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Producing regular management information is one way to help improve your business decision-making. But looking at historical numbers can only tell you so much. In business, you want to know what the future holds. And to make truly informed decisions about your future strategy, it’s important to use forecasting tools to project your data forwards […]

Wage Reviews The Fair Work Commission’s annual wage review has resulted in two announcements made this month: The National Minimum Wage will increase by $40 per week, (an increase of 5.2%) from 1 July 2022 award minimum wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per […]

Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments. Getting your business records up to date and accurate will allow your Tax Agent to work with you proactively to plan for the coming year, which will continue to be […]

It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries (some people still know them as Group Certificates) to employees you have reported through STP.    Employers must complete the finalisation declaration by 14 July for employees.   Employers with a mixture of employees and closely held […]

Are you in the habit of checking your suppliers’ Australian Business Numbers? When you make business purchases, you should receive a valid tax invoice from the supplier to prove that your purchase is a business expense. The ABN holds certain information, including contact details, business structure and GST registration. Many business owners don’t routinely check […]

In addition to planning for the expected statutory super rate rise to 10.5%, some employers need to prepare for a significant change from July 2022. Removal of the $450 Monthly Earnings Threshold The $450 per month eligibility threshold has been removed for most workers. This means employers will need to pay the superannuation guarantee contribution […]

The superannuation guarantee statutory rate remained at 9.5% from July 2014 to June 2021. However, plans have been in place for some years now, to increase the rate to 12% incrementally.  In July 2021, the rate rose to 10%. In July 2022, the rate will rise to 10.5%. The rate will continue to increase by […]

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard. Across the world, everyday essentials are surging in price, up 7.2% year on year across the OECD. Unfortunately, experts predict that prices will keep rising for at least the rest of the year. […]

Do you have direct debits and online payments set up for your business? Making it easy for your customers to pay you is vital to business success. Getting direct debits and alternative payment methods linked to your business is so easy these days there’s no excuse not to give your customers multiple ways of making […]