Continuing on with our October Payroll blog spotlight, this week we’re delving deeper into Payroll and the complexities around Payroll. Payroll can be challenging, regardless of the size of your business. Changes in state and federal tax and employment law can make Payroll and Payroll tax complicated and time-consuming. But being aware of these common complexities will ensure you manage … Read More
Spotlight on Payroll: The what, the how and the when of Payroll Tax
As we round out the last half of the calendar year, we thought we’d talk Payroll. We always get a lot of questions about Payroll, so our October blogs will cast a spotlight on Payroll. This week we’re talking Payroll Tax: What it is, how to find out if you’re liable to pay it and when. What is Payroll Tax? Payroll … Read More
How to avoid audit agony
For most small business owners, the thought of getting an audit notification from the ATO is horrifying. But if you’re well prepared, patient and co-operative audits don’t have to be as painful as they sound. The ATO orders audits based on suspicion of incorrect or fraudulent tax returns. Audits can involve varying degrees of scrutiny, from a simple phone call … Read More
7 exciting updates from Xerocon South 2016
Last week Stu and Kurtis packed up and headed north to sunny Brisbane for Xerocon South 2016. We joined other accountants and finance professionals to hear loads of exciting announcements, updates and innovations for advisors (that’s us!) and end-users (that’s you!) across the two day event. Overall, Xero in 2016 and beyond is moving towards a more automated and intuitive … Read More
5 apps we love for better business
We know running a business can be time consuming and with so many things to juggle, there doesn’t seem to be enough hours in the day. So we thought we’d ease some of that pain with our five favourite apps to make business life a little easier. Deputy Deputy is leading super smooth employee scheduling and workforce management software. Great … Read More
The Great Car Debate: Buying And Financing A Car For Your Business
Deciding to purchase a car is a big decision. While there are different options and pros and cons associated each, you must consider your circumstances before making a commitment. While most consider the financial factors, it’s important to also consider why your business is purchasing the asset and how long you intend to keep it. Finance and Purchasing The pros … Read More
A step-by-step guide to activating your ATO Business Portal
As the ATO moves to become digitalised, businesses can now access the ATO’s Business Portal. The Business Portal is a safe, secure website where you can manage your business tax affairs to: View past and yet to be lodged Business Activity Statements (BAS); view your statement of account and payment options; request a refund or transfer of funds between accounts; … Read More
Spotlight on: Super strategies for employees
As an employee, salary-sacrificing superannuation, by making before-tax super contributions, is a popular strategy for middle-to-high income earners. Salary sacrificed superannuation contributions under an effective salary sacrifice arrangement are not considered to be fringe benefits and can be a tax effective strategy for increasing personal and retirement wealth. The general principle behind salary-sacrificing into super is to increase your superannuation … Read More
Spotlight on Super: Strategies for business owners
With business expenses piling up around you, it’s easy to leave your own super contributions last on the list. While it’s law for you to pay the 9.5% of salary, superannuation guarantee for your employees, many small business owners fail to contribute the same amount (if any) to their own. New financial year. New Super strategy. According to the Association … Read More
EOFY TO DOS: How to prepare an employee payment summary
Under pay as you go (PAYG) withholding, you must give each of your employees a payment summary showing the payments you have made to them and the amounts you withheld from those payments during a financial year. Preparing your employee payment summaries in Xero If you’re on Xero, providing your employees with their payment summaries and submitting them to the … Read More