June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 1

Institute of Certified Bookkeepers Making you Count

P: 1300 856 181 F: 1300 857 393 E: admin@icb.org.au W: www.icb.org.au

Bookkeepers helping Bookkeepers helping Business

June 2021 Welcome to the June 2021 edition of ICB’s Monthly Newsletter.

Contents Important News .................................................................................................................................. 3

Superannuation Increase ..................................................................................................................... 3 Super Increase and Payroll .................................................................................................................. 3 Minimum Wage Increase ..................................................................................................................... 4

Continued Professional Education ................................................................................................. 6 Upcoming Events and Webinars ....................................................................................................... 6

ICB Network Meetings ...................................................................................................................... 7 Upcoming Network Meetings ............................................................................................................. 7

Other Things Happening in the World .......................................................................................... 8 Fixing Workplace Problems ................................................................................................................. 8 Succession Planning ........................................................................................................................... 11 Small, Local Australian Businesses ............................................................................................... 14

From the ICB ...................................................................................................................................... 15 Member Benefits .................................................................................................................................. 15 What’s New this Month from ICB ................................................................................................... 17

From Strategic Partners ................................................................................................................. 18 Reckon STP App Users ...................................................................................................................... 18

From the ATO .................................................................................................................................... 19 ATO Systems Maintenance............................................................................................................... 19

ICB Membership Statistics ............................................................................................................. 19

ICB Supporters and Sponsors ....................................................................................................... 20

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 2

Additional Information for Members Only In this month’s Members Newsletter you will find the following additional information:

Important News Your Future Your Super

STP Obligations from 1st July

Best Practice Bookkeeping Working With Sporting Clubs and Associations

ICB Guide to Superannuation - updated resource

The BAS Agent World Payment Plans and the ATO

BAS Agent Deadlines

Annual Skills Review Reform

ICB Network Meetings June 2021 Question of the Month: Tax Invoices

May 2021 Answer of the Month: Closely Held and STP

From the ICB June 2021 eBrief for your Clients and Business

From Strategic Partners Reckon and Community Groups

PROVIDERplus

MYOB Partner Program

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 3

Important News

Superannuation Increase

Have You Changed Your Software? 10% Super Guarantee (SG) Rate applies to all payroll “paid” on or after 1st July so Payroll Software setup will have to be changed before any pay is processed to ensure the 10% rate is applied properly.

Ensure that all payroll systems are up-to-date and comply with Single Touch Payroll (STP) & Superannuation requirements: these changes may not happen automatically.

For existing employees, employers, along with their Bookkeepers will be able to follow a simple process to manually update the SG amount.

Speak to your software provider about how this is set up buy generally you will find it via Payroll > Payroll Categories > Superannuation tab in most software.

Resources ICB – Super Guarantee Increase

ICB – Template – Dear Employer/Dear Employee

ICB – Guide to Superannuation

ICB – Slides discussing Superannuation – Fridays with ICB

ICB – Recorded Discussion – Superannuation increase

ICB – Budget for Bookkeepers

Legislation.gov.au – Superannuation Guarantee (Administration) Act 1992

ATO – Super Guarantee rate rising 1 July

Super Increase and Payroll

Super Increase – Getting Payroll Correct When processing a payroll be mindful the latest 10% rate is applied to Ordinary Times Earnings amounts paid after 1st July 2021, irrespective of when those amounts accrued.

If a payroll is paid after the 30th of June 2021 then the whole amount for that period (even if some of the payroll period is in the month of June) will incur the 10% super increase. Do not use both rates.

When Amounts are Accrued The 9.5% rate applies to OTE/salary paid up to 30th June 2021.

The new 10% rate will apply to OTE/salary amounts paid from 1st July 2021.

Super Guarantee Contributions Act Section 19 stipulates that SG is payable on payment date rather than earned date.

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 4

Quarterly salary or wages base, for an employer in respect of an employee, for a quarter means the sum of:

a. the total salary or wages paid by the employer to the employee for the quarter; and

b. any sacrificed salary or wages amounts of the employee for the quarter in respect of the employer.

For more information: Superannuation Guarantee (Administration) Act 1992 (legislation.gov.au)

Minimum Wage Increase

The Fair Work Commission has Announced a 2.5% Increase to Minimum Wages. The increase applies to anyone who is paid minimum award wages or the national minimum wage, with the new national minimum wage will apply from 1st July 2021.

