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Tax Returns

When Are Tax Returns Due for Individuals in Australia?

As with most queries tax returns related in Australia, the answer depends on several factors, but here are a few key things to keep in mind for the 2021 tax year which ends on 30th June 2021.

If you are lodging directly with ATO

If you intend on preparing your own tax return through the Electronic Tax Pack in myGov, your return is due to be lodged on 31st October, or given 31st October falls on a Sunday this year, 1st November!

So, if you correctly file your own tax return, and the ATO does not raise any queries, you will likely receive your Notice of Assessment over the next 28 working days after the tax return has been lodged. And, if you are due a tax refund, it will hit your bank account around the same time as the Notice of Assessment. On the contrary, if you have a tax payable, the Notice of Assessment will tell you the payment date along with payment details for an efficient transaction. This could change based on several things, but generally, it should be paid within 4 weeks after the Notice of Assessment is issued.

If you lodge through R T Accounting & Taxation Services (Registered Tax Agent)

If your Accountant, who is a registered tax agent is lodging your tax return on your behalf, if you have a good history with the ATO, you could receive a large extension on both your due date for lodgement and payment compared to those lodging by themselves. R T Accounting & Taxation Services have a very good lodgement history with the ATO and unlock the full range of extensions for our current clients as well as any future clients.

Most individual tax returns will be due around mid-May 2022, which is close to 11 months after 30th June 2021. However, some individual tax returns will be due at the end of March 2022 as those who often have a tax payable at the end of the year as opposed to a refund will be among those affected. This date usually only applies to those who have made a substantial income from sole trader, investment, or business income where tax does not periodically tax out during the year as it would for those on salaries and wages.

Regarding refunds and payments:
  • Tax returns tend to be processed within 5 to 7 days of lodgement by registered tax agents. And usually, the refund will be received within that time frame also should there not be any additional ATO queries.
  • If you have a tax payable, it will rarely be due prior to February 2022. And more often than not it is some time in the first week of June 2022.

So, there are some definite benefits to have a registered tax agent lodge a tax return on your behalf. It would primarily be beneficial to those with tax payables. As they essentially have a year from financial year-end to pay the liability. This can help with cash flow for your business or yourself.

If you have a poor lodgement history?

If you have a poor lodgement history with the ATO, your return will be due 31st October 2021. Regardless of if you lodge through a registered tax agent or lodge it yourself. Your tax payable, if applicable, will also be due that same day also.

Need an Extension?

If you would like to qualify for an extension to lodge and/or pay, let alone mentioning. Ensuring that you receive any deductions you are entitled to. As well as lodging correctly with a relatively lower risk of ATO queries. You will need to be on our client list before 31st October 2021. If you have a historically poor lodgement history and this return is due by 31st October. We can help lodge your tax return before this date. So in the 2022 financial year, you qualify for the lodgement extensions.

Get in Contact with Us!

We are conveniently located just 10 minutes from the Sydney CBD in Kingsford. If you are intrigued about how to become our client and gain access to our special perks. Please get in contact with us to help you get what you deserve.

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Payroll Company

What Does a Payroll Company Do for Businesses?

What is Payroll Services?

Payroll services are the utilization of a third-party service provider to manage the accounting and administrative duties of hiring employees. The concept is simple enough. If an overseas company needs assistance in managing its payroll, then it can simply outsource its responsibilities to a payroll service provider located at any point of time within the globe. It’s important to note here that payroll services aren’t just that, and don’t provide a centralized local employer for the offshore company to manage. Rather, they are third-party companies that have been licensed by countries to offer payroll services.

What Does a Payroll Services Provider Company Do?

When you hire payroll services, you make them responsible for:

  • Submitting your tax returns
  • Filing employee payslips
  • Processing tax refunds
  • Collecting federal employer withholdings.

They also handle making temporary employee files and preparing temporary pay slips and certificates. In addition, they can also provide assistance with many other tasks including:

  • Estate asset taxes
  • Bankruptcies
  • Lottery payments
  • Child support payments
  • Immigration filings and proceedings.

If the offshore company outsources part or all of these services, then you can expect to see a significant drop in your annual tax return due diligence requirements. That being said, if your company relies on an in-house payroll department, then outsourcing will likely have no effect on your employee compensation obligations.

Financial & Administrative Support

One common question that arises is “What is a payroll service?” Basically, payroll service is an organization that provides financial and administrative support to businesses of all sizes. Many times, they are referred to as CPA or Chartered Professional Employers. Payroll service offers different services to different businesses, depending on the size and nature of their business. For instance, if your company has a few locally based employees who are responsible for daily tasks such as data entry, typing, and billing, then you would not need a payroll services organization to provide such support. However, if you have several technicians who are responsible for data entry, typing, billing, and other clerical tasks, then you will want to enlist the help of a payroll service.

Benefits of Outsourcing Payroll Services for Your Business

Payroll services offer human resources professionals support in a number of ways. First, payroll services offer benefits such as: employee benefit plans, health insurance, life insurance, dental insurance, accident insurance, disability insurance, and legal costs. These are typically the most common benefits, but payroll services offer more than just these basic benefits. Additionally, the majority of payroll services offer financial benefits such as: cash advance loans, non-cash employee bonuses, 401(k) plans, life coach training, and business growth plans. The list goes on from there and reflects the wide array of employee services that are offered.

