The NSW Government has announced the reintroduction of the National Cabinet’s Mandatory Code of Conduct for Commercial Leasing to mandate rent relief for eligible tenants impacted by COVID-19. The Regulation applies to commercial and retail tenants with a turnover of up to $50 million who qualify for the COVID-19 Microbusiness grant, COVID-19 Business Grant or JobSaver Payment. Relief for … Read More
Xero How To: Set up leave to be seen on a payslip
You can choose to display employee leave balances on payslips in Xero. Kurtis, Senior Accountant at 542 Partners, takes you through how to make a leave type available to view on an employee’s payslip below.
Changes to the Australian Superannuation Guarantee on 1 July 2021
An increase to the superannuation guarantee (SG) is set to go ahead from 1 July which will see the base rate rise from 9.5 per cent to 10 per cent. Kurtis from 542 Partners breaks down what Employers should consider doing before the end of the financial year in preparation for the super rate increase.
FBT 2021 PDF
The Fringe Benefits Tax (FBT) year ends on 31 March, which means the ATO looks closely at whether or not every employer who should be paying FBT is, and whether they are paying the right amount. To assist, we’ve outlined the ATO ‘red flags’ for employers and employees when it comes to FBT. Download our FBT 2021 PDF
The Balancing Act: The 2021/22 Budget Detailed Review
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets Introduction of a ‘patent box’ offering tax concessions on income derived from … Read More
How to: Invite a user to your Xero file
As lovers of technology, we’re big fans of helping you improve in efficiency and business processes. So with this in mind, we’ve put together another quick video, showing you step by step how to easily invite a user to your Xero file – a question we’re frequently asked on how to do. Check it out.
How to: Track P&L in Xero
Managing any business requires some number crunching and tracking the money going in and out of your company to keep your finances on track. A common question we get asked, is “how can I view my P&L by my different business units?” We’ve put together a simple step by step guide on how to set up tracking categories in Xero to easily … Read More
Fringe Benefits Tax 2021: What you need to know
We know that no one likes to pay tax and certainly no more tax than they should. But very few people want to be on the wrong side of the Australian Taxation Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe Benefits Tax (FBT) year ends on 31 March, which means the ATO will … Read More
A simple step to save you thousands. Let’s talk subcontractor statements.
A subcontractor statement refers to the written contracts that subcontractors provide to their principal contractor. These statements apply to a specified period of subcontracted work. As the principal contractor, you need to be careful about complying with the statutory requirements of these statements. Subcontractors declare through their subcontractor statements that they have met their Worker’s Compensation, Payroll Tax, and Remuneration … Read More
Dext: formerly known as Receipt Bank
As you may know, Receipt Bank recently announced their rebrand. Now known as Dext, the new name is a fusion of two words: the dexterity that accountants and bookkeepers bring to their client’s challenges and the next generation attitude that so many have. So, what does this mean for you? Jess Heapy, our ReceiptBank (Dext) 2020 Up and Coming Accountant, talks … Read More