How does an accountant save you money?
Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this? The days when […]
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 […]
A business budget will help with your financial decision making
Budgeting is about estimating your revenues, projecting your expenses, and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling. How does budgeting affect your business? Having a clear, agreed budget gives you a structured framework for your financial decision-making. It’s a practical way to control your costs, monitor […]
Plain English guide to profit and loss
Here’s our Plain English guide to profit and loss and what this report reveals about your finances. What is profit and loss? Your profit and loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings. Your P&L is a breakdown of your company’s revenue (money […]
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 […]
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 […]
Contractor or Employee? How to Get it Right
When is a worker an independent contractor or an employee? Plenty of people ask this question as it can expose businesses and individuals to significant risk and costs under tax and employment law. Sometimes, a person might seek a contracting relationship for perceived tax benefits or the company might want to keep employment flexible. However, […]