  1. In addition to the benefits listed above, many payroll services include
  2. direct deposits into a business’s accounts.
  3. This is a convenient way for employees to receive their paychecks directly before they are due.
  4. This eliminates the need to rely on bank checks or pay stubs and eliminates the hassle of paper processing.
  5. Direct deposits not only save time for payroll processors but also helps reduce errors. And also fraudulent activities that can occur with incomplete or non-disposable paper-based processes.
  6. Payroll processors use direct deposits to keep track of employees’ paycheck information.

What If You Don’t Have a Payroll System

In the absence of this crucial tool, an errant employee would be able to make money that does not belong to them. And use it for personal expenses. Another service that many payroll services offer includes electronic paycheques and electronic payments. An employee’s payslip does not have room for deductions; however, electronic payments go to employees via the internet. Most payroll companies allow employees to pay themselves by using their credit card, debit card, or payroll check card online. This eliminates the need to print out payslips or to manually process payroll taxes at the end of the year. Again, less time is saved by eliminating the need for paper processing and eliminating fraud that often occurs when checks are processed incorrectly.

Paperless Payroll Processing System

Many payroll services also offer a paperless processing system. The processing software collects and stores data regarding each employee’s gross income. This information is then processed using computer databases, taking into account deductions and credits and applying wage rates. Once the processing is complete, each employee’s wages and expenses are debited from their paycheck and electronically filed through the payroll service provider’s secure server. The entire process is then uploaded onto the company’s main server, where it is available for use by any authorized personnel who access the system.

RT Taxation & Accounting; Best Payroll Service Company in Eastern Suburb

RT Taxation can provide a variety of payroll services. However, not all payroll systems are created equal. Many providers are able to offer some, but not all of the features that you may require. Therefore, before you sign a contract with a payroll services provider, it’s necessary to evaluate your own business needs in order to determine which features you will need and which you may be able to do without.


Choosing the right payroll services will ensure that you are able to accurately calculate your employees’ weekly or monthly income and expenses, and will help your business stay compliant with your state’s and local governments.

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Taxation Management Services

7 Reasons to Hire a Taxation Management Services

What is Taxation Management?

Taxation management services are the most effective ways to increase efficiency and reduce costs. A good taxation department is one that can work effectively to make the process of tax collection easier for everyone. Are you a taxpayer and having problems with tax collections? You may need assistance from an expert in tax administration. You should hire a professional service that can deal with your tax problems efficiently. There are many different issues that can come up when you are dealing with tax. And you should be able to make use of the best services. To get the best results from your tax administration problems.

How Taxation Management Services Can Help You?

Taxation management services can help you in the following ways:

Improve your tax Filing efficiency and accuracy:

When you use an expert in taxation services, you will be assured that your tax data will be filed accurately. And there will be no compromise. The company will have professionals who are knowledgeable about tax laws. And tax collection methods and will therefore deal with your data very carefully.

Quicker processing of returns:

This is an essential service that can really help when you have tax collection problems. Because it means you will be getting your taxes approved before the deadlines. In this way, you will be able to save a lot of time and money. Professional services in tax administration will ensure that your tax returns are processed as quickly as possible. Sometimes even before you receive them from the tax office.

Simplified tax preparation procedures

It is often difficult for people who have very complicated tax situations to prepare their tax returns. If you are faced with this kind of tax problem, you should seek tax administration help. Because you will be provided with simplified procedures that can make the entire tax process much simpler. If you make use of these kinds of management services, you can handle your tax collection problems with ease and confidence. You can also expect fast processing of your tax returns, because these professionals deal with a large number of clients.

Simplified Tax Payment Procedures

There are many people who have problems with preparing their tax payments because they are not very experienced with tax collection matters. If you need help with handling the payment, you should seek tax administration help so that you do not have to worry about any complex tax issues. If you hire a professional, you can rest assured that you will always be able to make the best out of your tax payments because these individuals have experience with tax payment procedures.

7 Reasons to Hire a Taxation Management Services

Increased Efficiency

If you hire tax administration personnel to deal with your tax collection, you can expect to get quick and efficient results. These professionals can provide you with accurate information regarding tax collection. They also have the expertise to deal with tax payment issues, so you can ensure that you pay your tax on time without having to delay the payment in order to deal with tax-related problems.

Reduce Cost

Increased efficiency can also mean reduced costs. Hiring tax collection professionals to manage your tax administration can actually help you save money. Since these individuals have a better understanding of tax collection processes.

Minimize the Errors

They will be able to minimize errors and misspelled items in your tax files, which can lead to higher tax fees. In most cases, these management services can also help you get deductions for your tax payments, thereby reducing your overall tax cost. It is for this reason that you should always try to hire these tax experts when you need to handle your tax collection needs.


There are many other reasons why you should always hire tax administration professionals to deal with your tax affairs. Apart from these, hiring an experienced individual to handle your taxes can also give you peace of mind knowing that you are managing your finances in the right way. You can also rest assured that your tax-related issues will be handled professionally and efficiently, so you can concentrate on other things. If you want to get the best tax services and professional management solutions in Australuia, you should definitely hire a tax consulting firm for all your tax administration needs.