The wage increase takes effect from the first full pay run/period that starts on or after 1st July 2021.

Most employees are covered by an award but if employees are covered by a registered agreement, employers and employees need to check it to see whether this increase affects them. Also note, the increase doesn’t affect employees who already get paid more than their new minimum wage.

For anyone not covered by an award or an agreement, the new national minimum wage will be $772.60 per week or $20.33 per hour.

However The Roll Out Will Happen in Three Stages As per the Fair Work Commission’s announcement most awards will increase from 1st July 2021.

Wages in the Retail Award will increase from 1st September 2021 and the rates in 21 other awards for some industries impacted by coronavirus restrictions the increase will be delayed until 1st November 2021.

What Bookkeepers Can Do Now Be sure clients and business owners are aware of this increase and advise them to get prepared to implement these changes into payroll systems now.

Advise employers that they need to do the following checks:

Check if any awards apply to that business.

Assess employee wage agreements for those on minimum wage.

Wait for software and payroll import updates.

Advise relevant employees of the increase.

Bookkeeping The wage increase takes effect from the first full pay run/period that starts on or after 1st July 2021.

Example: Using 1st July as the effective date – If employees are paid on the 5th of July 2021, for the pay week 28th June to 5th July 2021 – this would be at the old rate. The new rate would apply and commence from the pay period that starts after on the 6th of July 2021.

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 5

Summary Be sure to point out this is a separate cost to the 0.5% increase to superannuation.

ICB will continue to investigate the details of the increase, and as resources become available we will pass these onto our members.

The Fair Work Ombudsman is also currently updating their tools and resources.

Employment Innovations On 16th June 2021, the Fair Work Commission’s announced that the national minimum wage, and minimum wages set out in modern awards, will increase by 2.5%.

Similar to last year, the dates the increases come into effect will be staggered, with industries most impacted by COVID-19 being given more time before the increase becomes law. Businesses will have to comply with the increase on one of three dates, as explained in the Employment Innovations Fact Sheet.

Resources FWC – Annual Wage Review 2020-21 decision issued

FWO – Annual Wage Review 2021

FWO – Find my award

EI – Minimum Wage to Increase by 2.5%

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 6

Continued Professional Education

Upcoming Events and Webinars

ICB Events and Webinars ICB End of Year Online Seminar 2021

Online, Webinar, Online Recording Fridays with ICB - Breathing for the Next 90 Days

Online, Webinar, 2nd July, 2021 ICB Technical Webinar - EOY Payroll Tax

Online, Webinar, 8th July, 2021 Fridays with ICB

Online, Webinar, 9th July, 2021 Fridays with ICB

Online, Webinar, 16th July, 2021 ICB Technical Webinar - Allowances in Payroll

Online, Webinar, 20th July, 2021 Fridays with ICB

Online, Webinar, 23rd July, 2021 ICB Technical Webinar - Entitlements - Part of Payroll

Online, Webinar, 29th July, 2021 Fridays with ICB

Online, Webinar, 30th July, 2021 ICB Technical Webinar - TPRS and EOFY TPAR

Online, Webinar, 12th August, 2021 ICB Technical Webinar - Business ABN Issues and Anomalies

Online, Webinar, 17th August, 2021 ICB Technical Webinar - Cyber Security and Protecting Assets

Online, Webinar, 26th August, 2021 ICB Technical Webinar - GST 101

Online, Webinar, 7th September, 2021

Note: Webinars are recorded and available for members to listen to in the ICB Webinar Library.

