Time is running out for employers to take up the Government’s superannuation guarantee (‘SG’) amnesty, which expires at 11:59pm on 7 September 2020. The amnesty allows eligible employers to disclose and pay SG charge (‘SGC’) amounts owing from 1 July 1992 to 31 March 2018, without incurring penalties (up to 200% of the SGC) or administration fees ($20 per employee, per quarter) that would otherwise apply. SGC payments made during the… Read more
Having clean, up-to-date information and data about your customers is a vital part of running your business. But recording, tracking and accessing this customer information can be tricky if you don’t have the right tools to get the job done. Client relationship management (CRM) tools offer a fast and effective way to manage all of this customer information. A CRM solution provides one central hub for recording all your customer… Read more
Having a personal budget is essential to gaining control of your personal finances. Budgeting doesn’t necessarily mean restriction; it frees up your money, so you know exactly what’s available to spend. The top 10 benefits of personal budgeting: Gives you control. Developing your personal budget gives you control over your money. You’ll know how much cash you’ll have coming in and can make a plan for how to spend it. Focuses… Read more
Running a small business requires taking some risks. Debt is one of those risks, but it is also a positive tool for small business that is usually necessary in order to fund your growth. However, when circumstances change and your debt levels grow, it can keep you up at night. It is important to act early and put a plan in place to manage it. We can help you assess… Read more
JobKeeper Extended Until March 2021 The government has announced further changes to the JobKeeper payment scheme, which will see it continue until March 2021.The current system will remain unchanged until 27 September 2020 as planned, providing $1,500 per fortnight for employees and eligible business participants. However, from 28 September the changes will apply. There are several amendments that business owners need to be aware of, including different tiers of payment… Read more
The coronavirus pandemic has forced a significant amount of change and upheaval onto you and your team – in a very short amount of time. We’ve gone from ‘business as usual’ to closed offices, working from home and the full reality of isolation during an emergency lockdown. To combat this change, it’s important to take steps to care for your employees. Key ways to take care your teams wellbeing There’s… Read more
On 18 September 2019, the Government announced that it was reintroducing the one-off Superannuation Guarantee Amnesty (the Amnesty). The Amnesty applies to previously undeclared SG shortfalls for any quarter starting no earlier than 1 July 1992 and ending no later than 31 March 2018. The Amnesty will not be available for SG non-compliance that occurs in relation to a quarter starting on or after 1 April 2018. The super guarantee (SG) amnesty is… Read more
Some employers need to pay PAYG withholding liabilities to the ATO monthly, even if the BAS is lodged quarterly. The monthly instalment activity statement (IAS) and payment is due on the 21st, whether you are lodging your own statement or using our lodgement service. Things to review before finalising the IAS: Have you allocated all payroll related bank transactions to the correct accounts? Have you checked your payroll detail reports… Read more
It’s vital for businesses to free up as much cash as possible, particularly in these tough economic times. Your ‘lock up days’ is the number of days it takes to convert your debtors, stock and work in progress into cash. A high number of lock up days means your business needs to have more cash injected, either from you or the bank. You also have a higher risk of losing… Read more
Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend that you should start to. But before we get our 6 reasons, let’s… Read more
Prepare now for your taxable payments annual report (TPAR) lodgement. Whether you lodge your own report directly with the ATO or if you use our lodgement services, this form is due by the 28th August. There are a number of supplier details required in the TPAR. If you have not kept up-to-date supplier records throughout the year, start updating your records now to ensure timely TPAR lodgement. Things to review… Read more
Running a business will always mean incurring certain expenses, or ‘spend’. There are always costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what can you do to reduce your spend levels? And what impact will this have on your overall margins, profits and ability to fund the… Read more
JobKeeper extended until March 2021 The government has announced changes to the JobKeeper payment scheme, which will see it continue until March 2021. The current system will remain unchanged until 27 September 2020 as planned, providing $1,500 per fortnight for employees and eligible business participants. However, from 28 September the changes will apply. There are several amendments that business owners need to be aware of, including different tiers of payment… Read more
The purpose of a business is to make money, and that means you have to know the difference between profit and cashflow. Net profit is what you have left after you deduct all your business expenses from all your revenue. You change net profit only by changing the things that affect revenue and expenses. For example, if: You renegotiate with your suppliers, you may get stock cheaper, or carry less… Read more
A business budget is one of the essential tools in managing your business finances and actively building your business. A budget shows what you plan to do with your cash over the next year. For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the cash flow forecast and the budget. Taken together, these reports allow you to make informed… Read more
Recent court cases involving casual workers have increased attention on casual worker classification, which means your workers may be more aware of the ability to convert to a permanent position. The law has not changed; however, these cases are good reminders for employers to be aware of the rules around converting casual employees to permanent positions. What Makes an Employee Casual? No expectation or commitment to the duration of employment.… Read more
Prepare now for your quarterly superannuation guarantee (SG) contribution lodgement. Most superannuation clearing houses (including SuperStream compliant software companies) require payment by the 14th of the month in order to distribute the funds to the relevant super funds for each employee. If you use the ATO Small business Clearing House (SBSCH) you have until the 28th to lodge and pay. July is a good time to review all payroll transactions… Read more
Your monthly activity statement is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Have you allocated all bank transactions to the correct accounts? Have you verified that the bank balance listed in your accounting software matches the balance in your bank account? Do you have tax invoices and receipts for all business-related transactions? Have you checked the GST… Read more
For your business to make money, you need to generate revenue. You produce revenue through your usual business activity, by making sales, getting your invoices paid, or taking cash from paying customers. So, the better you are at selling your products/services and bringing money into the business, the higher your revenue levels will be. But what actually drives these revenue levels? And how do you get in control of these… Read more
Ethical marketing is simply the line drawn between moral and immoral advertising to your customers. Given the current crisis, it’s the difference between communicating with authenticity and empathy, and taking advantage of customers through emotive or gimmicky messaging. On one hand, it feels wrong to post about anything that isn’t related to the virus… who wants to hear about handmade pendants or luxury facials in a pandemic? On the other… Read more