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Virtual CFO Services

Virtual CFO Services by R T Accounting & Taxation

The events of the past year have made many small businesses reassess the structural operations their businesses run in; organisations are looking for ways to run as lean as possible. There is a heightened measure to cut staff and outsource where feasible. This has attended to the trend of hiring a Virtual CFO service over an outdated in-house full-time CFO.

Below, we will go in-depth as to what working with a virtual CFO is like, as well as, providing you with some resources for the next step in your decision-making process.

What Virtual CFO Services do R T Accounting & Taxation Offer?

  • A CFO identifies and can manage bookkeeping to produce reliable data and interpret the financials produced. This can help provide a deeper insight into how your business can be run as well as providing insight to help guide you toward your stated goals. The result is that you know exactly where, when, and how to focus your team and inform your stakeholders to achieve those goals.
  • A CFO can help you guide your business in the right direction. As Accountants, we have come across many clients in an array of industries. We have a history of dealing with different sectors and people. You will have a team member who knows your business and can help hold you accountable as you reach your goals.
  • An experienced virtual CFO can help you gain a competitive advantage over your competitors. If your business is struggling, there is a good chance your competitors are struggling as well. We can help you cut waste, manage cash flows efficiently and create opportunities for growth. With our help, you can be able to be ahead of your competitors.

Furthermore, R T Accounting & Taxation can offer the following services within our virtual CFO package:

  • Identification of KPI’s and mapped out reporting to monitor.
  • Production and interpretation of financial results on demand
  • Management of annual budgeting as well as develop of annual strategy.
  • Cash flow management and planning
  • Strategic planning
  • Optimised workflow
  • Transaction entry & classification (recall the adage)
  • Accounts receivable
  • Accounts payable
  • Payment calculations and processing
  • Bank account reconciliation
  • Financial control implementation and oversight

Details of a Virtual CFO Engagement


Hiring a virtual CFO is a simple task with our guidance. We can get our systems in place and everyone up to speed within the first month of being with your company. Common activities often take place in this period:

  • Set long new term and short-term goals specific to your business. We will then help formulate a plan to achieve those goals. Also, we can then inform the technology, team, and process to achieve your desires.
  • We can help formulate reports which match the way you interpret your data. Depending on the person behind the business, we can present reports in a visual method to help you gain the best understanding of charts and graphs. We can also retain the tradition report designs through numerical data only. We will be able to see items which can be improved or enhanced to keep an eye on and evolve those as your business challenges and opportunities to chase.
  • Technology recommendations through cloud-based Accounting Software’s.
  • Reworking your balance sheet as far too often businesses do not separate their business transactions and their personal transactions. This often leads to the business having a large director’s loan amount and posting losses when they are not. 
  • Enhancing financial processes through our knowledge of financial processes in various sectors over the years.

Ongoing Deliverables

After onboarding is completed and you are happy to proceed with our plans, we can deliver detailed and comprehensive financial reporting. We are happy to keep this a strictly virtual CFO service utilising Zoom or Microsoft Teams to regularly catch up. However, we understand that you would like to have face to face meetings which can easily be arranged as well. 

The data itself can come from Accounting software’s such as Xero or MYOB, which can produce easily readable reports.

Get in Touch with us!

If you are struggling with the day-to-day financial running of your organisation, get in touch with your local outsourced CFO at R T Accounting & Taxation Services to optimise and grow your company to reach the next level.

Affordable Taxation Services

Tax Returns

Conveniently located in the Eastern Suburbs of Sydney, we help Individuals, Sole Traders, Partnerships, Companies, Trusts, and Self-Managed Super Funds minimise their tax returns obligations and put them on a path to take advantage of future tax savings opportunities through our taxation services.

As a valued client, we offer personalised services, expert advice, and one-on-one attention. Work with knowledgeable Certified Practicing Accountants who understand complex tax laws, the deductions your industry can make, investments, and real-time tax reduction strategies. Gain confidence in knowing that your tax returns will be completed correctly every time.

Business Tax & Advisory

R T Accounting & Taxation has worked with all types of businesses with different challenges.

Our business advisors can provide the expertise and advice you need to make the right business decisions. We work with everyone from start-ups to well established businesses looking to expand their operations, improve business efficiencies and increase profitability.

We can help you:

  • Structure your business to maximise tax efficiency and increase net profits.
  • Tailor strategies and finance facilities to expand your business.
  • Regularly review business performance.
  • Identify and manage business risk including the loss of key personnel.
  • Manage business cash flow to drive your business forward.
  • Benchmark your business against other businesses in your industry.
  • Plan for business sale or succession.

Self-Managed Super Funds

The team at R T Accounting & Taxation Services will provide you with all the assistance you need to get your SMSF up and running with minimal fuss. Our SMSF Administration Package includes:

  • Tax Return
  • Year-Round Support
  • Fund Accounting and financial statements
  • Online portal
  • Coordination of annual audit via our in house Registered SMSF Auditor
  • Fund minutes and resolutions
  • Corporate secretarial services for your SMSF Trustee company where applicable

Get in Touch with Us

With June 30 just around the corner, you will want to get your tax affairs sorted for your own peace of mind. Do not be afraid to contact us at R T Accounting & Taxation Services to see how we can help you grow.

