Welcome to our Business Update stay in the know with some recent news updates relevant to business and the economy. First Aussie social media platform for business owners launched A new social media platform, called ‘Business Connect’, has been launched in Australia. It is designed specifically for business owners, allowing them to connect with other business owners, share ideas, and access resources. It also provides a platform for businesses to… Read more
Information For Employers & Employees Employees use the Super Choice Form to choose the superannuation fund into which their employer will pay their superannuation contributions. Employers must provide a standard choice form to employees at the commencement of employment. The Super Choice Form is required by law, and employers are legally required to make superannuation contributions on behalf of their employees. Employees can complete the form to ensure that their… Read more
Managing family finances can be a daunting task, but with the right tools and mindset, it can be a smooth and effective experience. Here are some essential steps for managing your family’s finances, including budgeting, saving, and planning for the future. Budgeting Budgeting is the cornerstone of managing family finances. It involves creating a spending plan that outlines your family’s income and expenses. A budget helps you to keep track… Read more
Debt can be a significant burden on one’s financial life. It can cause stress, anxiety, and make it difficult to achieve financial goals. However, with a little planning and dedication, anyone can create a debt repayment system and get on the path to financial freedom. Here are some tips for managing debt and creating a debt repayment system: Take Stock of Your Debt The first step in managing debt is… Read more
In an effort to close the gender pay gap, increase women’s workforce participation, and provide families with more flexibility during their children’s formative years, the Paid Parental Leave (PPL) system will be increased from 18 weeks to 26 weeks over the course of the next four years. There are currently two payments available to families under the Paid Parental Leave Scheme: Parental Leave Pay: For primary carer. Eligible employees receive up to… Read more
We know that running a small business can be challenging, and it can be easy to get caught up in the day-to-day operations without taking a step back to assess the overall health of your business. That’s why we want to stress the importance of monitoring essential Key Performance Indicators (KPIs) in your business. What are Key Performance Indicators (KPIs) Key Performance Indicators (KPIs) are measurable metrics that help businesses… Read more
We are thrilled to announce that our CEO and Founder Martine Hoosen was elected to Fellow status with The Institute of Certified Bookkeepers (ICB). This prestigious recognition is a testament to Martine’s dedication and hard work within the Bookkeeping Profession. Martine has said “It’s such a privilege to be part of such a respected community of professionals and I’m looking forward to continuing to contribute to the growth and success… Read more
Amended Fair Work Act to Include a Range of New Workplace Laws On the 6th of December 2022, the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 (Cth) (Act) received Royal Assent and became law. Some of the changes have already come into effect, whilst others will be rolled out over the next 12 months. Employers should start planning and preparing for the impact of these significant reforms. See… Read more
Welcome back to our Business Update Changes to home-based business expenses Businesses operating from home can claim business-use expenses, including occupancy expenses and running expenses. They can now use the revised fixed rate method of 67 cents per hour for the 2022-23 income year. Find out more here. Get ready for STP Phase 2 Single Touch Payroll has been expanded with the introduction of STP Phase 2, which requires employers… Read more
As a small business owner, it’s essential to find ways to manage your inventory effectively to reduce costs, optimise warehouse space and ensure customer satisfaction. How you manage your inventory affects your cash flow, your customer relationships, and your relationships with vendors. That’s why it’s vital you use a system and process that works best for your business. Among the many methods of managing your small business inventory is the… Read more
The success of any business, large or small, depends largely on nurturing an efficient, productive workplace. And that includes those workplaces who have adopted flexible working arrangements. While improving employee productivity should always be a priority when the ultimate goal is a sustainable and profitable business, the process is easier said than done. Below are some effective methods of managing a productive, happy workplace while increasing output. Establish Accountability Productivity… Read more
When you go into business as a tradie, your focus is often on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. However, any tradie accountant or bookkeeper will tell you there’s more to it these days. While your good reputation preceding you is undoubtedly essential,… Read more
Welcome back to our Business Update! Some good news for energy prices After recent record-busting increases in electricity costs, some good news is on the horizon – energy prices will lower over 2023 and 2024 once an expected drop in wholesale prices reaches consumers. Rent is coming down in one region According to SQM Research, rents in Australia are rising at rates not seen in over 30 years, with Sydney… Read more
Our February Business Workshop Listings are below: Understanding Cash Flow, Profits and Budgets (ONLINE WORKSHOP) Thursday, 9 February 2023 10am – 12pm https://www.smallbusiness.wa.gov.au/workshops/understanding-cash-flow-profits-and-budgets Introduction to GST and BAS reporting (ONLINE WORKSHOP) Thursday, 23 February 2023 10am – 12pm https://www.smallbusiness.wa.gov.au/workshops/introduction-gst-and-bas-reporting Pricing Work to Make a Profit City of Cockburn – FACE TO FACE session Success Library Conference Room First Floor – Cockburn Health & Community 11 Wentworth Parade Success, WA 6164 Tuesday,… Read more
10 Days of Paid Family and Domestic Violence Leave Each Year If you or someone you know is impacted by sexual assault, domestic or family violence, call 1800RESPECT on 1800 737 732 or www.1800respect.org.au The Law Has Changed As an update, the Fair Work Amendment (Paid Family and Domestic Violence Leave) Bill 2022 has now passed in both houses and received Royal Assent on the 9th of November 2022. The amending Act… Read more
Welcome back to our Business Update ABS data shows that payroll jobs are up, and the labour market is still tight Payroll jobs increased by 0.7 per cent in the month to November 12, indicating tightness in the labour market and disruptions from people being sick and the impact of significant weather events. Reserve Bank sceptically launches new program to explore digital currency The Reserve Bank has started a pilot… Read more
As a small business owner it’s important to take time away from work. But worrying about whether staff are meeting deadlines and suppliers are happy translates to more stress and less time enjoying your holiday. With a little staff communication and planning beforehand, you needn’t worry that your business won’t be able to cope in your absence. If you really can’t switch off from work mode or something urgent pops… Read more
There’s a very important deadline coming up on 30th November. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so ASAP. The consequences for neglecting this task are severe. What is a director ID? The director ID is a mandatory 15-digit identification number given to a director who has verified their identity with the ATO. Once you have it, that is… Read more
Welcome back to our Business Update. A budget that is “resilient” but not “fancy” The Albanese government released its first budget this week, with promises that it will be well-funded, but not excessive. It’s expected that this budget will lay the groundwork for bigger changes next year. $21bn in government spending to be slashed After an audit of all departments, the Labor government says it has identified ways to cut… Read more
In a world with endless distractions, it’s no wonder that we find it difficult to complete tasks. Focus is hard to come by these days. This is especially true when you’re working from home. Household tasks that would otherwise be out of sight and out of mind are suddenly in your workspace. With that said, there are some proven methods to help you get things done. Time blocking and Time… Read more