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Award, Hospitality, Industry, Payroll, Super, Superannuation

MOST industries operate in the general scenario that super is accrued on earnings over $450/month. To add to the mental load of businesses that work under the Restaurant Industry Award 2010, the earnings threshold is $350/month. This is laid out in the excerpt below: Have…

Man donating to bushfire relief from self managed super fund

News | Use Caution When Making Bushfire Donations from Super

January 13, 2020

Donations, Self managed Super Funds, SMSF

SMSF trustees hoping to make donations to charitable causes associated with bushfire relief out of their super may run into problems unless they have triggered a condition of release, according to SMSF Alliance. The SMSF administrator’s principal, David Busoli, said in an email update that the issue of funding large-scale donations to bushfire relief charities…

Family looks on to raging bushfires near their property

News | ATO Grants Automatic Deferrals in Bushfire Support

January 10, 2020

ATO, Bushfires, Deferral, Lodgements, Payments, Tax

The ATO has granted an automatic two-month deferral for lodgements and payments to those impacted by the ongoing bushfire crisis. Identified impacted postcodes across New South Wales, Victoria, Queensland and South Australia will be granted an automatic two-month deferral for activity statement lodgements and payments due. Taxpayers or their agents do not need to apply…

Two Farmers fighting bushfires on their property

News | Accounting Profession Responds to Bushfire Crisis

January 8, 2020

Accounting, Bushfires, News

The professional accounting bodies have begun launching initiatives to help support accountants and their clients affected by the ongoing bushfire crisis. Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia and the Institute of Public Accountants (IPA) have now confirmed that they will be providing support to communities ravaged by the bushfire disaster. CA…

Woman on laptop working out her ew Years Accounting Resolutions

New Years Accounting Resolution Tips

January 6, 2020

Accounting, Small Business, Tip Tuesday

The beginning of the year is a great time to reflect on the past twelve months and prepare for the next. Here are some useful accounting tips to help you get your business finances up-to-date and ready for the year. Keep your business in shape People often make New Year’s resolutions to live a…

Christmas Parties and Gifts to Staff: Tax Issues for Businesses

December 18, 2019

christmas, employee, Employer, Tax

At this festive time of the year we’re often bombarded with questions from our business clients on what they can and can’t claim in relation to Christmas Parties and Gifts to Staff members. In our experience this area is often completely misunderstood and generally incorrectly treated in the books. The below information we hope will…

Festive Chaos: Keeping an eye on cash flow this Christmas

December 10, 2019

cashflow, christmas, Holidays, Small Business

Christmas is different for every business. While those in retail will see a huge ramp up in sales as competition heats up, other companies could experience their slowest time of year in December. Whichever market you serve, keeping a small business running smoothly is demanding on both time and resources. It can often feel like…

Accounting For Christmas

December 4, 2019

Accounting, business, christmas, Small Business, Tax

Here we are again – that wonderful time of the year! It seems to come around quickly (yet again), and as we get closer to Christmas we starting to think about those end of year celebrations, and recapping all of the good things that have happened throughout the year. For many business owners – and…

Woman processing payroll for Christmas Holidays

6 Ways to Optimise Payroll for the Holidays

November 20, 2019