Casual Employment Updates November 2020 Last month there were significant changes made to Casual Employment. Do you know if your business was affected? Some of the updates will mean changes to overtime pay rates for casual employees in some awards. If your award was affected and you have not updated your systems, you may be at risk of underpayments! To find out if your award has been updated you can… Read more
As business owners, we are always trying to find ways we can increase revenue streams. Adding a recurring revenue stream (or two, or three!) can provide a predictable, ongoing source of income which can increase profits., and, it’s a great way to provide a buffer for any unexpected sales dips. Here are three simple ways to start earning recurring revenue for your business. Auto-renew subscriptions The most tried and true… Read more
Most small businesses experience cash flow problems from time to time and sometimes urgently need working capital. Many business owners immediately think of bank overdrafts or loans when they’re short of money. But there may be other resources you can tap into before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your debtors. You can often… Read more
The JobKeeper Payments Amendment Bill was introduced in the House of Representatives on Wednesday 26th August. This Bill introduces the extension of the JobKeeper scheme that was announced last month. The proposed rate changes will see the current $1500 per fortnight payment drop to $1200 for full time workers, and $750 for those working less than 20 hours per week from September 28, From January 2021, the rate will drop… Read more
The ATO has released further guidance on the recent changes to the JobKeeper scheme in relation to the timing of an eligible employee. From JobKeeper fortnights commencing 3rd August, the key date for eligible employees has changed to 1 July. In the past, an employee had to be on the books as of the 1st of March in order to be eligible for the JobKeeper wage subsidy. This change is… Read more
Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. JobKeeper Changes Coming in September This week the PM announced the JobKeeper wage subsidy scheme will be extended from September through to March next year, with some changes. This comes as businesses continue to struggle and as an increase in infections has been reported in the southeast.… Read more
Many remarkable entrepreneurs, including Warren Buffet, Sheryl Sandberg, and Richard Branson, have credited their success, in part, to the advice of their mentors. An advisory board is an informal group of mentors whose collective business expertise—and objectivity—can help you make better, more informed decisions, thereby accelerating growth. Unlike business consultants (whose fees may well exceed your budget), advisory board members may agree to provide advice pro bono, for a small… Read more
Although most entrepreneurs recognise the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach… Read more
The ATO has just released Alternative Tests for the JobKeeper payment which expands eligibility from the initial basic test. This is good news for many businesses, particularly startups, those affected by last year’s droughts and those with variable revenues. Basic Test If you satisfy the eligibility requirements for the basic test, you can ignore the alternative tests below. The basic test is satisfied where your projected GST turnover for the… Read more
JobKeeper Update In case you missed it, the government passed legislation for the $130 billion JobKeeper payment last week. The ATO’s website has a dedicated spot to enrol and apply for the JobKeeper payment from 20th April onwards. The website has details of the steps you (or your registered tax professional) can take to enrol for the JobKeeper payment. Please be aware, you are required to continue paying at least $1500… Read more
For a lot of business owners out there, the word “audit” coming from their accountant is enough to induce heart palpitations. Even if you know you are thorough with your record-keeping, there’s always a tendency to second guess yourself. Having an audit doesn’t necessarily mean you have done something wrong; sometimes it’s just the luck of the draw. To reduce the risk of raising a red flag, here are some… Read more
You don’t have to wait until June to start preparing for EOFY. There are things you could do today to make your life easier for 30 June. This is something I tell all my clients once we’re into the last quarter of the financial year. This is because I’ve seen many, many business owners in a panic over the years as they leave their end of financial year preparations to… Read more
PAYG Withholding and employee payment summaries are due soon. If you haven’t already provided these, you should make it a priority to get it done as soon as possible. While the deadline for PAYG and payment summaries is set for 21 July, you should try to get it done by the end of the day if you can. Luckily, MYOB Essentials makes preparing payment summaries an easy task, but, there… Read more
Preparing for the end of financial year means not only calculating income tax and BAS payments, but determining the financial health of your business. I always recommend that my clients start preparing for EOFY after the March Quarter BAS has been finalised and they make an appointment to meet with their accountant. If you are in a situation where you happen to have a lot of profit, it’s best to… Read more
Do you have employees? Did you know you need to produce PAYG payment summaries at the end of each financial year? These payment summaries need to be given to your employees by 14 July and the Annual Report needs to be submitted to the ATO by 14 August. What are payment summaries? Payment summaries are forms that report the amount of Gross Wages, PAYG Tax Withheld and Allowances that have… Read more
Online accounting software has developed in leaps and bounds over recent years. Technology is moving so fast it’s almost too hard to keep up with it all. As a bookkeeper, if I had to choose just one advancement that I couldn’t live without, it would be bank feeds. I absolutely love bank feeds! Gone are the days where you have to log into the bank, download a statement, print it… Read more