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For Australian businesses looking to streamline their invoicing and bill payment processes, Parakeet may be just the solution they need. Let’s be clear, we’re not advertising this, rather offering up a solution to some common problems we see businesses facing, so let’s take a closer look…
Parakeet is an integration that can be used with Xero, a popular accounting software, to automate various parts of invoicing and bill payments while also simplifying BPAY payments.
It allows businesses to set up automated payment reminders for their customers, reducing the time and effort needed to follow up on unpaid invoices. This can help businesses improve their cash flow and reduce the risk of late payments.
In addition to payment reminders, Parakeet also allows businesses to automate the invoicing process itself. The integration can automatically generate and send invoices to customers based on pre-set criteria, such as a recurring service or product order. This can save businesses significant time and effort, allowing them to focus on other important tasks.
With Parakeet, businesses can easily create and send BPAY payment requests to their customers, which can then be paid with just a few clicks. This eliminates the need for manual payment processing, which can be time-consuming and error-prone.
Parakeet also simplifies bill payments for businesses by allowing them to automate the process of paying bills. The integration can automatically retrieve bills from suppliers, match them to purchase orders or invoices, and generate payment requests. This can help businesses stay on top of their bills and avoid late payment fees.
From what we’ve seen, one of the most appealing aspects ofParakeet is its ease of use with the integration designed to be intuitive and user-friendly. It’s got a simple interface that allows businesses to quickly and easily set up and manage their automated invoicing and payment processes.Additionally, Parakeet provides extensive support and resources for users, including detailed documentation and dedicated customer support that can remove any stress around adopting new systems.
If you're looking to simplify your invoicing and payment processes, Parakeet is definitely worth considering, but if you’re looking for more tailored advice on the management of your businesses financial structure, we’d love to chat. Give the Attune team a call on 1300 866 113 or send us an email to start the conversation.
The Australian Taxation Office (ATO) has recently revealed that there is over $16 billion in unclaimed superannuation inAustralia and are urging Australians to check their superannuation accounts to ensure they are not missing out on any potential funds that may belong to them.
The ATO's data shows that there are over six million lost and unclaimed super accounts in Australia. This includes accounts where the superannuation fund has lost contact with the account holder, accounts where the account holder has changed jobs, and accounts where the account holder has passed away.
The ATO is encouraging Australians to check their superannuation accounts by logging into their MyGov account and using the ATO's online services. This will allow account holders to check if they have any lost or unclaimed super accounts and consolidate their super into one account. You can start the process (if you haven’t already) here: https://my.gov.au
The ATO has also made it easier for Australians to consolidate their superannuation accounts, with the introduction of the Super Match service. This service allows account holders to see all of their superannuation accounts in one place and choose which accounts they would like to consolidate.
Consolidating superannuation accounts is obviously beneficial, helping reduce the amount of fees you’re paying, simplifying your superannuation management, and potentially increase your retirement savings.
The ATO has stated that it is important for Australians to check their superannuation accounts regularly, as lost and unclaimed super accounts can be transferred to the ATO if they remain unclaimed for a certain period of time. Once the account is transferred to the ATO, it can become more difficult for account holders to access their superannuation funds.
If you’d like help managing yours, your employers super orSelf Managing your fund, the Attune team is here to offer tailored advice that will help you get set up for a strong financial future. Give the team a call on1300 866 113 or send us an email to start the conversation.
Does the running of your business require you to spend money on fuel for vehicles like plant equipment, heavy vehicles or even light vehicles travelling off public roads? If so, Fuel Tax Credits (FTC) may be your friend at tax time.
Let’s take a closer look at what FTC is and how it might work for your business…
Fuel Tax Credits (FTC) is a tax refund system that applies to businesses that use fuel for their operations. The system allows businesses to claim a credit for the fuel tax that has been included in the price of fuel purchased for use in their operations. This credit can then be used to offset other tax liabilities owed by the business. The FTC system is designed to help businesses manage their fuel costs and encourage the use of more fuel-efficient vehicles and equipment.
FTC applies to a range of fuels, including petrol, diesel, and liquefied petroleum gas (LPG), as well as a range of other fuels used in specific industries. The amount of FTC that a business can claim depends on the type of fuel used, the business's activities, and the percentage of fuel used for business purposes.
