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…
“To win in the marketplace, you must first win in the workplace.” Doug Conant For many employers, the COVID-19 pandemic has exacerbated the challenge of finding good employees. As accountants, we’ve heard this day-after-day from our clients. Since travel is minimal, the unfortunate reality is that there is a reduced talent pool to choose…
A strong relationship with a valued accountant is important for any business. If you’re looking to grow, manage challenges or even simply keep a stable income, an accountant will bring a level of expertise you most likely don’t have yourself. This is a relationship that needs to be invested in. That doesn’t mean you need…
If your business engages contractors or subcontractors, Taxable Payments Annual Reports (TPAR) are due by 28 August 2021, for the following industries: building and construction cleaning courier services road freight IT and security investigation or surveillance. As businesses have pivoted over the past year, thanks to the pandemic, some businesses may have started to engage…
As accountants, we are often asked by our clients about managing wages and pay increases. Federal Minimum Wage Increases On 16 June, the Fair Work Commission (FWC) announced a 2.5% minimum wage increase, applicable from the first full pay period on or after 1 July 2021. The 2.5% increase will apply to all award minimum…