Tax, Accounting and Bookkeeping
Insufficient cash flow means lost opportunities Australian small businesses have lost opportunities worth an estimated $5.8 billion due to insufficient cash flow1 Nearly half (46 per cent) of Australian small business owners have been at risk of being unable to pay their employees1 More than a quarter (26 per cent) of Australian small businesses that […]
Research reveals financial and emotional burden of administration on small businesses ahead of new Single Touch Payroll reporting regulation Australian small businesses estimated to collectively spend over $20B a year on admin and payroll Half of small business owners also willing to sacrifice wellbeing Reckon launches hub to help small business owners get ‘in the […]
Managing expenses is a common headache for managers and finance teams, who often need to sort through hundreds of receipts, invoices, pay cheques, and reimbursement claims daily. Digitalisation has highlighted the flawed nature of traditional expense management practices, signalling that spreadsheets and paper document filing are insecure and error-prone. Small businesses should introduce simple technology […]
The accounting app Xero share their Small Business Insights with us to shed light on what small businesses should be aware of, which is now made especially relevant with the federal budget announcement later today. The anonymous and aggregated data is collected monthly from hundreds of thousands of Xero’s Australian subscribers through the Xero platform. […]
The Australian Taxation Office is encouraging small business owners to take some simple steps as they transition to Single Touch Payroll reporting (STP). Single Touch Payroll is a new way for business owners to send tax and super information to the ATO from accounting software, however some software may need to be updated to allow […]
The decision to make your first hire is a sign of growth and success; a watershed moment for any business. Unfortunately, for over one-third of Australian small business owners taking on staff also means adding hours of payroll documentation and processing onto their workload every week. Something they might not expect. Most people don’t start […]
When you run a business, you can become increasingly isolated from those around you, simply because you are so determined to make it work. Although you are working hard at your business, you will be missing out on a lot in your life. That type of constant pressure isn’t good for your physical or mental […]
There is a special ingredient when it comes to small business success and leveraging this ‘special ingredient’ can make all of the difference to the ultimate triumph of the company you worked so hard to build. What is this ‘special ingredient’ you ask? Simple: It’s being small. Small enough that you can cherish your customers […]
The Fair Work Commission today delivered its annual wage review – the highest percentage we’ve seen since 2011. This decision will have a significant impact on all businesses and industries and over 2.3 million employees who are paid at the National Minimum Wage or minimum Modern Award rates. From the first full pay period commencing on or after […]
KEY FACTS Single Touch Payroll (STP) When: 1 July 2018 By: Australian Taxation Office For: Employers with 20 or more employees *The STP will apply to employers with 19 or less employees from 1 July 2019 – subject to parliament Time is well and truly ticking as the countdown begins for larger businesses in Australia […]
John Shepherd, Assistant Commissioner, Australian Taxation Office delves into some of the finer detail ahead of the 1 July move to Single Touch Payroll (STP), a change to the way larger employers report tax and super to the ATO. The 1 July start for Single Touch Payroll (STP) is fast approaching, and all larger employers, […]
The Australian Taxation Office (ATO) reports that, as of 1 July 2018, companies with 20 or more people on staff will be required to comply with a new system of real-time wage reporting called Single Touch Payroll. If you have fewer than 20 employees, you have an extra year, or until 1 July 2019, to […]
An inter-governmental partnership to help reduce red tape for new small businesses has been announced today. The announcement follows the test launch, in April 2017, of a new business registration service to make the process simpler for small businesses, with the aim being to save new business starters $40 million each year. The Federal Government […]
Company directors will be issued with unique identification numbers as part of Federal Government reforms designed deter and penalise directors who engage in illegal phoenixing activity. The reforms were announced this week by Minister for Revenue and Financial Services, Kelly O’Dwyer, who said illegal phoenixing – the stripping and transfer of assets from one company […]
Businesses that can gain visibility into expenditure, automate spend management and achieve effective governance of spending policies can achieve stronger cash flow. But, for many companies, getting a tighter grip on corporate spending can present a daunting challenge. For example, Concur’s recent ANZ spend management index found that, while 82 per cent of respondents have […]
Australian businesses using Vend, TouchBistro, Posboss, Abacus, SalesIn, Mobi2Go or Boppl can now integrate with Square to simplify payment needs. The integration will give business owners across Australia who are using alternative point-of-sale and order management platforms the ability to accept payments with Square. Australian businesses can now access Square’s affordable hardware, fast deposits and online payment solutions […]
The Coalition has been urged to follow the example set by the UK Government and introduce legislation to deter big business from making late payments to SME suppliers. From April 2017, large companies and limited Liability Partnerships (LLPs) in Britain will be required by law to publicly report twice a year on their payment practices […]
It’s that time of year again: tax time. When the challenge of filing personal taxes is compounded by the need to sift through work-related travel expenses, it’s no wonder many workers would rather visit the dentist. Knowing how to file business travel expenses can be one of the most confusing areas when submitting expenses to the Australian Taxation Office (ATO). […]
Fuel is one of the most high-priced expenses people use to acquire both for their personal and business needs. But businesses, especially those utilizing fleet vehicles, should know how to efficiently use their fuel to reduce monthly fuel and overall business expense. One great solution is by using a fleet fuel card. This is like […]