Online Intuit Quickbooks - Self-Paced Training

Online, Webinar, Self-Paced Applied Education - CPE Club

Online, Webinar, Multi-Dates GovReports - Webinar Series

Online, Webinar, Multi-Dates Tax Practitioners Board - Webinars

Online, Webinar, Multi-Dates

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 7

ICB Network Meetings

Upcoming Network Meetings Webinars Online 9th July, 2021

Online 12th July, 2021

ACT Canberra - Northside 6th July, 2021

Canberra - Phillip 13th July, 2021

NSW Albany 22nd July, 2021

Albury - Wodonga 14th July, 2021

Ballina 13th August, 2021

Balmain 30th July, 2021

Bathurst 14th July, 2021

Bellingen 20th July, 2021

Blue Mountains 14th July, 2021

Brookvale 23rd August, 2021

Central Coast 21st July, 2021

Dubbo 20th September, 2021

Hawkesbury Region 6th July, 2021

Hills Districts 11th August, 2021

Hornsby 8th July, 2021

Lower North Shore 19th July, 2021

Moorebank 7th July, 2021

Newcastle 9th August, 2021

Newport 24th August, 2021

Oran Park 15th July 2021

Orange 11th August, 2021

Port Macquarie 10th August, 2021

Randwick - Bondi 14th July, 2021

Shoalhaven 2nd August, 2021

Southern Highlands 12th July, 2021

Sutherland 22nd July, 2021

Tweed Coast 21st July, 2021

Wagga Wagga 5th June, 2021

Wollongong 18th August, 2021

NT Darwin 12th July, 2021

Queensland Atherton Tablelands 18th August, 2021

Brisbane Central 22nd July, 2021

Brisbane North TBC 2021

Brisbane South 20th July, 2021

Bundaberg 10th August, 2021

Burpengary 14th July, 2021

Cairns 23rd July, 2021

Dalby 29th July, 2021

Gladstone 20th July, 2021

Gold Coast - AM 13th July, 2021

Gold Coast - PM TBC 2021

Hervey Bay 17th August, 2021

Ipswich 20th July, 2021

Logan 21st July, 2021

Moreton Bay 20th July, 2021

North Sunshine Coast 16th July, 2021

Port Douglas 16th July, 2021

South Sunshine Coast 8th July, 2021

Toowoomba 9th July, 2021

Townsville 9th July, 2021

South Australia Adelaide West 16th July, 2021

Para Hills 21st July, 2021

South Adelaide 12th August, 2021

Unley 8th July, 2021

Tasmania Hobart 16th July, 2021

Launceston 12th July, 2021

Victoria Ballarat 6th August, 2021

Brunswick 19th July, 2021

Bulleen 10th August, 2021

Burwood 7th July, 2021

Chadstone 12th July, 2021

Cobram 18th August, 2021

Docklands 25th June, 2021

Echuca 25th June, 2021

Frankston 19th July, 2021

Geelong 20th July, 2021

Mildura 14th July, 2021

Mordialloc 20th July, 2021

Mornington 23rd July, 2021

Mt Waverley 10th August, 2021

Narre Warren 13th July, 2021

Ringwood 22nd July, 2021

Sale 13th August, 2021

Sunbury 13th July, 2021

Warragul 20th July, 2021

Wyndham 9th July, 2021

Yarra Valley 9th July, 2021

Western Australia Albany 22nd July, 2021

Balcatta 11th August, 2021

Broome 25th June, 2021

Bunbury 24th June, 2021

Busselton 13th August, 2021

Cockburn Central 21st July, 2021

Geraldton TBC, 2021

Joondalup 20th July, 2021

Mandurah 14th July, 2021

Melville 14th July, 2021

Midland 8th July, 2021

Northam 22nd July, 2021

Welshpool Cancelled

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 8

Other Things Happening in the World

Fixing Workplace Problems

Applying the Fair Work Ombudsman Guidance to Prevent and Fix Workplace Problems The Fair Work Ombudsman (FWO) recognises that most problems can be resolved by addressing the issue in the workplace as quickly as possible. To focus on this matter, the Fair Work Ombudsman have created a new section on the fairwork.gov.au website that has information and guidance to help your clients and business owners prevent and fix workplace problems. See reference: FWO – Preventing workplace problems ‘© Fair Work Ombudsman www.fairwork.gov.au’

Problems can happen in any workplace. If they’re not resolved quickly, they can escalate into disputes, causing disruptions in even the most harmonious workplaces.

Bookkeepers and BAS Agents can make use of these resources to assist clients if they have any workplace disputes that need to be resolved or escalated.

The resource is divided into the 3 main stages of a workplace problem lifecycle:

Preventing Workplace Problems One of the best ways to make sure a business has a productive working environment, free from problems and conflict, is to prevent problems from happening in the first place. See resource: FWO – Preventing workplace problems. The following information takes employers and employees on a learning path to understanding and implementing workplace rights and responsibilities.

