Managing Payroll, Super and Expenses for a New PTY LTD

LKaren59 on 27/11/2022 - 19:43

I registered a PTY LTD and receive payments from 2 separate clients for my consulting. I have started receiving finds now inclusive of GST.

How do people generally manage company books? Can it be done manually with a tax return filed once per year?
Does GST need to be every 3 months or can it be done on financial year end?
Is there any economical online software I could use to manage books so the PTY LTD can payout salary to the director (only 1 person including director is the employee), Super is paid out and business expenses are accounted for.

Financial Payroll

Comments

  • AndyC1 on 27/11/2022 - 19:54

    Dear KAREN, Speak with your karen company accountant.

  • Benoffie on 27/11/2022 - 20:00
    +2

    Answers:

    a) Accountant
    b) No - if you're dealing with GST, you have, at the minimum, BAS statements to lodge every quarter.
    c) See b
    d) If dealing with payroll, consider Xero. Have used in a small not for profit and it's very simple to use.

    I strongly recommend you consider taking a tax for small business course or similar. Starting your company obligations on the right footing is worth its weight in, well, tax.

  • trex on 27/11/2022 - 20:02

    Xero offers payroll for $10 per month (GST included) for up to 4 employees per month. I am using it and pretty happy with it.

    • Karen59 on 27/11/2022 - 20:10

      Because I am the only employee and director I am thinking of using Xero "Starter" plan which is usually $29 per month.

  • Karen59 on 27/11/2022 - 20:12

    The issue I have with my accountant is that they recommended me registering a PTY LTD and filed my annual tax return. After doing that and charging me for the annual return and registering the PTY LTD they dont want to even hear from me. Looks like its a waste of time for them.

  • omguleh on 27/11/2022 - 20:37

    Xero will simplify things for you at a cost.

    For payroll with a few employees I used to use an app on my phone called PayRoller and it’s STP compliant. Then you need to setup your business portal with myGovID for Super payments/clearance.

  • daft009 on 27/11/2022 - 20:50

    and get your director ID before 30/11!!
    otherwise i think you might get fined

  • Karen59 on 27/11/2022 - 21:06

    Thank you. I already got the director ID.

  • Sonnyjimbo on 27/11/2022 - 21:23

    Can I ask why the accountant recommended the company exactly? I'm presuming your gross client fees for 2022/23 will exceed 75,000? If not, no need to register for GST till next FY, that way you can keep that for yourself.

    re: payroll - if it's just you, why not download a PAYG withholding table and do your own payroll? Save the money for your tax return fees.

    • Karen59 on 27/11/2022 - 21:50

      Thanks, yes the gross client fees will just exceed 75k. That's exactly the comment what I was after. Thank you so much.

  • kyle on 27/11/2022 - 23:10

    Curious as to why Pty Ltd has to be all caps in the post.

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