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Small Business Tax Planning Strategies

Small Business Tax Planning Strategies

The end of the 2021 tax year will be upon us in a months’ time, so it is important to review your business strategies to help you maximise your returns and minimise your tax payable come June 30th. Now is the perfect time to review your expected taxable income (assessable income less allowable deductions) for the current financial year 2020-21, as well as your projected taxable income for 2021-22, as these two key figures will help form a base of your tax planning strategy.

Here are a few tips if you are expected to have a higher income in the current financial year, compared to the next financial year projections.

Get in contact with your local Accountant at R T Accounting & Taxation Services to consider the following steps:
  • Prepay some of your 2021-22 expenses including.
    • Rent
    • Insurance
    • Business Subscriptions to professional associations before June 30th, 2021 as up to twelve months of the following year’s expenses can be deducted in the current tax planning year provided you pay the cost upfront.
  • The instant asset write off of up to $150,000 has been heavily publicised until now and has been extended to June 30th, 2021 provided the asset was bought and first held ready for use prior to this date, so if you need to buy a new car for the business, now would be the time to do so. Be wary, however, as the moment you use a company car for personal use, this invokes a fringe benefit payable by the company, so it is best to contact your accountant at R T Accounting & Taxation Services to see whether this is right for your business.
  • Reviewing and perhaps even postponing some of your client invoicing for the current tax planning year so the income is then reported in the 2022 tax year.
  • Topping up your voluntary superannuation contributions and making the payment prior to June 30th, 2021.
  • This item is not done nearly enough by many small businesses, but it is very important to constantly review your trade debtors and write off any unrecoverable debts as you do not want to be paying tax on income you will not receive.
  • If you are in the maiden year of your business, deducting any start-up expenses you incurred, such as obtaining legal and/or financial advice on your business structure along with any fees relating to the setup and establishment of your business will reduce your tax payable for the 2020-21 tax year.
If you are expecting to have a higher income in the 2021-22 tax year, you should get in contact with us to discuss:
  • Bring forward any client invoices into the 2020-21 tax year for work that will be carried out in the 2021-22 tax year. Having clients pay your invoices by June 30, 2021 will help reduce your taxable income in the 2021-22 tax year where you are expected to have a higher assessable income.
  • Paying your expenses on their due date as opposed to paying them early and getting the deduction in the tax year where your assessable income is expected to be low anyway.
  • Postponing the purchase of any assets you may require in the 2020-21 tax year into the 2021-22 tax year. However, it is important to note that instant asset write off rules can change in the 2021-22 tax year so get in tough with us to help guide you through the process.

The most important tip we can give you is that you should avoid spending on business assets for the pure sake of claiming the tax deduction. In most cases you will be paying $1, to save 27.5 cents in tax (based on the small business tax rate). It is simply not worth buying these items as it means less net money in your pocket. Everything you purchase for the business should have a purpose in enhancing your business to be the best it can be.

Additional Tips for Small Businesses

GST Cash Accounting

Ask yourself this, why and how should I pay GST on income I have not yet received? If you do not know the answer to that question and are on the accruals-based GST accounting method, its time to get in contact with R T Accounting & Taxation Services to change your accounting for GGST to cash basis rather than accruals. GST Cash Accounting is also much better for your overall cash flow.

Instant Asset Write-Off Vs Depreciation

The whole idea of starting up a business is to grow and make more income over time. You could take full advantage of the Government’s instant asset write-off scheme mentioned earlier and claim the deduction in the current tax year, potentially reducing your tax planning significantly, or you can choose to depreciate the asset over its useful life and claim a portion of the asset over several years. What we are doing is reducing your taxable income by a smaller amount over the years as opposed to taking the full deduction in one year. This is very beneficial for those small businesses in high-growth industries.

Is Your Information Correct & Up to date?

Having the most accurate and current information is another key aspect of tax planning that can help you minimise your tax payable as well as help us, your accountant to help you make more informed tax decisions. This can include:

  • Ensuring the logbooks for your company vehicles are correct and up to date. You will need to start a new logbook if your current one is more than five years old anyway. It is often best to create a new logbook every year to get the true cost of operating your business vehicle. There are many free apps that you can use to track mileage of your vehicles.
  • Ensure you do your stock take as of 30th June 2021 is your business trades with stock.
  • Accounting for private use on business assets in your GST returns. You can not claim GST on private expenses, so if you use your car for 20% private use for example, you will need to adjust your GST on expenses component accordingly to factor in the personal use. .

Been Affected By COVID-19?

R T Accounting & Taxation Services are here to help you in these tough times as we can help liase with the ATO to:

  • Give you extra time to pay your debt or lodge tax forms such as activity statements.
  • Help re-construct tax records that are lost or damaged.
  • Setting up payment arrangements tailored to your individual circumstances including an interest-free period.
  • Remitting penalties or interest charged during the time where you have been affected.
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Payroll services in Australia

Getting the Most Out of Your Accounting Profession With Payroll Services in Australia

The payroll service industry is an important sector of the accounting industry. The eastern suburbs of Sydney is home to more businesses than almost anywhere else on the planet. And payroll services in Australia are a big business. Business owners hire payroll services when they are unable to meet their payroll responsibilities themselves.