Know your rights and obligations

Bookkeepers should be able explain to business owners their workplace rights and obligations so the business owner can prevent any issues that may arise when there is a question or dispute about pay or conditions at work. Read more at FWO – Know your rights and obligations.

Stay up-to-date with workplace law changes

It’s important to stay up-to-date with changes to workplace laws. Minimum pay rates under awards and the National Minimum Wage usually change once a year and the Fair Work Commission can vary awards at any time. For Bookkeepers and BAS Agents being knowledgeable about any workplace law changes is an obligatory part of your job, particularly for those professionals processing payroll. Read more at FWO –Stay up-to-date with workplace law changes.

Communication in the workplace

Regular and open communication helps maintain a harmonious working environment and can prevent workplace problems from happening. Both employees and employers are responsible for open and effective communication at and about work. Remind business owners of the importance of transparency in workplace practices. If employees know what is happening in the business they will be more likely to stay loyal and work efficiently.

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 9

Common Workplace Problems Problems can happen in any workplace. If they’re not resolved quickly, they can escalate into disputes, causing disruptions in even the most harmonious workplaces. See resource: FWO – Common workplace problems

Common employee problems

These are some of the common problems employees can experience in the workplace.

My pay doesn’t seem right

I’ve been fired and I’m not sure what I’m entitled to

Help with bullying in the workplace

I’m not getting pay slips

I think I could be an employee not a contractor

Common employer problems

Do you have a problem in your business? Below are some of the common problems employers can experience in the workplace.

I’m not sure what to pay my employees

I’m not sure which award covers my business

My employee isn’t doing their job properly

I think I’ve underpaid my employee

My employee left without giving notice

As a Bookkeeper your role is to assist a business to navigate the correct way to adhere to the rules and regulations of the Fair Work Ombudsman. Particularly for BAS Agents as this comes under the scope of TASA Code of Conduct.

These FWO resources are clear and specific and should be passed on to each of your clients as a course of action when engaging a client.

Fixing a Workplace Problem Workplace problems can happen when employers and employees don’t know or understand their workplace rights and obligations and communication has broken down.

How does a business owner go about getting help to learn how to fix the problem and how can Bookkeepers help? Follow this step-by-step guide from FWO.

Step 1: Check the rules relating to your issue

Problems often happen because employers and employees don’t know their workplace rights and obligations. An effective way to fix workplace problems is simply to find out what the law is and follow it.

Step 2: Sort out the issue in the workplace

If you’ve checked the law and still think there is a problem, the next step is to have a conversation to try to sort it out.

Most awards, enterprise agreements and other registered agreements have a dispute resolution procedure. You should follow this process to raise the issue in your workplace. To check what this procedure says:

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 10

Find the award that applies to you

Find a registered agreement

Prepare the business owner for the conversation

The FWO can help with tips on how to have an effective conversation. They have a range of tools and resources to help business owners prepare for a conversation and find the information they need.

Guide your client to develop their skills and strategies for having difficult conversations at work by taking a short course at the FWO – Online learning centre.

Put the agreed actions in writing

It’s a good idea to put things in writing as part of or after taking the steps above. This helps clarify the issues and outline any next steps or outcomes that are agreed to.

Small business dispute resolution

The Australian Small Business and Family Enterprise Ombudsman helps small businesses resolve workplace and other business issues. They provide information to help businesses better understand and manage disputes, including:

An explanation of the five phases of dispute resolution

A checklist to better understand how the dispute started and what the issues really are

Tips for putting concerns in writing, including an example letter.

Visit the Australian Small Business and Family Enterprise Ombudsman’s website to find out more.

Step 3: Ask FWO for help

If you can’t resolve the issue yourself, you can ask us for help. Visit FWO Ask for our help with a workplace problem for more information.

Note: Information from Fair Work Ombudsman dated 28th June 2021 ‘© Fair Work Ombudsman www.fairwork.gov.au’

Resources ICB – Awards, Fair Work and HR Matters

FWO – Preventing workplace problems

FWO – Know your rights and obligations

FWO –Stay up-to-date with workplace law changes

FWO – Common workplace problems

FWO – Online learning centre

ASBFEO – Dispute Support

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 11

Succession Planning

A Guide to Family Business Succession Planning Family business succession planning is one of the most crucial but often ignored aspects of small business planning.

