PAYG instalments are payments made towards an expected future income tax bill on a quarterly basis. Once the tax return has been completed for a year, the tax liability is calculated and any instalments paid during that year are credited towards the tax bill. The business then either receives a refund or pays the balance […]
Your monthly activity statement is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Have you allocated all bank transactions to the correct accounts? Have you verified that the bank balance listed in your accounting software matches the balance in your bank account? Do […]
Prepare now for your quarterly superannuation guarantee (SG) contribution lodgement and payment. Here’s what you need to review: Have you allocated all payroll related bank transactions to the correct accounts? Have you checked for errors such as duplicate pay runs? Have you checked that all payroll categories used this quarter have had super correctly applied […]
The Treasury has released a Frequently Asked Questions fact sheet on the proposed JobKeeper payments. The document responds to a number of questions raised by employers, including: Eligibility of businesses and entity types Determining eligible employees Further details regarding the wage payment and reimbursement process Definition of turnover, including details for new start ups and businesses with […]
Small businesses are particularly vulnerable in tough economic times. When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive. Make sure you have a clear picture of your payroll, and any other […]
The Fair Work Commission (FWC) late last year has varied a number of modern awards that include annualised salary provisions. The decision has also introduced the provision for annualised salaries into some other awards for the first time. Whilst the actual specifics of the annualised salary provisions vary per award, there are some significant changes […]
The Government has announced a new measure to support Australian businesses, employees and sole traders. The JobKeeper Payment aims to support businesses to maintain their income and connection with employees. These connections will enable businesses to reactivate their operations quickly after the crisis is over. The JobKeeper Payment Eligible businesses will be able to claim […]
Everyone is being affected by the Coronavirus crisis and the landscape is changing daily, but there are some very important fundamentals that every business owner and operator should be asking now. These include; What measures can and should you be taking now to best protect your business and your financial position? What relief measures were […]
During an emergency situation, where employees can no longer work from your usual office location, being able to ‘get up and running’ from a remote location is critical. Remote working allows your people to remain safe at home, allows communication between the team and customers, and – crucially – allows you to continue running your […]
Prime Minister Scott Morrison has announced an additional stimulus package, taking the value of the total support to $189 billion. Acknowledging that the coronavirus pandemic may continue for some time and have long lasting impact on the livelihoods of Australians, the PM announced a raft of new support measures. Details of the new package: Support […]