By using payroll service companies, business owners can save a lot of time by avoiding extra paperwork. Which is an extra expense for them. They can also save money by using a payroll services provider who is based closer to the places where they make their products. Where they have their salespeople stationed, and they can offer payroll tax services to their clients. Many people have not heard of payroll tax services in Australia. But this is one industry that has been growing dramatically over the past twenty-five years.

Payroll Services in Australia

Most of the time, payroll services in Australia are in the city areas. Payrolls are usually done at the local office of the business. Although this is sometimes not feasible because of the location or accessibility. The service provider will generally deliver the payroll taxes and other information to the business location on the same day. Although some companies have their payroll department complete the process the next business day. This gives the business owner more time to concentrate on other aspects of his business.

Business owners have many options when it comes to selecting their payroll services providers. These options depend on the size and the nature of the business, as well as the available employee base. The larger the business, the more payroll services providers that are available to them.

Variations of Payroll Services

The services provided by payroll services providers vary. Some business owners have opted for an online solution, which makes it easier for them to complete the payroll and tax obligations of their employees. Online payroll services allow business owners to maintain their books without affecting their workforce and to submit electronically the information they need.

Other business owners, who have a large customer base, have elected to utilize a human resource payroll service instead. This payroll service is a company that will actually call the employees and perform the payroll duties for them. When a business owner needs a payroll service, it is important that they consider this option, as this method has a lot of advantages, including being cost-effective.

Outsource Payroll Services Benefits

The human resource aspect of a payroll service is not limited to the payroll aspect of things. A benefit program, for instance, is a wonderful benefit that most employees would appreciate. The benefits program helps employees to be more engaged and to actually enjoy working for a company. The benefits program might also come with a small payroll and various benefits packages, which the employee can choose from depending on their own preferences. It is also possible to select a benefit service that matches the business culture of the company. And the way employees are treated.

Payroll Management Solutions

Most payroll services providers in the Eastern Suburbs provide online payroll management solutions. This is accessible through a secure website. Employees will be able to view their accounts and manage them at any time of the day or night, even from their mobile devices. Online payroll services providers usually have an easy-to-use interface that will allow payroll department managers to handle all of the pertinent areas of the company. The software that is provided by these companies can even allow the managers to set up payroll reports. And generate checks and deposits right from their computer.


When using a payroll service, it is important to make sure that the service is reputable. No matter how wonderful the benefits of payroll service are for your business, if the company is not reputable then the benefits you receive will pale in comparison to the time and stress that you have to spend looking into the operation of the payroll. The Eastern Suburbs is home to many payroll service providers. Businesses can easily find a payroll service to match their needs and can also select one that will work with their staff.

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Outsourcing Payroll Services

What Are the Advantages of Outsourcing Payroll Services?

Outsourcing payroll is a growing trend for many companies in developed countries like Australia and the United States. This is because the advantages of outsourcing payroll services are huge. Payroll can be a time-consuming and costly process. In addition, companies are now more concerned about controlling spending and trimming payroll costs, especially since a downturn in the global economy has made it difficult for companies to balance their budgets. As such, many payroll outsourcing services have mushroomed on the internet and offshore. While this type of payroll outsourcing seems appealing, many companies have doubts and hesitate to outsource payroll.

Payroll Outsourcing Services

A company that is considering hiring payroll outsourcing services should first verify whether the firm is reliable or not. To do this, they should check if the provider has strong credentials; check if the company can deliver payroll services in the countries where they are operating; check the experience of the payroll outsourcing services staff in handling payrolls; find out whether the company adheres to payroll outsourcing services legislation; find out if the company adheres to payroll outsourcing services company guidelines. Furthermore, companies should also consider the additional costs involved when outsourcing payroll services. These include the training of payroll outsourcing services personnel, the cost of software used to manage payrolls, the cost of payroll taxes, plus other possible charges like payroll outsourcing services outsourcing fees, processing charges, etc.

Since it is easy to outsource payroll services, many organizations prefer to outsource payroll from an external source. This increases efficiency as the payroll outsourcing services provider will take care of the payroll function while the company focuses on other core business functions. However, there are certain disadvantages associated with payroll outsourcing services. These include the following:

Advantages of Payroll Outsourcing

The advantages associated with payroll outsourcing services are many.

Help to Avoid the Costs

For one, payroll outsourcing services help to avoid the cost of payroll administration. The payroll outsourcing service provider takes care of all the payroll functions including recording of hours, making payroll reports, and collecting employee payrolls.

Ensure the Record Keeping

In addition, payroll outsourcing services help to ensure that payroll record keeping comply with legal requirements such as H&R Block bookkeeping standards and IRS regulations. Consequently.

Improve the Cash Flow

payroll outsourcing services also helps to improve cash flow and profits since a cashless employee payroll accounting system is a cost-effective payroll record keeping technique.