Trying to get family businesses to talk about succession planning early so family members or future owners can understand expectations and look at appropriate training is often left to the last minute when it is something that should be structured into the business plan.

Business succession planning involves getting ready for a business’s future by preparing someone to take over the management of the business should the current owner become unable to continue to run the business. Smart succession planning can be the key to sustaining the business in the future and keeping it flourishing.

Succession planning works best when it allows family members to make informed decisions about their needs and the extent of their involvement in the future ownership and management of the family’s business. These decisions need agreement between everyone involved, and this can take time to achieve.

The Introductory Guide to Family Business Succession Planning, developed in partnership with Family Business Australia and the Australian Small Business Family Enterprise Ombudsman ASBFEO, provides a step-by-step guide to passing the family business on to the next generation.

Family Business Succession Planning and Bookkeepers Ask your clients to consider what is going to become of their business they are working so hard to build should anything happen to them and, importantly, if you are running a Bookkeeping Business this is also a relevant discussion to have with your own family about what will happen when you choose to retire or something unfortunate happens.

According to the ASBFEO the highest proportion of business owners are aged between 45 and 59 years, there has never been a more important time to initiate a succession plan.

The Introductory Guide to Family Business Succession Planning also has a comprehensive checklist for business owners to complete so they can decide what happens to the business and if they want it to stay in the family. Encourage clients to put a plan into place.

A succession plan needs to be achievable with a realistic timetable and measurable milestones to observe along the way.

Let your clients know there are advisory services and support for family business through Family Business Australia and the ASBFEO.

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 12

Appendix A: Readiness assessment tool What you need to consider Yes Partially No

Do you want the business to stay in the family? If not, you may want to consider other options (see pages 14-16)

Will the next generation be ready to lead the business by the time the current business leaders want to move on? If not fully ready, you might want to change your timeframe or consider bringing in an interim manager to both run the business and help upskill the next generation to eventually lead.

Is there an open and constructive dynamic between family members? Do you get on with and understand each other well? Even in families, people are different. Some family members are loud, some are reserved, others are risk averse, while others are risk takers, and so on. Your family’s dynamics can support or constrain your family business succession.

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 13

What you need to consider Yes Partially No

Do you have in place a communications plan and communication forums that bring the family together to discuss family and business issues? Apart from family dynamics, communication is the next most important aspect for succession success.

Are you prepared to make the necessary time commitment, collectively and individually, to facilitate a smooth succession? Remember succession is a journey, not an event. It requires time to be invested at regular intervals. Are you prepared to make the required time commitment for the next 3 to 5 years or more? Do you have agreement on a realistic timeline?

Do you have a Family Charter or similar document to guide family interaction? Is it current and will it support the family during the succession Process? A Family Charter is the “rule book” for the family in relation to the business. For more information on Family Charters, see Appendix C.

Have you decided who within the family will guide the management succession and ownership succession processes? Having someone responsible for keeping the process on track and ensuring all stakeholders are appropriately involved will help ensure a successful outcome.

Have you selected the family members to lead the business? Have you assessed level of readiness of those selected to lead? Remember, your aim is to identify who is best to lead (not who is entitled to lead), and plan their professional development to assist them in transitioning to their new role.

Are there agreed processes to manage differences and conflict? As much as families believe succession to the next generations will be smooth, experience suggests differences of opinion and conflict are real possibilities that, if not addressed correctly, will impact the family and the business.

Has the current generation been clear about strategic direction for the business? Does the next generation have clarity around what is intended and are they supportive? Generational change will often herald a desire to change business direction and strategy.

Are the roles for all family members clear and agreed? Have discussions taken place between all family members so there are no questions or confusion? This is particularly important for those family members who will transition out of the day to day running of the family’s business.

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 14

Resources ASBFEO – Introductory Guide to Family Business Succession Planning | PDF

Family Business Australia – An Introductory Guide to Family Business Succession Planning

business.gov.au – How to develop your succession plan

Small, Local Australian Businesses

They’re the Go-To People. Australia’s 3.5 million Small Businesses – Go Local First GO LOCAL FIRST began in July 2020 to support and promote small local businesses impacted by the COVID-19 pandemic and the resulting shutdowns and economic consequences.

GO LOCAL FIRST’s aim is very simple: to urge Australian consumers to buy locally from small businesses in their communities to help get the sector back on its feet, keep Australians in jobs and money in local communities.

