Are you a small business owner or work in a profession where you are open to being sued? If so, have you thought about what might happen to your superannuation should your circumstances change and you become bankrupt? The risk of bankruptcy Self-employed people, company directors and ‘at risk’ professionals such as doctors, dentists, accountants,...

Cashflow is one of the biggest killers of small business. One of the major contributors to this is bad debtors – customers who have obtained goods or services from you but are late with their payment. Following are some tips to manage your debtors.  Follow-ups/reminders To remind customers of when to pay, you firstly need...

Employers need to make STP finalisation declarations by 14 July each year. As your registered agent, we can assist you in this important, upcoming process. If you have 20 or more employees, you should be reporting closely-held (related) payees each pay day along with arms-length employees. The finalisation due date for closely-held payees is 30...

The ATO has released a tax time tool kit to assist businesses and us as your tax advisor to nail your 2021/22 business tax return. The ATO has also flagged what it will be focusing on for small business tax returns for 2021–22: deductions that are private in nature and not related to business income,...

The increase to the superannuation guarantee (SG) rate from 1 July 2022 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2022 – will employees be entitled to the higher SG rate of 10.5%? SG...

According to the ATO, the treatment of allowances is one of the most misunderstood areas of payroll. Whether it be misclassifying an amount as an allowance (when it’s actually a reimbursement) or applying the incorrect Payment Summary treatment, PAYG withholding, superannuation or payroll tax treatment, mistakes in this area are easy to make. The distinction...

Following the election of the new Labor federal Government on 21 May, there are a number of tax and superannuation proposals that they have announced or existing measures they have committed to that may impact you and your business moving forward. Some of course are subject to the passage of enabling legislation through the new...

One of the key features of the recent federal budget handed down by the government was a proposal for extra deductions for employers for expenditure incurred in training their staff. Let’s take a closer look. Proposal Small businesses with an aggregated annual turnover of less than $50 million will be able to deduct an additional 20%...

Quite a number of employers now have in place a human resources (HR) manual. HR manuals document the workplace policies and procedures that will be applied to all employees inside and to a lesser extent outside the workplace. Manuals may broach the following non-exhaustive list of issues: Complaint processes Dress standards Leave (particularly around issues...

Are you aware of the personal property securities register? What is it? The personal property securities register (more commonly known as the PPSR) is an official government register. It’s effectively a public noticeboard of security interests in personal property (see below) that is managed by the Registrar of Personal Property Securities. Security interests Security interests...