Uncategorised

26
Jun

Increase to Minimum Wage and Award Minimums from July 1st

The Fair Work Commission’s annual wage review has resulted in two announcements made this week: The National Minimum Wage will increase by $40 per week, (an increase of 5.2%) from 1 July 2022 award minimum wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and based on a 38-hour week

Read more

7
Jun

Prepare for Finalising 2022 Single Touch Payroll

It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees you have reported through STP. Employers must complete the finalisation declaration by 14 July for employees. Employers with a mixture of employees and closely held payees have until 30 September 2022 to make the declaration. Small employers (fewer

Read more

3
May

Employees Leaving? what you need to know about final payments

Most small businesses in Australia employ people. One of the most common payroll errors is incorrect processing of termination payments when employees leave. With the introduction of Single Touch Payroll Phase 2, getting payroll correct is more important than ever, as the data is reported directly to other government agencies. If the payroll detail is not accurate, it could affect

Read more

27
Apr

Do You Know What Reimbursements Your Employees are Claiming For?

It’s unfortunate, but employee expense claims are a common form of business fraud. Are you across all your employees’ claims for reimbursement? The best thing you can do to minimise expense claim fraud is to implement a process for reviewing and authorising expenses and reimbursements. Many business owners simply trust people to do the right thing and be honest. While

Read more

21
Apr

Company Director? You will need a Director Identification Number

What is a Director Identification Number? During 2021, the government initiated a new system that attaches a unique identifying number to an individual who is a company director. A director has one number permanently attached to them, and this is used for identification purposes for any or all companies they are a director of. From 5 April 2022, director ID

Read more

23
Mar

Superannuation Eligibility Changes could Impact Your Payroll

In addition to planning for the expected statutory super rate rise to 10.5%, some employers need to prepare for a significant change from July 2022. Removal of the $450 Monthly Earnings Threshold The $450 per month eligibility threshold has been removed for most workers. This means employers will need to pay the superannuation guarantee contribution (SGC) on all ordinary earnings.

Read more

21
Mar

Super Guarantee Rate Rises in July to 10.5%

The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2022, the rate will rise to 10.5%. From then on, the rate will increase by 0.5% each year until July 2025 when it will reach the legislated 12%. Prepare

Read more

14
Mar

Why You Should Check Supplier ABNs

Are you in the habit of checking your suppliers’ Australian Business Numbers? When you make business purchases, you should receive a valid tax invoice from the supplier to prove that your purchase is a business expense. The ABN holds certain information, including contact details, business structure and GST registration. Many business owners don’t routinely check the ABN of suppliers, resulting

Read more

1
Mar

What is Bank Reconciliation?  Why you should be automating this process!

Good bookkeeping is all about recording and matching your financial transactions. Over the course of a usual week of trading, you’ll have a range of payments being deposited into your bank account and a host of operational expenses being withdrawn from that same account. To keep on top of this, you must match each line on your bank statement with

Read more

22
Feb

What’s the Difference Between PAYGI and PAYGW?

Many people new to running a business and employing people are unsure about the difference between PAYGI and PAYGW. They are not the same thing! PAYG stands for ‘pay as you go’. This is the means the ATO uses to obtain tax payments from both employees and business owners. Paying tax ‘as you go’ throughout the year means you don’t

Read more