As a small business owner, the start of a new financial year can bring both excitement and a host of responsibilities. It’s crucial to stay informed and prepared for the changes and obligations that lie ahead. By addressing key aspects such as award pay rate increases, superannuation contributions, STP finalisation, WorkCover renewals, and budget planning,…
As business accountants, we understand the importance of budgeting for the success of any business. A budget is a financial plan that outlines your revenue and expenses for a specific period of time. It’s an essential tool that can help you make informed decisions about your business and ensure you are on track to achieve…
As a small business owner, you may find yourself struggling to make sense of your financial statements and reports. One of the reasons for this confusion is the complex terminology used in accounting. In this blog post, we’ll explore some common accounting terms and why it’s essential for small business owners to understand them. …
Tax planning is important for the success of any business. Tax planning is the process of analysing your financial situation and making strategic decisions to minimise your tax liability while remaining compliant with the law. With a new financial year just around the corner, it’s a great time to start planning for your taxes. In…
Tax time is fast approaching and with the current economic climate starting to shift its good to start your tax planning early. As FY22 comes to an end we begin to look ahead to the upcoming annual tax season. After a particularly strange year in the global economy, and with a small amount of uncertainty…
There is comfort in knowing if you take the time to do your business budget you have the power to eliminate excessive spending and create a faster cash flow positive business sooner. It can really help you plan for whatever it is you want to do in your business. A sad reality is that many…
It wouldn’t be business as usual without an upcoming change to your employer obligations, would it? The latest round of changes applies to superannuation. Here’s a breakdown of the new super rules that will come into force in July 2022. Minimum Income Thresholds Scrapped Low-income workers will receive a boost to their superannuation after changes…
Hiring staff is a costly and time-consuming process. The average annual wage for an employee in Australia is $67,860, not to mention the on-costs. Plus, it can take at least a few months to find the right employee and then help them become productive in the workplace. Today, we explore an overview of employer costs…
Single Touch Payroll is expanding to include additional information from 1 January 2022. We’re regularly being asked what this means to employers. In short, STP2 is designed to reduce the reporting burden on employers, who are often reporting across multiple agencies. It’s also intended to help Services Australia (Centrelink) customers, such as your employees,…
Australia’s Director Identification Number (DIN) regime came into effect on 1 November 2021 and will require you to register for an identification number. A director ID is a 15 digit identifier that, once issued, will remain with you for life regardless of whether you stop being a director, change companies, change your name or move…