After many changes in light of the ever-evolving COVID-19 situation in Australia, most of us have finally gotten our heads around JobKeeper, JobSeeker, and JobMaker: JobKeeper to help employers subsidise wages and keep their employees in work, JobSeeker to financially support those looking for jobs, and JobMaker to provide financial incentives to employers to create […]
Early withdrawals of superannuation funds have been fairly uncommon in the past, but with many anxious about the security of their jobs and income, the Australian Taxation Office has seen an increase like never before. Currently under review by the ATO are approximately 1,900 applications for early Super access, of which around 1,700 are flawed. […]
COVID-19 has seen all of us confronted by an ever-changing nation, with restrictions and government support looking different from one day to the next. Bookkeepers and accountants have also found their roles and relationships with their clients are looking very different than before. All around the world bookkeepers and accountants have taken on the role […]
We’ve all heard a lot about Jobkeeper and the increased funding to Jobseeker, both government responses to the job losses resulting from the pandemic. However, less has been discussed about Jobmaker. Jobmaker was created as an incentive for employers to create new roles, with government contributions to these employees’ pays, keeping more Australians working as […]
It’s been well-publicised that COVID-19 has forced some businesses to adapt the way they work, while it’s completely destroying others. 2020 has not discriminated between businesses small and large, and in many ways – it’s been business owners who have suffered the largest consequences as a result of lockdowns. However, lesser discussed are the ways that […]
The Australian Tax Office, like many of us, are preparing to take some time off during the festive period. Their offices, social media channels, and contact centres will all share the following closure times: CLOSED FROM: 12 noon, Thursday 24 December 2020 OPEN FROM: 8 am, Monday 4 January 2021 For any tax-related information you may […]
Understanding what public holidays mean for you if you’re an employer or an employee can be a little bit confusing. Often they vary from state to state, and the entitlements can become a bit unclear. The Fair Work Ombudsman has released a comprehensive guide to public holidays, including a list of public holidays, and what working or not working […]
There’s no doubt that Coronavirus has brought trying times to everyone. However, at the heart of adversity have been small business owners nationwide. The Australian Tax Office have released a new article to their website noting that “running a business in times like these can add stress which may affect your mental health.” There are […]
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You’ve heard it before: Doing your own bookkeeping, payroll and accounting can result in costly mistakes. For The University of Newcastle, payroll mistakes have cost $6 million in errors over a six-year period. These errors were results of the mismanagement of “overtime, span of hours, minimum engagement and meal allowance provisions.” Read more Worried you might be making mistakes? […]
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Several accounting bodies across Australia and New Zealand have banded together to advocate the mental health first aid upskilling for accountants working with small businesses. This comes off the back of last year’s $1 million grant through the National Health and Medical Research Council who were developing mental health training material. These organisations believe this […]
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This year’s budget has been the most highly anticipated we can remember. COVID-19 has not only made itself known in our lives and health system but made an unprecedented impact on the Australian economy. This impact, while sure to be felt for years to come, has been reduced by the government’s quick responses, and this […]
When it comes to doing the bookkeeping yourself, the scope for making errors is endless. This isn’t because people doing their own bookkeeping are hopeless – it’s simply because as a business owner, there’s often just too much to manage. These are some of the most common mistakes that are costing Australian businesses: Losing track […]
Operating a small business comes with many challenges. From work-life balance to getting your employees’ paid on time, to basic daily operations – small businesses have many ins and outs. The Australian Tax Office understands this and has released 2 new webinars surrounding the theme of small businesses at crossroads in terms of whether to […]
It’s no secret that COVID-19 has posed unexpected threats to many small business owners – not only in Australia but all around the world. As a result of lockdowns and restrictions, many small businesses have had to close their doors, unable to make rent with dwindling revenue being made. This said, small businesses have been […]
A free quiz about financial reporting for directors has been released by the Australian Securities & Investment Commission (ASIC) this month. The quiz was released on the premise that most directors feel their knowledge about practical financial reporting isn’t exceptional, a fact that makes prospective clients uneasy. According to Tax & Super Australia, the quiz […]
A common misconception is that government grants and payments are not eligible for tax. Although technically not thought of as ‘income,’ most grants and payments will still need to be detailed in your tax return. With taxable government payments such as JobKeeper now becoming commonplace, it’s important to understand what is and isn’t relevant for […]
With many teams returning to offices after a long time working from home, new considerations arise around people’s health and safety in the workplace. Much of the advice for businesses revolves around tighter hygiene stipulations such as: Encouraging the use of face masks. Making sure people with even the mildest symptoms stay home. Making sure […]
It’s important to keep your business moving without getting bogged down in numbers and time-consuming tasks. Here are some of the ways that enlisting the work of a bookkeeper takes the burden out of business. You’re a specialist in your field, but probably not in bookkeeping. Trying to self-manage financial matters without specialised industry knowledge can result […]
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Organisation is key to running a profitable business. Having everything in order from backend administration to systemising you workflow ensures that your business is running smoothly and with maximum efficiency. Having your ABN details up to date is no exception. Key details to keep up to date at all times for your ABN are your […]
The government’s hasty answer to the financial strain of COVID-19 has puzzled many businesses regarding their responsibilities to their employees. Considering that COVID-19 has taken the nation by surprise, it’s fitting that the same can be said for the financial support the Australian government has formulated. Here are few decoded facts about JobKeeper: JobKeeper is […]