Do you know the rules and entitlements during the end-of-year holiday season?

As we head into the summer holiday period, is your business up to speed with your rights and obligations? It can be confusing to employers and employees alike – public holidays worked or taken as annual leave, business shutdowns, annual leave provisions… there are many rules’ employers need to understand. Employees are entitled to annual […]

How to handle temporary shutdowns

Many Australian businesses temporarily shut down at some point during the year, commonly over the Christmas-New Years period. With a bit of preparation and know-how, employers can manage the annual shutdown seamlessly and lawfully. For most of us, the lead up to Christmas is a hectic time. Work and personal commitments can escalate in the […]

Why accurate leave management is so important

Taking a relaxed approach to leave management can put your business at risk of making costly errors. When it comes to managing and recording employee leave, it might be easy to take the “she’ll be right” approach. But there are some really good reasons why you should diligently manage, track, and pay leave. Proper leave […]

Taking care of data regulation and ticking the right compliance boxes

Your business faces an increasingly complex regulatory landscape when it comes to data privacy, consumer protection and industry-specific compliance requirements. Keeping on top of these compliance requirements is a complex task. Failing to meet your requirements can have serious implications, with non-compliance (whether intentional or accidental) resulting in legal repercussions and possible reputational damage for […]

Outstanding tax debts? ATO warns about disclosure to CRA’s

The ATO has shifted its focus from providing assistance with tax through the pandemic to now re-establishing the culture of businesses paying their tax debts on time. Beginning from July 2023, The ATO has issued notices of intent to disclose business tax debts of more than 22,000 businesses with a tax debt of at least […]

Plain English guide to cashflow

Why is cashflow so central to good financial management? Here’s our plain English guide. What is cashflow? Cashflow refers to the movement of money into and out of your business over a specific period. In the most basic terms, cashflow is the process of cash moving out of the business (cash outflows), and cash coming […]

Avoid ATO’S increased tax penalties – reminders and updates

Announced as part of the 2023–24 Federal budget, increased funding has been provided to the ATO to scrutinise taxpayers who have high-value outstanding debts of over $100,000 and aged debts older than two years where those taxpayers are: Increased penalty rates After a recent increase in January 2023 from $222 to $275, Commonwealth penalty unit […]

Proving your ongoing business viability through 5 financial reports

Whether you’re applying for government subsidies, taking out a business loan or seeking investor support, you need to be able to demonstrate your ongoing viability as a business. To prove this viability, it’s important to have the right financial information at your fingertips. This information is also just as important for your own internal planning […]

Prepare for Finalising Single Touch Payroll

It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees you have reported through STP. Employers must complete the finalisation declaration by 14 July for employees. Employers with a mixture of employees and closely held payees have until 30 September to make the […]

Fringe Benefits Tax and Business

Benefits provided to employees or their associates in addition to salary or wages are known as fringe benefits. These benefits are paid for by the employer from pre-tax earnings, making the provision of benefits attractive to employees as it may reduce their taxable income while receiving payment in other forms. Fringe benefits tax (FBT) may […]