Everything You Need To Know About Single Touch Payroll (STP)
You’ve probably seen Single Touch Payroll (STP) now and then in our communications, but what is it really? We’ve all been informed that it’s an implementation that will change the way businesses report their pay as you go (PAYG) tax and superannuation information to the Australian Tax Office (ATO), but questions still prevail. This article will hopefully […]
Are You Issuing Payslips Correctly?: How To Generate Them
On a basic level, payslips are documents provided from an employer to an employee that outlines how much an employee has earned, how much tax was withheld from the employee, and how much superannuation the employee is entitled to. Payslips are a compulsory document that have to be provided to employees within one working day […]
The Only 3 Reports You Need to Assess Your Business Performance
Entrepreneurs are a busy breed. Being always on-the-go and ready for the next project, client, innovation and so on.. What this will mean is that they will take less time to review their financials. However, this lack of understanding may actually work against the busy-preneur as they will continue working ‘in-the-business’ and soon realize down […]
Xero, MYOB, QB or Reckon? How to Choose The Right Software For You With 3 Questions
In the fast-paced world of today, new software is being developed everyday. When it comes to accounting, this is not an exception. With so many choices, how do you know which is right for you? This guide aims to put you in a position to decide: the RIGHT accounting software for YOU the options available […]
Why are your JobKeeper Payments delayed?
Most employees do not experience issues with their JobKeeper payments. Other than the lodgement of the March BAS (Business Activity Statement), CashFlow Boost payments flow to about 80% of employers without requiring human intervention. The ATO (Australian Taxation Office) sends payment requests to the Reserve Bank daily. So why the delay? JOBSEEKER – Sole […]
End of Financial Year
Here it is: 1. You should prepare a summary of all your income and expenses through a profit and loss statement. A profit and loss statement helps you determine how much profit you’re making or losing and aids in developing sales targets as well as prices that are appropriate for your goods or services. By […]
What is Payroll?
If you’re growing your business from the ground up, it’s inevitable that you’ll eventually take on extra pairs of hands when things get busy. And if you hire new people you’ll need to pay them – this is where payroll comes in. But what does payroll mean and what does it involve? In this blog post […]
Are You Really Lodging That BAS? 3 Steps To Know If You Are Doing It Right
One of the most common questions I get asked is “Justin, do I have to go to a tax/BAS agent to lodge my Business Activity Statements (BAS)?” The short answer is no, you do not. However, the question remains, SHOULD you be lodging your own BAS? While it would save you some money in the […]
What’s the difference between Pay-As-You-Go-Withholding (PAYG) v Pay-As-You-Go-Installment (PAYGI)?
It is just another ordinary day. You wake up, make the bed, put some coffee on and freshen up while you get ready for the day. As you are travelling to work, you notice there is little to no traffic on the road. Parking’s even better. You start to think to yourself, “Is today a […]
Hire a Bookkeeper or D.I.Y?
A make-or-buy decision is a common problem that businesses large and small have to solve. Small businesses have an even more difficult time deciding if it’s best to make or buy something, as they have limited resources in both time and money. Small businesses learn to make the most of the resources they have. As […]