Are you prepared for the super guarantee rate rise?
The superannuation guarantee rate will rise from 9.5% to 10% effective on 1 July 2021. But what does this mean for your business? Are my employees eligible for superannuation payments? First, you should be sure to check your employees’ eligibility for super payments. Eligibility can be determined using the ATO’s superannuation guarantee eligibility decision tool. […]
Missed the JobKeeper deadline? You may be eligible for a review
The Australian Tax Office (ATO) has been reviewing some of its decisions on JobKeeper eligibility after losing a JobKeeper test case in the Full Federal Court. Some of these reviews will happen automatically, however if you missed the deadline to apply for the JobKeeper scheme or did not apply because you initially thought you were […]
5 benefits of cloud-based accounting
Storing data in the cloud allows your data to be accessible anywhere and makes room for many possibilities in bookkeeping and for your business more generally. Traditional accounting softwares, on the other hand, will only set you and your business back because the data is not updated in real-time, is typically only stored in one […]
Not-for-profits and NDIS: identify underperforming business areas using key financial ratios
Financial ratios draw on figures from your business’ Balance Sheet and Profit and Loss Statement to produce an idea of how your business is performing. The ratios should be viewed in the context of your business strategy as well as the timeframe of the figures that were used, which is usually the past financial year. […]
4 tips for checking the financial health of your business
When can you confidently say that your business is doing well financially? Of course, revenue alone is not an accurate indicator of your business’ financial health. To evaluate the financial health of a business, one would typically scrutinise its liquidity, solvency, profitability and operating efficiency. Regularly monitoring and analysing those components is good practice for any business […]
Business vouchers introduced Australia-wide to stimulate the economy
Australian states and territories have introduced business voucher systems in an effort to stimulate economic activity after the slowdown caused by the COVID-19 lockdown. Vouchers will be distributed to eligible participants to encourage spending, primarily at tourism and hospitality businesses. Here is a look at the different voucher systems and business eligibility in each state and territory […]
Hospitality Award: what you need to know
Employers must pay hospitality workers their wage and other entitlements within 7 days of termination under changes made to the Hospitality Industry (General Award). Modern Awards are important documents that outline the conditions of employment for both employers and employees to follow. They cover entitlements including pay rates, working hours, allowances and penalty rates. These awards […]
Case Study #4 – Kate (NDIS)
Meet Kate* Kate is a finance and accounting manager for an NGO that provides care for people with intellectual disabilities. It has been around for decades and has created a strong community. The NGO strives to give their clients opportunities to live their lives independently and to have the option to work while also receiving care […]
NDIS: dealing with the complexity of NDIS payroll
Since the introduction of the National Disability Insurance Scheme (NDIS), the disability services industry has been met with several challenges due to changes made to the nature of the work, workforce operations and payroll. Here are 5 challenges faced by disability services providers and how to deal with them. Photo by Nathan Anderson on Unsplash 1. […]
Annual Leave: Common mistakes for public holiday payroll
Leave entitlements are complicated enough on their own, but what happens when you throw public holidays into the mix? It is not uncommon for employers to get penalised or caught in legal problems due to oversight in employees’ rights. We have come up with a list of common mistakes when it comes to handling payrolls during […]