Bookkeeping & Payroll Services for Small Businesses

  The Federal Court of Australia (FCA) has imposed record penalties of $10.34 million against two related entities for multiple violations of the Fair Work Act 2009 (FW Act), resulting in significant underpayments. The Fair Work Ombudsman (FWO) initiated legal action against the Commonwealth Bank of Australia (CBA) and its subsidiary, Commonwealth Securities Limited (CommSec), following their voluntary disclosure of underpaid entitlements to approximately 7,400 employees between October 2015 and January 2021. In the case Fair Work Ombudsman v Commonwealth Bank of Australia [2024] FCA 81, the FCA determined penalties for the following admitted violations: The Better Off Overall Test (BOOT) The enterprise agreements required CBA and CommSec to conduct BOOT assessments to ensure employees were better off overall. This involved: – Comparing entitlements under the enterprise agreement with those under the relevant modern award at the end of each “relevant period” and making to...

  As the 2024 fringe benefits tax (FBT) period approaches, it’s essential to note key dates and obligations. Employers who have provided fringe benefits to their employees or their associates between April 1, 2023, and March 31, 2024, are required to lodge and pay their 2024 FBT returns promptly.  Notable dates to remember include: The conclusion of the 2024 FBT year on March 31, 2024. The deadline for lodging FBT returns and settling any outstanding liabilities to avoid penalties and interest is May 21. For electronic lodgments through tax practitioners, the due date for lodging and payment is June 25. Employers new to lodging with a tax practitioner must ensure inclusion on their FBT client list by May 21 to be eligible for the June lodgment and payment timeline. Even if no FBT return is necessary, registered employers must inform the Australian Taxation crucial, the ATO recognizes exceptional circumstances and encourages proactive communication for those experie...

 

  In the ever-evolving landscape of business management, selecting the right accounting software is a critical decision for Melbourne-based enterprises. Xero and QuickBooks stand out as two leading options, each with its strengths and unique features. In this comprehensive comparison, we will delve into the intricate details of Xero and QuickBooks, providing statistical insights into user satisfaction, features, and pricing. By the end of this article, you’ll be equipped with the knowledge to make an informed decision tailored to your Melbourne business. User Satisfaction: User satisfaction is a key metric to consider when evaluating accounting software. According to recent surveys conducted by industry experts, both Xero and QuickBooks consistently receive high marks in user satisfaction. Xero, known for its user-friendly interface and cloud-based accessibility, boasts a user satisfaction rate of 4.5 out of 5. On the other hand, QuickBooks, a stalwart in the industry, matches ...

 

  As businesses grow, their  bookkeeping  needs also tend to grow. At the same time, many small businesses don’t have the resources or expertise to handle more complex bookkeeping tasks. That’s where bookkeeping companies come in. They can help businesses keep track of their finances, invoicing, and other important records while they’re still growing. What are the benefits of choosing a bookkeeping company that offers room for growth? There are many benefits to choosing a bookkeeping company that offers room for growth. Room for growth allows you to grow with the business, ensuring that you stay up-to-date on the latest accounting and bookkeeping practices. Additionally, a company that offers room for growth often has excellent resources and support staff available, should you need assistance with your bookkeeping or accounting tasks. Finally, a company that offers room for growth is likely to have a longstanding history of providing high-quality service and support. ...