Posts

Your FY2025 Business Budget

  As we move into the new financial year and continue to navigate the challenges of inflation, now is the ideal time to establish your FY2025 Business Budget. A business budget is not just a financial plan—it is a strategic tool that guides your business’s operations, ensuring financial stability and supporting growth. By outlining expected revenues and expenses, a budget allows you to allocate resources efficiently, plan for future investments, and manage cash flow effectively. This forward-looking approach enables you to set realistic goals, track performance, and make informed decisions. Moreover, a well-crafted budget helps you anticipate potential financial challenges, allowing you to take timely corrective action to avoid shortfalls. The process of creating a business budget involves several critical steps: 1. Review Historical Financial Data: Start by analyzing past financial records to identify trends in income and expenses. This historical insight provides a solid founda
Post a Comment
Read more

Building Wealth as a Business Owner - Crypto Asset Discussion

Image
Post a Comment
Read more

Major Underpayment Discovered in Australian Private Healthcare Sector

  A significant underpayment issue has surfaced within one of Australia’s largest private hospital operators, Healthscope, revealing an estimated $21.7 million in unpaid wages. This affects hundreds of disability service workers and possibly several nurses who may not have received their full entitlements. Healthscope, a prominent national private hospital operator and healthcare provider, reported to the Australian Securities and Investments Commission (ASIC) in April that it had engaged external advisers to thoroughly investigate the extent of these underpayments. The company stated in its report, “While this review is ongoing, based on analysis undertaken during the financial year, Healthscope has recorded provisions of $21.7 million.” Operating 38 private hospitals across Australia, Healthscope is currently addressing two main issues related to staff payments. One involves historical underpayments affecting 500 current and former employees at Healthscope Independence Services
Post a Comment
Read more

DiviPay Demonstration

Image
Post a Comment
Read more

Worker Claims Forced Resignation Due to Payroll Issues

  The Fair Work Commission (FWC) recently handled an unfair dismissal claim by a software designer against a technology company. The worker alleged he was forced to resign due to non-payment of wages, while the employer argued he voluntarily resigned after refusing to transfer to their UK payroll. This case underscores the complexities of managing international employees and highlights the need for clear communication and careful consideration of tax and compliance issues when staff work remotely from overseas locations. The worker, a British national residing in Australia, began his employment with the technology company in April 2021 as a software designer. His contract stated he would work from within Australia. However, in August 2021, he was authorized to work outside Australia “until further notice” and subsequently relocated to the UK with his children. While working from the UK, he continued to be paid through the Australian payroll system, with Australian taxes deducted. Thi
Post a Comment
Read more

Building Wealth as a Business Owner - Property Focus

Image
 
Post a Comment
Read more

What a CFO Looks for from the Payroll Department

  This week, we’re diving into the crucial relationship between finance and payroll departments. A Chief Financial Officer (CFO) sees the payroll department from a strategic angle, focusing on its contribution to the organisation’s financial health and operational efficiency. Here’s what a CFO typically expects from the payroll department and how you can leverage these expectations to secure funding for essential payroll training and Australian Payroll Association (APA) membership. Key Payroll Expectations of a CFO   Accuracy and Compliance CFOs need assurance that payroll processes are accurate and fully compliant with current legislation. Compliance minimizes the risk of costly fines and legal issues. Demonstrating adherence to complex payroll legislation, including state and federal laws, is crucial. Cost Management Effective cost management in payroll processing is a priority. CFOs look for ways to streamline operations, reduce processing costs, and improve efficiency
Post a Comment
Read more