The FTC system is an important tool for businesses that rely on fuel to operate. It can help to reduce fuel costs, which can be a significant expense for some industries. For example, transport and logistics companies rely heavily on fuel to operate their fleets, and the cost of fuel can have a significant impact on their bottom line.
To claim FTC, you need to register your business with theAustralian Taxation Office. Once registered, you can claim the credit on yourBusiness Activity Statement (BAS). The credit can then be used to offset other tax liabilities owed by the business, such as income tax, goods and services tax (GST), and even fringe benefits tax.
As with any business expense, it’s important to keep accurate records of fuel purchases and usage to ensure that you are claiming the correct amount of FTC. It’s also important to note, that the ATO may conduct audits of businesses that claim FTC to ensure that they are complying with the rules and regulations of the system.
On the flip side, the FTC system is also designed to encourage businesses to use more fuel-efficient vehicles and equipment.Businesses that use more fuel-efficient vehicles and equipment will be eligible for a higher FTC rate, which can help to offset the higher cost of these vehicles and equipment.
This is a good a reason as any to consider how your business could lower fuel consumption and costs (see our article about tax incentives for going electric here.
In addition to the standard FTC rate, there are also a range of special rules and rates that apply to certain industries and activities. For example, the agriculture industry is eligible for a higher rate of FTC for diesel used in farming activities, while businesses in the mining industry are eligible for a higher rate of FTC for diesel used in off-road activities.
The ATO provides a range of resources and tools to help businesses understand and comply with the FTC system. These resources include an online calculator to help businesses calculate their FTC entitlements, as well as guidance and information on the rules and regulations of the system.
You can start looking into the FTC on ATOs website.
If you’re looking for more tailored strategic advice to suit your business and its operations, give the Attune team a call on 1300 866 113or send us an email to start the conversation.
For beer lovers in Australia, the price of their beloved beverage has been steadily increasing. While many factors contribute to this, one of the most significant is the country's tax on alcoholic beverages. This tax, known as excise duty, is added to the cost of all alcoholic drinks, including beer. As a result, Australian beer is in the top 25% most expensive in the world.
Excise duty is a tax imposed on the production or sale of certain goods, including alcohol. The tax is levied by the federal government and is designed to raise revenue while also discouraging excessive consumption of alcohol. The rate of excise duty applied to beer varies depending on the alcohol content of the beverage. In Australia, the current rate of excise duty on beer is AUD $49.67 per litre of pure alcohol.
This high rate of excise duty has led to significant increases in the price of beer in Australia. According to a report by the AustralianBureau of Statistics, the average price of a carton of beer in the country has increased by over 50% in the past decade. This rise in price is largely due to the impact of excise duty.
In fact,Australia's beer tax rises twice each year, as it is indexed to inflation. So, every time inflation rises, so too does the excise. It’s easy to see how 2022 and 2023 so far have impacted the cost of alcohol with this in mind.
The impact of excise duty on beer prices is further exacerbated by the Goods and Services Tax (GST) imposed on all goods and services sold here. In the case of beer, the GST is added to the total price, including the excise duty. As a result, Australians pay tax on tax, resulting in what the Brewers Association says made the government $3.593 billion in2018-2019 fiscal year alone! Weigh that number against what would likely be much higher for 2022-23 year considering excise increases.
All-in-all though, Australia ranks somewhere between 23rd and 27th most expensive in the world for beer, so we could be worse off.
While the high cost of beer in Australia may be frustrating for beer lovers, it is important to recognise the role that excise duty plays in this. While there may be arguments for reducing or removing the tax, it is important to consider the potential consequences of doing so. For example, reducing excise duty on beer could lead to increased alcohol consumption, which could have negative impacts on public health and social wellbeing.
Tax may be a bitter pill for some, but when you consider the benefits that our tax dollars give us overall, we’ve got little to complain about.
As with any tax matter pertaining to your personal or business activity, the Attune team are here to offer you tailored, strategic advice to help you achieve your financial goals. If you’d like to discuss your situation, give the team a call on 1300 866 113 or send us an email to start the conversation.