Comply Data Security Policy

In case payroll outsourcing services are chosen, an organization must ensure that the payroll data security policy is complied with. This is necessary because documents that are generated using the payroll data entry software may contain sensitive corporate information. For instance, if payroll data shows some client payment, the payroll data entry software may pick this up and pass it to the client. Thereby compromising the confidentiality of the client’s business data. Thus, if data security is not following at all, the business may lose its credibility. To prevent unauthorized access to payroll data, the outsourced payroll services provider implements various security measures. Ranging from using passwords to using encrypted data storage servers.

No Need to Maintain a Payroll System

Other advantages of using payroll outsourcing services are that they do not need to maintain a payroll system. This saves payroll department expenditures. For example, when payrolls are processed in-house, payroll clerks need to buy bookkeeping software, paper, the payroll supplies and many more. These payrolls are then processed using manual processes that consume more time and generate more paper. However, payroll outsourcing services require just minimal operating costs since the outsourced payroll solution provider can pay a leasing company for usage of its technology. Furthermore, the payroll processing solution provider has full control over the payroll data security issue.

Reduce Payroll Preparation Time

Outsourcing payroll outsourcing services are gaining popularity because of the many advantages it provides to businesses. Firstly, it reduces payroll preparation time as the payroll outsourcing services provider can provide pre-programmed paychecks.

Fast Processing of Paychecks

The payroll outsourcing services provider enables fast processing of paychecks as it eliminates the need to cut the payroll data into various pieces. In addition, the payroll outsourcing services provider can also set up an electronic timesheet system that eliminates the tedious calculations of manually computing the paychecks’ hourly wages. Lastly, the payroll outsourcing services can provide the payroll solutions with data security measures such as encryption of the data to prevent theft of the payroll data.

Things to consider Before Hiring a Payroll Service Provider Company

Before choosing a payroll outsourcing services service provider, business owners have to carefully choose which service provider to contract. It is vital to look for several factors that will determine the suitability of the service provider to provide your payroll needs. For instance, a service provider that can process a large number of paychecks in a short period of time, particularly payrolls coming in daily, should be chosen. Also, it is essential to determine the number of payroll outsourcing services a service provider can provide.

RT Taxation & Accounting: The Best Payroll Servicing Provider Company in Australia

RT Taxation is the best accounting and taxation services provider company in the eastern suburbs of Sydney. We have been working professionally for the last 10 years. Also, we have a very long experience and the best taxation professionals in Sydney, Our firm is reputed and well known in Sydney. We have been helping so many businesses to solve the accounting, payroll & taxation issues of their company.

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CFO outsourcing services

Why CFO Outsourcing Services Is The Best Way To Improve Your Business

What is CFO Outsourcing?

There are many benefits of CFO outsourcing services. First and foremost is that you will be saved from the hassles of managing your finance department. Outsourcing your finance department to a professional will free you up to attend to other more important issues like raising capital or handling employee issues.

Another benefit is CFO outsourcing services to ensure a smooth, easy and convenient transition for your company. You can focus on your core business activities. Will be free from having to deal with administrative issues like payroll preparation, employee hiring, cash flow, and so on. By delegating these tasks to an outsourced CFO, you get to spend your time focusing on other important areas. The same holds true when raising capital.

Virtual or Outsourced CFO

By outsourcing your requirements to an independent virtual CFO you get to enjoy greater flexibility when raising money through equity or loans. The CFO service provider handles the finance and accounting functions of your firm. They are well placed to ensure that your transaction is completed in a timely manner.

Benefits of Outsourced CFO Services in Australia

Hassle Free Reporting & Accounting

Virtual CFO services also help you manage financial reporting and accounting needs. You can focus on your core business activities and do away with the need to outsource your financial reporting requirements.

Team of Experienced Professionals

When you hire an outsourced CFO service provider, you get a team of experienced professionals. They are highly trained to take care of all your financial reporting and accounting needs? You can relax while the outsourced CFO team handles the day-to-day administration. And financial reporting responsibilities while you keep yourself in the loop by checking quarterly CFO reports at your leisure.

Cost Cuts of Your Company

When you hire outsourced CFO services, you also get cost cuts. This is because the costs associated with hiring a full-time CFO to work in-house are extremely high. The rate for a CFO to provide services on behalf of your firm is three times higher than the rate of a regular employee. You can reduce the cost to a large extent by contracting with an outsourced CFO service provider. They provide services at much lower costs.

Implementation of Your Plan

When you outsource CFO services, you can rest assured that your financial strategy will be implemented as per your stipulated requirements. When you have a financial policy implemented, it will become difficult for you to change it, if ever, due to the large number of employees employed in the payroll department.

Improve Your Financial Strategy

However, when you outsource your CFO services, your CFO will sit with you and discuss the financial strategy with you before taking it to the next level. Your CFO will assist you in implementing the best CFO services for your firm and thus will work closely with you to ensure that your firm implements the best CFO policy. Outsourcing your CFO services will enable you to focus on your core business activities and free up your staff for more important tasks.

