If you’re starting to employ people, congratulations – business is obviously going well. And welcome to payroll. Here’s your introduction to the basics of pay, deductions, and dealing with the tax office. What does payroll mean for small business? At a basic level payroll is giving with one hand and taking with the other. You…
Blog | ATO Toughens Stance as Employers Hit with Rolling Superannuation Guarantee Audits
Employers are increasingly being subjected to a rolling series of audits by the ATO where they slip behind on their Superannuation Guarantee (SG) obligations as the Tax Office now taking a harder line on non-compliance, warns a technical expert. Insyt chief executive Darren Wynen said the focus by the federal government on SG non-compliance has…
Tip Tuesday | 10 Ways to Stay Out of Debt!
Bad debt and late payment can be problems for almost any business. What’s the best way to handle them? Here we look at ten ways to stay out of debt and reduce the impact of debtors. Stay in control of the money you’re owed Business owners often worry about payment. That’s especially true in the…
Blog | Paying Land Tax On Property You Own
It’s land tax time of year! Whether you need to pay land tax on your property depends on: the type of land what it’s used for, and its total value as at midnight on 31 December each year whether you meet the definition of a foreign person for land tax purposes. Exemptions and concessions In…
Blog | Call for more Government Support by Australian Small Businesses.
Over two-thirds (71 per cent) of small business owners say the federal government is not doing enough to support them, in a new study by accounting software provider Reckon (ASX:RKN). Government red tape is considered the biggest obstacle to creating a start-up in Australia, with over half (52 per cent) of SMBs agreeing. The survey, which…
Tip Tuesday | What is inventory accounting and why do it?
Inventory is the biggest cost facing many businesses. But what is it, exactly? We look at the many forms inventory takes and explain what inventory accounting is for. What is inventory? Inventory is the items that your business has bought with the intention of reselling to customers. The items may be resold without change, or…
Black Economy Crackdown: The ATO Goes Doorknocking
The tax office has announced that its investigators will be hitting the streets, visiting businesses directly as part of its ongoing crackdown on the “black economy”. In a statement, the ATO said that it will drop in as many as 500 small businesses across Tasmania, with areas in and around Launceston and Smithton a key…
Blog: International Women’s Day: Has anything changed?
Women and girls make up just over half (50.7%) of the Australian population. While women comprise roughly 47% of all employees in Australia, they take home on average $251.20 less than men each week (full-time adult ordinary earnings). The national gender “pay gap” is 15.3% and it has remained stuck between 15% and 19% for…
Blog: Single Touch Payroll Extended for all Employers
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts. Employers with 20 or more employees have been required to…
Blog – Legislation in Limbo
A budget, an election and the legislation that hasn’t made it through. The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation. Next month, on 2 April, Parliament reconvenes for the Federal Budget and it’s likely that an election will be…
