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Sydney Finance and Mortgage-Broking Company Fined for Underpaying Workers

  A finance and mortgage-broking company in Sydney, First Step Finance Pty Ltd, has been hit with $117,190 in penalties after failing to pay three workers their entitlements and knowingly providing false or misleading pay slips. The Federal Circuit and Family Court fined the company $97,710, with an additional $19,480 penalty for the company’s sole director, David Brian Ward, for their breaches of the Fair Work Act. Despite multiple Compliance Notices from the Fair Work Ombudsman (FWO), the company did not back-pay the affected workers, who were employed in management roles, and issued misleading pay slips. The FWO, after investigating worker complaints, took the company to court. The judge emphasized that penalties are necessary to deter future violations by the company and others. Fair Work Ombudsman Anna Booth warned that businesses failing to comply with Compliance Notices will face serious legal consequences, in addition to repaying any outstanding entitlements. If y...
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Purchase Orders in Xero Accounting Software

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Australian workers back-paid $473 million

  In 2023-24, Aussie workers clawed back a whopping $473 million in owed wages, thanks to the Fair Work Ombudsman (FWO), which brought the total back-pay for underpaid workers to a staggering $1.5 billion over the past three years. This past year marked a record for the FWO, as it secured the highest penalties in its 15-year history—$21.2 million in court-ordered fines from various employers. The FWO’s latest Annual Report revealed that large corporate employers were responsible for more than half of these recoveries, paying over $333 million to nearly 110,000 employees. Since July 2020, this sector alone has repaid workers $877 million. Acting Fair Work Ombudsman Michael Campbell highlighted the FWO’s focus on holding big employers accountable, which has helped instill a culture of compliance across Australian workplaces. “The Fair Work Ombudsman is driving change so Australia’s biggest employers, just like smaller ones, make compliance a priority,” Campbell said. “Getting owe...
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Securely Connect Your Bank Account for Business Updates Xero Accounting Software

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Managing Cash Flow

  This time of year can be unpredictable for businesses—whether it’s a period of increased activity or a temporary shutdown. That’s why understanding and managing your cash flow is critical. Effective cash flow management ensures your business remains resilient and ready to grow, no matter the season. Here are some practical tips to help you stay on top of your finances: 1. Understand Your Cash Flow Start by preparing a cash flow statement. This document tracks all cash coming in (from sales, loans, or investments) and going out (expenses, payroll, inventory). Regularly reviewing it will help you identify patterns and anticipate potential cash surpluses or shortfalls. 2. Optimise Your Receivables Speed up customer payments by offering incentives like early-payment discounts and setting clear payment terms. Use digital invoicing and send reminders to minimise delays. 3. Monitor Your Inventory Excess inventory ties up valuable cash. Implement inventory management systems ...
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How to automate your public holidays

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Mismanagement Allegations Highlight the Critical Need for Payroll Compliance

  A recent legal dispute has spotlighted serious payroll issues within a prominent Australian organisation, underscoring the importance of robust payroll management and compliance. The case, involving a senior HR professional, raises pressing questions about organisational accountability, payroll processes, and employee protections. The Background The organisation, which has not been publicly named, stands accused of underpaying employees due to payroll process errors. A former HR executive alleges that these underpayments were not only substantial but potentially systemic and deliberate. The mismanagement reportedly spanned several years, affecting numerous employees and resulting in significant financial discrepancies. The former HR professional, who held a senior position, claims she was dismissed after raising concerns about the underpayments and urging action. Her legal team contends that her actions fall under whistleblower protections under Australian law, which shield...
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