Effectively Manage Your Employees’ Annual Leaves As a medium-size business ourselves, we are often asked about how we manage annual leave and ensure that the business is moving forward and the client’s expectations are met, particularly around peak holiday periods. Annual Leaves and Business Productivity Research suggests that offering employees more annual leave may increase…
Forecasting a Business’s Financial Future A trusted Financial Model is a vital tool to forecast a business’s financial performance. In this article, we will discuss in detail financial modelling and forecasting to provide a solid base understanding. What is Financial Modelling? Financial modelling is more than just number crunching, it is an abstract numerical scenario…
Further Changes To The Instant Asset Write-Off Last month, we published the changes made to the Instant Asset Write-off legislation, well we may have spoken to soon… Further to the proposed budget announcements last week, effective from 2nd April 2019 the government announced that it is increasing and expanding access to the instant asset write-off…
Making Your Life Easier with STP Everyone should be aware of the changes regarding Single Touch Payroll (STP) and the reporting requirements that come with it. For those that need a refresher, we have put together a quick recap. STP Reporting Start Dates If you are an employer with 20 or more employees, you will…
New QBCC Reporting Laws and How Businesses Should Comply In an attempt to prevent insolvencies and corporate collapses in the Queensland building and construction industry, the Queensland Building Construction Commission (QBCC) have implemented new reporting laws. The new regulations for Minimum Financial Requirements (MFR) commenced on the 1st of January 2019 and will coincide with…
What is Fringe Benefits Tax or FBT? A fringe benefit is a benefit provided in respect of employment, essentially a benefit provided to an employee (or their associate) because they are an employee. An example of a fringe benefit being provided to an employee may be one of the following: Allowing your employees to use…
Easily Track Your Transactions and Business Records With ReceiptBank How often have you looked at your business records and struggled to work out what a transaction was for in order to correctly allocate it or answer the inevitable question from the accountant? You can’t remember what it was for, because it was a long time…
Know If Your Business Can Take Advantage of the Instant Asset Write-off On 29th January 2019, the Prime Minister (Scott Morrison at the time) announced that the government will propose legislation to increase the $20,000 instant asset write-off threshold to $25,000 from 29 January until 30 June 2020. This is proposal and not yet law.…
Update on the Period of STP Reporting On Tuesday 12th February 2019 the extension to the Single Touch Payroll (STP) Bill was passed by the government. The result of which now requires all Australian businesses will be required to comply with STP reporting from July 1, 2019. What is STP Reporting? For those who have…
Key Points to Remember in Keeping Your SMSF Compliant A self-managed super fund (SMSF) is a way of saving for your retirement. It is different from a regular super fund as the members are usually also the trustees. This means the members make the investment decisions for the fund and are responsible for complying with…
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