When you started your business, your passion for what you were doing was matched only by your expertise in doing it. How could anything go wrong? Unfortunately, the reality of running a successful business is much more than being good at what you do; you have to be good at the behind-the-scenes stuff as well. […]
Not long until Christmas Shutdown! There are less than 11 weeks until Christmas Shutdown – and while that sounds scary, it is a timely reminder to start preparing for any closures that will happen at your workplace over the Christmas/New Year period. Check your Christmas Shutdown Payroll Obligations If you are planning an annual or Christmas shutdown, […]
Daylight Saving Has Started Daylight saving began at 2:00 am on October 4th, 2015 when clocks went forward one hour and will finish on Sunday April 3rd, 2016, when clocks are put back. It effects NSW, VIC, TAS, SA and the ACT. Daylight saving is not observed in Qld, WA or the NT. What […]
Everyone is a super hero Technology is the future, and the future is here now! It seems every kid these days has some sort of mobile device. Whether that’s a good or a bad thing, everything has different opinions, but I think it’s here to stay so we’d better embrace it before we’re left behind! […]
Why are you going into business? There are a number of reasons people go into business for themselves. They can generally be broken down into: They want to take control of their future. They don’t want to work for somebody else. They want to work on their own terms. They want more flexibility. They’re passionate […]
This weekend we’re going camping. That’s nothing new for us – we take a 3-day weekend nearly once a month and go to some awesome places with great friends. We have a beautiful caravan which makes the whole experience that much more enjoyable. But this weekend, in preparation for a weekend at Moreton Island in […]
We’ve all been there … doubting mum moment. Mine was the last day of vacation care so the kids were having a party and talent quest. My boys of course wanted to take their guitars – no problem. As I dropped them off, one of the supervisors asked if they could play. And now that […]
Read More… from It is better to have tried and failed, than never try at all
It’s never too early to start preparing for end of financial year. What can you do now that will help with the end of financial year process? Get your accounts up to date Failing to keep your accounts up to date, or to be across all financial aspects of your business can be a downfall […]
Is it OK with the ATO? What is the ATO view of sufficient requirements for electronic record keeping of business transactions? A business may choose to keep copies of paper records in electronic form. All business transactions must be supported by the correct records, including any electronic commerce transactions. Essentially, the record keeping systems involved […]
How to Protect Yourself from Employees Who Steal Unfortunately, it happens. There’s an old saying in retail that goes: 10% of employees will always steal from you 10% of employees will never steal from you 80% of employees might steal from you if they have the opportunity I’d rather think that 80% will never steal […]
What is Single Touch Payroll? On 28th December 2014, the Minister for Small Business and the Assistant Treasurer announced that the Government will cut red tape for employers by simplifying tax and superannuation reporting obligations through Single Touch Payroll (STP). Under STP, employers will use business management software to report (and potentially pay) PAYGW […]
What is SuperStream? Have you heard about SuperStream? If you employ 20 or more employees, now is the time to get familiar with SuperStream. From 1st July 2015, employers with 20 or more employees can use the new Superannuation Data and Payment Standard when making superannuation contributions. The standard offers a simpler way of making […]
Do you know your breakeven point? As a business owner, you’re in business to generate a profit. But before you make even a dollar of profit you need to know how much to sell your products/services for in order to keep the doors open – in other words, your breakeven point. Many business owners don’t […]
I was recently surfing through Facebook and saw some beautiful clothing that a friend had shared, so I jumped onto the online seller’s page. There were some fabulous items – and also lots of very bad comments from very dissatisfied customers! One customer had gone so far as to obviously keep track of everything posted […]
As a bookkeeper, end of financial year is a pretty hectic time. We firstly have tight time constraints with preparing and providing Payment Summaries; then there’s the June BAS; and usually there are a number of clients who come out of the woodwork with the past 12 months of accounts to complete; and everybody seems […]
Read More… from End of Financial Year is Done – What I’ve Learned
Check Check ALL employees details for current addresses and tax file numbers Remove any full stops and commas from addresses Check terminated employees have a termination date Check annual leave and personal/carers leave entitlements flag has ‘Carry Remaining Entitlement’ Reconciliations Reconcile total gross wages to payment register YTD report to wages expense YTD Reconcile outstanding […]
Are you making these common GST errors? Claiming GST on bank fees and interest – there is no GST on most bank fees and interest. Claiming full GST on insurance – there is stamp duty included in your insurance premium which is not subject to GST. Claiming full GST on vehicle registration – there is […]
How do I deal with my GST? Although the GST has been around since July 2000, many businesses are facing it for the first time – either because they are newly established or because recent changes in their turnover have forced them to register. For these businesses, there are many things to consider in the […]