Australia’s 3.5 million small businesses are the heartbeat of every postcode around the country. When they thrive, communities thrive, and the national economy prospers.

Since its beginning in July 2020, GO LOCAL FIRST has reached more than 10 million Australians, featured over 100 small businesses, and engaged a number of partners and ambassadors to promote small businesses and amplify the message.

With the challenges of COVID-19 continuing into 2021, with short and sharp lockdowns being experienced in major cities across the country, small businesses still need the support of all Australians to ensure they get through to the other side of the pandemic.

ICB Members are unparalleled in how they reach – and help – small businesses in every industry across the country. Customers almost exclusively GO LOCAL FIRST when they choose a Bookkeeper, which is why your support for the GO LOCAL FIRST campaign is so important.

Your unique position means you can raise awareness of Bookkeepers as small business owners in your own right, but also can use your contact with other small businesses to encourage them to get involved as well.

Supporting local small business means supporting more local jobs for a strong local economy now and into the future, ensuring your local community thrives and bounces back, so we invite you to join the campaign.

Head to golocalfirst.com.au to find out how to get involved or join our closed Facebook group for small business owners by clicking here.

There are countless small ways to support local businesses. Let’s get Australia going again.

Let’s GO LOCAL FIRST!

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 15

From the ICB

Member Benefits

ICB Facebook Discussion & Support Group ICB has provided a Facebook group to ICB Australia members only to find information and important updates from ICB more accessible. With just over 2,000 members and nearly 400 posts a month, the Facebook Group is a wonderful source of ideas and inspiration for Bookkeepers.

The idea behind this closed group is to create a Bookkeeping Community where members can learn from ICB information and from each other. We are all part of a profession that needs to be highly engaged with the latest knowledge and information that impacts Bookkeepers.

The Facebook group is there for members to:

Share ideas

Express their opinions

Ask questions

Interact and discuss in general conversations

Know they are a part of a strong voice for Bookkeepers!

How to Receive ICB Facebook Group Updates ICB Facebook Discussion & Support Group

Notifications: The ICB Facebook Discussion and Support Group keeps you up-to-date with the latest news and updates for all things bookkeeping! To ensure your Facebook notification settings alert you to important discussion group posts, follow the steps below.

For Computer:

1. Login to Facebook

2. Click on the ICB Discussion and Support Group

3. Select the ‘Notifications’ button

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 16

4. Check ‘All Posts’ or ‘Highlights’ to receive notifications

For Phone:

1. Login to Facebook

2. Click on the ICB Discussion and Support Group

3. Click the ‘Info’ button

4. Open the ‘Notifications settings’

5. Check ‘All Posts’ or ‘Highlights’ under In-App Notifications 6. Check ‘Highlights’ under Push Notifications

For more information ICB – Membership Benefits

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 17

What’s New this Month from ICB

New and updated resources for June 2021

Bookkeeper End of Year Project Plan

Reconcile Payroll Liabilities

What is an Allowance?

Superannuation Guarantee Charge Statement

OSfB and SGC Statement

Authority to Lodge STP Final Event

Wages, STP and Closely Held Payees

Deposits, Layby, Bonds and Part-Payments

Gift Vouchers and Sale Discount Vouchers

Review Assets Bought and Sold

Reconcile Inventory (Stock)

Reconcile Loans

BAS Reconciliation Common Errors and Issues

Other PAYG Withholding Annual Reports

EOY Workers Compensation Rateable Summary

Add Value to Your Clients’ End of Year Reporting

Other news for June 2021

Lockdown Support for Small Business

Super Deadlines Reminder

STP Phase 2 – ATO Communications

Calls for Wider Business Support

Click here to view the latest news for the month.

Check out all the latest posts on the ICB Discussion & Support Facebook group. Feel free to ask your questions regarding any issue you may be having or if you require clarification, we are here to help.

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 18

From Strategic Partners

Reckon STP App Users

Reckon Payroll App will replace the Reckon STP App from 1st July 2021 Reckon will soon be introducing a free basic plan for the Reckon Payroll App that will replace the Reckon STP App from 1 July 2021. The basic plan is free & includes everything you love about the STP App + new features to help you process payroll and manage employees!

