How much time do you spend bookkeeping each week? Recording, organising, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. 10 hours? More?
Effective bookkeeping is at the heart of a healthy business. But, done poorly, bookkeeping can be time-consuming and tedious.
Fringe benefits tax (FBT) is a tax paid by employers on specific benefits provided to employees (and their families). Benefits commonly provided to employees include company vehicles, car parking, low interest loans, and living-away-from-home allowances. FBT places the tax burden on the employer rather than the employee, which can be an attractive arrangement for many workers.
Did you know that employers registered for GST can claim GST credits for reimbursements made to employees?
Here’s a quick run-down on what qualifies, what doesn’t, and how to claim.
The extension of Single Touch Payroll (STP) requirements to employers with 19 or less employees has finally passed both houses of Parliament. From 1 July 2019, STP reporting will become compulsory for all Australian employers.
Managing your debtors so you get paid on time is critical to your business’ survival. Paying suppliers and salaries, investing in infrastructure and growth – if you don’t have the cash, your business is in trouble.
So, wouldn’t it be wonderful if customers paid on time, every time?
Months of uncertainty for small businesses ended yesterday with the Senate passing the Bill to now extend compulsory Single Touch Payroll (STP) reporting to employers with 19 or less employees. Effective from 1 July 2019, it comes on the back of STP rolling out to larger employers from 1 July 2018.
If you’re in business, you already know that careful financial management is important. But do you really aspire to spending your time dealing with numbers and paperwork? That’s probably not why you went into business!
Christmas will be here in a moment and many employers will be thinking about recognising their team’s efforts throughout the year. Have you thought about how to manage tax and Christmas gift giving?
Feel free to celebrate, but make sure you don’t get stung with unexpected taxes. Fringe benefit tax (FBT) and associated income tax and GST pitfalls are the big ones to watch out for.
Do you know whether your worker is legally an employee or a contractor?
There are plenty of myths and assumptions made when it comes to deciding the status of a worker. Many employers (and workers) rely on inaccurate indicators of what makes a worker an employee or contractor. However, the employee-or-contractor status is important to get right.
Xerocon2018 brought us several sessions that asked us to think about the way we think. They were an excellent, and timely, reminder for me of what’s important in my life.
With a young family, I’ve found myself at one of those times in life when it’s valuable to pause a moment. To check that you understand your priorities. Because they change over time. And sometimes a significant event, or a minor event, a comment, a chance meeting, or a speaker at a conference can trigger reflection.
