Bookkeeping & Payroll Services for Small Businesses

  The Berejiklian government will offer payments of up to $10,000 to eligible businesses that have suffered turnover reductions as a result of state lockdowns, along with the deferral of some payroll tax and gaming tax liabilities to August. New South Wales Treasurer Dominic Perrottet on Tuesday announced a business support package which will see small businesses with fewer than 20 full-time employees, and payrolls up to $1.2 million with turnover of $75,000 a year, receive support payments of up to $10,000. The eligibility criteria have been broadened, though, for businesses in the tourism, hospitality and accommodation sectors, which will be eligible with payrolls of up to $10 million. Businesses that suffer turnover reductions of more than 70 per cent and meet the eligibility criteria will receive the full payment of $10,000, while those that suffer a reduction of 50 per cent will receive $7,000, and those that suffer a reduction of 30 per cent will receive $5,000. Meanw...

  If you’re ready to move bookkeeping off your plate,  outsourced bookkeeping  can be a good option, but it can also open up a lot of questions. What tasks can a bookkeeper actually handle for you? Can you get away with just using bookkeeping software alone? To help figure out the best bookkeeping solution for your needs, we will briefly discuss: The benefits of outsourcing your bookkeeping, versus using a bookkeeping software or hiring a bookkeeper in-house What tasks a bookkeeping service can cover In other words, we’ll cover everything you need in order to make key decisions about outsourcing your bookkeeping. Does outsourcing your books make sense for your business? If you’ve already decided to move bookkeeping off your place and on to someone elses, then the benefits are obvious. For starters: You don’t have to do it yourself, which means your time and patience are spent on growing the business; You don’t need to wor...

  With the end of the financial year fast approaching, it’s time to undertake a final review of your super to ensure that you have maximised your tax and retirement benefits for the 2020-21 year. What should you be considering in terms of superannuation prior to 30 June 2021? 1. Maximise super contributions Ensure that you have maximised your annual concessional (tax deductible) and non-concessional (un-deducted or after-tax) super contributions. The following tables summarise the contribution caps for the current financial year and those for the following financial year, which will increase for the first time in 5 years. This cap is inclusive of any 9.5% compulsory employer contributions made on your behalf (note this is set to increase to 10% from 1 July 2021). Those earning more than $250,000 will pay an additional 15% contributions tax on their concessional contributions. If you are aged 67 and over, you need to satisfy a work test of gainful (paid) employment of at...

  Fixing any configuration settings or invalid data before you start end of year processes will mean your clients will have less reconciling to do after the final pay run of the Financial Year. 1. Have you checked employee details? Ensure employee name, address, date of birth and Tax File Numbers are valid. If an employee’s Tax File Number has been entered as ‘111111111’, you should make sure you contact the employee for the correct data. By making sure that data is correct, it’ll save you from having to resubmit STP finalisation. 2. Have you checked approved working holiday makers? Do your clients have approved working holiday makers in their business? Check if their employee’s working holiday maker flag is correct. This can be done on the employee’s tax file declaration page. 3. Do you need to report Fringe Benefits Tax for any employees? Make sure you’re familiar with their reporting requirements. You can easily report FBT for each employee via Single Touch Payroll a...

  Last night the FY2021-22 Federal Budget was handed down. In this article we will review some of the proposed implications to superannuation. Super Guarantee set to increase Super Guarantee (SG) contributions, currently set at 9.5%, will increase to 10% in July 2021, and by July 2025 will increase to 12% of your employees’ base wage. At this stage, the below changes are proposals only. For them to take effect, they need to be passed into law. The $450 per month income threshold will be removed Currently, employers only need to make SG contributions for employees that are 18 years and older and are paid $450 or more (before tax) per calendar month. From 1 July 2022, the Government has announced they’ll remove the $450 per month income threshold and employers will be required to pay SG contributions to all eligible employees aged 18 or older, regardless of their income. This is a significant change to employers with a young or a casual workforce. Fewer restrictions on co...

  Cash flow is the lifeblood of any business and key to its ongoing success. However, managing it effectively is also one of the biggest challenges small-to-medium enterprise (SME) owners face. Research conducted by online accounting leader Xero revealed that only 49% of Australian small business owners enjoyed positive cash flow in February 2020. Although business cash flow management is a common problem for entrepreneurs everywhere, there are reliable solutions that can address cash flow problems for greater peace of mind. Here are 9 easy steps to help you improve your cash flow and set a solid foundation for future success: The 9 steps to easy business cash flow management 1. Get your accounts in order for better cash flow management The first step to effective business cash flow management is to get your books in order, so you know exactly how much money is coming into your business, versus how much money is going out. Powerful, cloud-based online accountin...