Important FAQs What is happening to the free STP app? The STP App will be retired from 1st July 2021. You will not be able to create new STP submissions for the 2021/22 financial year in the STP App. This means you will need to migrate before submitting your first pay run after 1st July 2021.

How do I complete my EOFY finalisations? STP App users have the choice to complete their 2020/21 financial year including the EOFY declaration in the STP app or the Payroll app.

Do I have to pay for the app? The Reckon Payroll App has two plan options; Basic and Premium. The basic plan is 100% free and launching next week. Premium is $9.99/month and includes additional features such as payslips and leave balances. When you migrate you will automatically move to the Premium plan with a 3 pay run trial. Once your trial ends simply choose the plan you prefer. You will not be charged for the Premium plan unless you specifically choose this plan.

How do I migrate? To migrate simply download the Reckon Payroll App and sign in with your existing STP App login credentials. You'll be able to migrate your existing data to the new Payroll App directly from there.

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 19

From the ATO

ATO Systems Maintenance

See this link for scheduled times for the full guide to system maintenance and issues. The portals will be unavailable at the following times for scheduled system maintenance.

Systems Maintenance

Start time End time Maintenance type

Saturday 7 August 10.00pm AEST

Sunday 8 August 10.00am AEST

Monthly maintenance

Saturday 4 September 10.00pm AEST

Sunday 5 September 10.00am AEST

Monthly maintenance

Friday 24 September 11.30pm AEST

Monday 27 September 7.00am AEST

Quarterly system release – Full or limited functionality may be returned earlier if the Quarterly Release is proceeding ahead of schedule

For more details regarding Online services for agents, click here.

ICB Membership Statistics 7,467 Members at 28 June 2021 5,032 Members maintain Fellow, Member, Associate, Affiliate and Educator Membership. ICB also has 11 Accredited Training Provider Members and 2,424 Student Members.

June 2021

ICB’s June 2021 Newsletter © The Institute of Certified Bookkeepers Page 20

ICB Supporters and Sponsors

Please note that, in between newsletter editions, news related articles may be published directly to the ICB Latest News section of our website throughout the month as we aim to keep our members informed with up to date information as soon as possible. This may include articles published in this edition of the newsletter.

The Institute of Certified Bookkeepers complies with the Spam Act 2003, see our Spam Policy here.

ICB’s Newsletter contains news articles, links and regular sections that we feel will be of interest to our members. If there is anything that you would like to see, whether a regular feature or a one-off, we value your input. Please email your ideas and/or feedback to editor@icb.org.au.

The monthly Newsletter for members of the Institute of Certified Bookkeepers

A selection of newsletter articles each month are accessible by ICB Members only – Members will need to be logged on to the ICB website to view all articles in full.

The ICB newsletter is designed to provide information and resources for Bookkeepers with clients and Bookkeepers in employment. The content of the newsletter may be relevant in part or in whole to other ICB publications or purposes.

The ICB withholds all rights of content that is restricted to member access only and information included in the member newsletter. Member-only information is not to be reproduced without specific consent from ICB. ICB makes every reasonable effort to ensure that all technical and legislative information quoted in this newsletter is correct at the time of publication.

The ICB permits reproduction of ICB articles and material contained in the non-members newsletter and available publicly on the website on the proviso that acknowledgement of ICB is specifically provided, including links to the ICB website and original article. An accepted form of acknowledgment would be: “This information has been obtained from the Institute of Certified Bookkeepers website: www.icb.org.au”.

To unsubscribe from receiving this newsletter, please click here.

Institute of Certified Bookkeepers

Level 17 31 Queen Street Melbourne 3000

Phone: 1300 856 181 Fax: 1300 857 393

Website: www.icb.org.au Email: editor@icb.org.au

Social Media:

Disclaimer: The content of this e-mail (including any attachments) as received may not be the same as sent. If you consider that the content is material to the formation or performance of a contract or you are otherwise relying upon its accuracy, you should consider requesting a copy be sent by normal mail. The information in this e-mail is confidential and may be legally privileged. If you are not the intended recipient, please notify the sender immediately and then delete this e-mail entirely - you must not retain, copy, distribute or use this e-mail for any purpose or disclose any of its content to others. Opinions, conclusions and other information in this e-mail that do not relate to the official business of the Institute of Certified Bookkeepers shall be understood as neither given nor endorsed by it.