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Recently it was announced by Xero that XO Accounting had been elevated to their highest level of Partner Status of Platinum which reflects XO Accounting’s ongoing commitment to the benefits that Xero software brings our clients and our practice as a whole. 

As well as the Platinum Status we have also retained our Xero Champion Status which is an acknowledgement of our knowledge and expertise of Xero’s software.  Over the past 6 months XO Accounting staff have all undertaken Xero Adviser Certification with the goal of also being certified in Payroll and Migration by the end of 2018.

Want more insight into the workings of Xero accounting software? Whether you are switching software or using one for the first time, we at XO Accounting know that learning a new online system can be a challenge. 

Back in early April the Four Corners program aired a segment on the conduct of the ATO.  A large portion of the program was devoted to the ATO management's instructions to staff to ignore their own guidelines and issue more Garnishee Notices as they were behind on the year end revenue targets. 

The ATO recently issued a Draft Practical Compliance Guideline PCG 2017/D14 which was designed to provide individuals more transparency and certainty about when the ATO won't apply compliance resources to determine whether the private use of a vehicle qualifies as an exemption from FBT.

A primary reason for the increased interest in cryptocurrencies over the last few years is it's volatile value. As at January 2017, the market capitalisation was under $US20billion, by January 2018 it had grown to over $US800billion and now currently sits at around half of that value - $US450billion. Despite the ever increasing media coverage, if you are still confused by cryptocurrencies, don't worry you aren't alone. Many may think Bitcoin is a company or a stock but it's not. If you invest in Bitcoin you are buying currency.

We are in an age of big data and technology, which often brings with it an overwhelming amount of information. For business owners, the challenge with this is not what is available but more what is important to your business. Thus this makes management accounting even more vital.

Single Touch Payroll (or 'STP') will become required from 1 July 2018 for 'substantial employers', being those with 20+ employees. On 1 April 2018, employers must count the number of employees currently on their payroll in order to see if they qualify as a substantial employer. This can be conducted after 1 April, but employers must count the employers who were on their payroll on 1 April.

When travelling with his family, an employee photographer has been refused travel expense deductions, and other intended work related expenses.

Many groups exist that are solely dedicated to networking. While some are highly structures with requirements regarding performance, payment and exclusive membership, others are free and allow you to come and go s you please with no charge required.

Not every group will be a good fit for every business. It may be found that certain groups just don't have the connections that you are wishing to attract. Some other groups may have particular rules that just don't fit with how your business works.

However, one factor often overlooked when considering a networking group; does this group offer more long-term or short-term value?

One of the most devastating things someone can go through is the loss of a job. Results can be long lasting and often the associated implications go far past just financial. It will definitely put your finances at risk, but the emotional consequences can be just as damaging.