If you are new to the program, or still haven't knocked out the Xero Certification and Xero Payroll Certification, get them done. Already completed them? Just flick your certs through to us.
Keep an eye out in your emails for the new courses.
Mastering Rental Schedules
Mastering Business Schedules
Mastering Tax Deductions
Introduction to Division 7a Loans
Mastering Franking Accounts and Dividends
Planning for 2025
Tax Planning Tips
If you have business clients, you can start planning for the tax season. The big one is to get any super paid in the next few weeks. Remember the super must be in the employee's fund to be eligible for a deduction, not just paid by the business. You can read more below, including a simple tax plan in the first blog post.
The big thing is to be realistic with your timelines. If you recall in the webinar we discussed how long it takes to learn a new skill: 20 hours.
This means that if its the first time for you to do a company tax return, expect it to take you 20 hours. That is completing the courses, collecting the info, adding the client to the portal, doing the financial statements, workpapers and the return.
You also need to factor in time for the review and any potential back and forth.
I would recommend you allow the following
Company tax returns: 2 weeks
Trusts: 1 month
Individuals: 1 week
It gets easier the more you do. To borrow a sporting analogy: it takes the reps.
Leaderboard and Facebook
Leaderboard and Facebook Group
Let’s be real, doing tax work solo can get a bit... boring. So we’re shaking things up.
From 1 July, we’re rolling out a Leaderboard to track your progress, recognise your efforts, and keep things fun.
You’ll earn points for doing the stuff you're already supposed to do:
Lodging returns
Completing courses
Contributing to the Facebook group
And yes, there will be prizes. Every quarter we’ll tally the scores, and the top performers will win something decent.
⛔ Paying super on the 28th isn’t enough. If it hasn’t hit the employee’s fund, you can’t claim the deduction.
Lodgement Process Reminders
Remember, to get lodgements completed on time:
âś… Fill out all workpapers, including the updated schedules
📝 If something doesn’t apply, leave a comment or review note, don’t just skip it
❌ Blank workpapers with no explanation = sent back = delays
Also, allow up to 72 hours for review. If you don’t follow the process properly, you’re looking at weeks, not days.
Reminders
A few things for you to remember:
The Intranet - pricing, procedures, webinar recordings, newsletter archive, all in one spot
Courses - your first stop before asking questions. If I see you’ve skipped them, I’ll send you back.
I love hearing from you all, but I can't manage a million channels. Please send emails to wegotyou@theaccountingacademy.com.au (No DMs, no smoke signals, just this inbox)
Wrapping Up
Thank you for taking the time to read this months newsletter.
If you’ve got some downtime, use it. Finish your courses, make a plan, and get set for July.
And if you’re stuck, don’t sit there spinning, reach out!