Financial Strategy will be Executed Efficiently

Another benefit of outsourcing your CFO services is that your financial strategy will be executed efficiently. With a single CFO service provider in-house, you will be forced to divide your attention between different projects. A single CFO will handle the cash flow, accounts receivable, accounts payable, and the overall financial strategy for your firm. This will lead to a situation where there will be a lack of coordination and communication between the various departments leading to a delay in the execution of your financial plan.

Boost Cash Flow Option

If you want to improve and boost your cash flow operations, then it makes sense to outsource CFO services. In fact, there are many benefits of hiring CFOs, including significant cost cuts and time savings. The use of outsourced CFO services will result in a significant reduction in overhead expenses. If you are looking to reduce your cost base, CFOs will be an ideal option. The CFO service will take care of all the cost-related matters like processing invoices, credit card payments, receiving payments from customers, and so on.


Apart from all these advantages, when you outsource your CFO services, you can expect quality services at a low cost. As mentioned earlier, a single full-time CFO will handle the entire financial strategy for your firm, reducing your need to hire additional staff for such matters as payroll and employee benefits administration. When you consider all these advantages, it becomes very obvious that CFO outsourcing is the best way to take your business to the next level.

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Home and Investment Lending

Home and Investment Lending – Consult an Expert in Sydney

Home and investment lending in Australia has been a popular option for homeowners to borrow funds. Home equity loans and other home mortgage refinancing are available from various financial institutions in Australia. The amount that you can borrow depends on your credit rating, the value of your house, and the interest rate. It is important to consider all the factors involved in home and investment lending before deciding which option is best for you.

A home equity loan or home equity lines of credit allow you to obtain cash from your property. Home and investment lending also makes available to homeowners cash that can be used for remodeling, renovations, consolidating debts, and even funding high-risk ventures. Home equity lending is also beneficial for borrowers who need money fast.

What is a Home Equity Loan?

A home equity loan is the most common type of home equity financing in Australia. A home equity loan is secured by your home. This means that if you fail to pay your home equity loan then your creditor can take possession of your home. There are some home equity lines of credit available with higher interest rates and repayment terms than others.

Home and Investment Lending Programs in Australia

Home and investment lending programs in Australia provide opportunities for first-time homebuyers. And also investors to borrow a minimal amount of money for investing purposes. It can be done through various financial institutions such as banks, registered financial institutions, and credit unions. There are a number of different programs that homebuyers can choose from. Home and investment lending can also be done online. However, before you begin an online home or investment venture, it is important to do your research. So that you can get the best deals.

When you borrow money from the bank, you may only be able to borrow the amount of money that you have in your bank account at that given moment. You may also have to have a good credit history as well as a steady job. When you borrow money from an online lender, you will be able to access funds as soon as you have money in your online checking account. This means that you can obtain money quicker. The interest rate will also be lower than what you would pay at a bank.

Investment Lending Company

It is important to understand that there is sometimes a limit on the amount of credit. That you can obtain from investment lending companies. This limit could be applied or calculated according to your income. For instance, you may be unable to obtain funds as high as you were able to get in the past because you have had a very difficult time obtaining employment. It is important to remember that this is not a requirement for you to be eligible for home and investment lending in the Estern suburbs of Sydney. However, it is something that will be taken into consideration by the lender.

Home & Investment Loans

Home and investment loans can be used for a number of different purposes, such as the down payment on a new home, a vacation, debt consolidation or even paying for college tuition. You should never borrow more money than you can comfortably afford to pay back, and you should only use such funds for the purpose that you originally stated in your loan application. Additionally, you should always keep a good credit history going so that any future financial transactions can be made easier by providing a reliable payment history.

Where to Get the Best Home & Investment Lending Consultant?

Before investing in a home, You must consult with a good investment consultant company. There are many investment lending consultant companies in Australia. We help the investor to invest in the right way and place. RT Taxation & Accounting provides the best consultant services for home and investment lending.

Why Prefer RT Taxation?

  1. Well known, Reputed & Professional services
  2. Comparatively better service charge
  3. Experienced for a long time


The Internet is an excellent resource for you if you are looking for home and investment lending. There are a number of different websites that allow you to search for the perfect home loan or equity loan for your personal needs. In addition, you can also search for these loans using an automatic payment system. In addition to having the ability to search using different criteria, you can have the entire process pre-filled so that all you have to do is submit your information. If you are interested in applying for one of these loans, make sure to take a good look at some of the various home finance offers that are available. This is just one way that the Internet can help to make your home purchase dreams become a reality.

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Single Touch Payroll

Single Touch Payroll Reporting Services Provided at R T Accounting & Taxation Services

In the last Federal Budget, the Australian Government announced that Single Touch Payroll (STP) would need to be explored in more depth to include additional information.

This expansion of Single Touch Payroll reporting will help reduce the reporting burden for employers. Who is required to report information about their employees to various government agencies such as the ATO and Centrelink? Through the support of the administration of the social security system in Centrelink? The start date for the expansion of Single Touch Payroll Reporting will be the 1st of January 2022. This means there are less than 7 months before these measures are introduced.

What Do You Need to Do?

Currently, there is nothing you will need to do provided. You are already reporting your Single Touch Payroll to the ATO every payday. The ATO will work alongside digital service providers such as MYOB and Single Touch who will update their STP-enabled software.

