an incredibly busy time here in the LiveAccounts development room. We really hope you’re enjoying the changes we’re making. As you’re probably aware, our main development work recently has been around payroll. We were so excited to release payroll for our New Zealand clients on 1 April, ready for the new financial year. The feedback we’ve received has been great which pleases us no end. How did we improve payroll? We extended the original functionality to include: splitting a pay between two bank accounts adding smarts to exclude super contributions when earnings are below $450/calendar month added multiple overtime rates entitlements (accruals) payment summaries and (drum roll please) the ability to email or print individual payslips! In the building or construction industry? Find out more about the reportable payment obligations and how simple LiveAccounts has made it to comply with them. What else have we done I hear you ask? You will find we have: improved the general journals page made it easier to see related transactions on invoices and expenses fixed the MYE import facility into MYOB Accountants Office tinkered under the bonnet to speed up a few areas. We are now squarely focusing on invoicing. On that point, if there is something you’d like improved in invoicing, drop us a line at ideas@liveaccounts.com we’d love to hear from you. Until next time, Richard Puffe | Product Manager, LiveAccounts | MYOB

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15
Jun

Are you in the building and construction industry?

Written by Richard Puffe

From 1 July 2012, businesses in Australia, who are in the building and construction industry need to report to the ATO each year, the total payments they make to each contractor for building and construction services. Businesses need to report if they: are in the building and construction industry make payments to contractors for building and construction services, and have an Australian business number (ABN). The first annual report is due 21 July 2013 for payments made in the 2012–13 financial year. In this first year businesses that lodge their business activity statement quarterly, may lodge by 28 July 2013.

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17
May

Increase in tax free threshold

Written by Richard Puffe

During budget week, the government raised the tax free threshold from $6,000 to $18,200. This means employees don’t start paying income tax until they earn over $18,200. That represents a great tax saving – however in true yin/yang style, some tax rates have gone up. Below is a small table I created showing the tax savings an employee could receive on salaries of $40K, $60K and $80K.

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