Getting paid late by your customers can have a major effect on your own cashflow. When your customers pay on time, you can then pay your suppliers and employees on time as well as yourself. Set Customer Agreements with your payment terms. When you start to work with a new client, make sure you have [...]
To work smarter means looking at how you can save more time, energy and money so you can spend more personal time on the other things in life. Many business owners think they have to work harder by working long hours to be profitable. Doing that can lead to burning out when there may [...]
Employers from 1st November 2021, may have an extra step to take for new employees that do not choose a Super fund. The ATO says that the employer may now have to request their new employees ‘stapled super fund’ details from them. A Stapled super fund means its already existing with the ATO from [...]
With the new Single Touch Payroll system in, the ATO is now receiving data from the Superfunds and will match it to the payroll records. Penalties have ramped up as well as the ATO audits for unpaid Super. Employers not doing the right thing can expect a visit from the ATO.
Are you ready for Single Touch Payroll? Single Touch Payroll (STP) is compliant from 1st July 2019. Since 1st July 2018, employers with 20 or more employees have reported to the ATO through their payroll software. On 12th February, 2019, it was passed to extend STP for those with 19 or less employees from 1st [...]
It's easy to make a mistake when preparing your BAS. That's why a certified bookkeeper/BAS Agent would be valuable in ensuring the ATO reporting is correct. Many business owners make mistakes on the Hire purchases/Lease of Vehicles or Plant & Equipment on their BAS. Incorrect tax codes in your chart of accounts - this affects [...]
When hiring you must check first whether they are an employee or a contractor. Its important because it can affect your tax and super obligations. Penalties may apply if you do not get it right. You can use the ATO Employee/contractor decision tool to help you decide. ATO employee decision tool Link