Firstly, it is important to understand that all STP-enabled software. They have different functions and updates for the expansion will be offered in various ways. It will be best for you to connect with the STP Reporting experts at R T Accounting & Taxation Services. To ensure that you continue reporting Single Touch Payroll correctly and on time to avoid any hassle or charges. We can help you set up STP Reporting software to be tailored to your product. And how you manage your payroll.

What Will Remain the Same?

While you may need to report additional information depending on your employees’ circumstances. Moreover, there are a few things that will not change regarding STP Reporting including:

  • The way in which you are required to submit your STP Reports.
  • STP reports are still due on or before payday unless decided otherwise prior to the ATO.
  • The types of payments that are in-scope for STP reporting.
  • Tax and Superannuation obligations for employers
  • End of year finalisation requirements.

What does Will change?

In addition, the key changes to the STP report include:

Employment Conditions
  • Will need to state whether your employee is full-time, part-time, or casual.
  • Will need to report how you calculated your employee’s PAYG Withheld. Such as indicating whether your employee has HELP fees outstanding.

Income type and Country Code
  • This is more specific to those employers who have employees who are Working Holidaymakers or the overseas host country of the employee who is an Australian resident working overseas.
Disaggregation of gross
  • You will need to separate various components that make up an employee’s gross wages by the following payment types.
    • Bonuses and commissions
    • Directors’ fees
    • Paid leave
    • Salary sacrifice
    • Overtime
    • Allowances
    • Other
Salary Sacrifice
  • Salary Sacrifice contributions are no longer able to reduce ordinary time earnings or count towards your minimum superannuation guarantee obligations.
  • As a result, an employer will need to report salary sacrificed amounts in the STP report.
Lump Sums
  • Lump-Sum E has been affected as you are now required to include the working calculations for Lump Sum E according to each financial year relevant to the payout. This will help the employer in that you will not be required to provide Lump Sum E letters to employees generally.
  • A new category, Lump Sum W, will be added for employees returning to work payments which do not occur often.
Child Support Garnishees and Child Support Deductions
  • There will be a requirement to report any Child Support Garnishees and Child support deductions in your STP report, removing the need to separately advise reporting to the Child support registrar.

With the changes coming to STP Reporting being simple to the trained eye, it might be best for you to get in touch with your local STP Reporting expert in the Eastern Suburbs of Sydney. R T Accounting & Taxation Services not only helps with STP Reporting but can also calculate and run pay runs based on your specific requirements. Get in touch to find out more!

Work-related Clothing Laundry & Dry-Cleaning Expenses

The ATO has been cross-checking clients’ work-related expenses for the 2020 tax year, with a specific emphasis on Work-related clothing laundry, and dry-cleaning expenses. Read on to ensure that you do not get caught out in the following year.


If you claimed the cost of a work uniform that is distinctive (such as one that has your employer’s logo permanently attached to it). It must be either: 

  • a non-compulsory uniform that your employer has registered with AusIndustry (check with your employer if you are not sure), or
  • a compulsory uniform that can be a set of clothing or a single item that identifies you as an employee of an organisation. There must be a strictly enforced policy making it compulsory to wear that clothing at work. Items may include shoes, stockings, socks, and jumpers where they are an essential part of a distinctive compulsory uniform and the colour, style and type are specified in your employer’s policy. 

Occupation Specific Clothing

You can also claim the cost of:

  • occupation-specific clothing which allows people to easily recognise your occupation (such as the checked pants a chef wears when working) and which are not for everyday use. 
  • protective clothing and footwear to protect you from the risk of illness or injury, or to prevent damage to your ordinary clothes, caused by your work or work environment. Items may include fire-resistant clothing, sun protection clothing, safety-coloured vests, non-slip nurse’s shoes, steel-capped boots, gloves, overalls, aprons, and heavy-duty shirts and trousers (but not jeans). 
  • You can claim the cost of protective equipment, such as hard hats and safety glasses at Other work-related expenses. 
  • You can claim the cost of renting, repairing, and cleaning any of the above work-related clothing. 


Claims for laundry expenses that are less than $150 can be claimed on a cents per wash method as per below:

  • $1 per load if you wash only your work clothes.
  • 50 cents per load if you combine work clothes with private use clothes.

To claim for laundry using this method, the clothing being washed must be a uniform, occupation specific clothing or protective clothing. It goes without saying but you cannot claim the cost of purchasing or cleaning plain clothes, such as plain, black trousers, white shirts, suits, and stockings even if your employer requires you to wear them as these items are seen as wearable for private use anyway.

Protective Clothing

If you claimed protective clothing and footwear to protect you from the risk of illness or injury, applicable to those in COVID hotspots, or to prevent damage to your ordinary clothes you will need to keep a record of a description of the protective clothing and equipment you are required to wear as well as copies of receipts with proof of purchase.

For COVID-19 specific protective items, you will be allowed to claim a deduction for expenditure on protective items such as gloves, face masks, sanitiser, and antibacterial spray.

As always, if you are in doubt as to what expenses constitute work-related clothing laundry, and dry-cleaning expenses it is best to contact us at R T Accounting & Taxation Services to help you make correct decisions on what to buy to reduce your taxable income and increase your refund!

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