Do you have a new employee starting and they have opted to use your default super fund? From 1 November 2021, you need to request their ‘stapled’ super fund details via the Australian Taxation Office website, rather than creating a new membership through your company's...
The Australian Charities and Not-for-profits Commission (ACNC) has introduced a new logo, the Tick of Charity Registration, for use by eligible registered charities. The Charity Tick aims to give reassurance to the public that a charity is transparent and accountable by highlighting its presence on...
The 2017/18 Federal Budget was released on 9 May 2017, but what does this mean for you? Many of the changes revolve around tax eligibility and concessions rules and will apply from the 2017 tax return. Some of the major changes include: Eligibility increase for Tax Concessions...
The end of the financial year is a busy time for everyone. While we recommend that tasks necessary to prepare your financial statements are performed regularly in order to provide you with critical information to understand how your business is performing and to showcase possible...
The most important factor when choosing the right accounting software is to understand what features are essential for your business. There are two main types of accounting software: industry specific and generic. Industry specific software is specifically customised with your needs in mind, which forgo broader...
In response to community feedback, the Australian Taxation Office is reducing the amount of GST information required for the business activity statement (BAS). This will simplify GST record keeping and reporting requirements. Changes from 1 July 2017 Small businesses will only need to report the following GST...
The Australian Charities and Not-for- profits Commission (ACNC), together with Justice Connect Not-for- profit Law, developed a set of template rules to help small unincorporated charities improve good corporate governance. These rules ease the burden on small charities, allowing them to spend more of their...
Why a bookkeeper? Surely an accountant can do the same thing? Actually both are great at what they do, here’s why it might be useful to have both. Accountant vs Bookkeeper Every business requires a bookkeeping system of some sort. Though there are many benefits to outsourcing...
Have you ever really sat down and calculated the hours spent on manually putting together a set of accounts for your accountant, or calculating your quarterly BAS? While most small business operators start out using Excel to do their books, the benefits of cloud accounting are...
With the 30 June 2016 deadline rapidly approaching, the ATO is encouraging small businesses to be Super Stream ready, but what does this actually mean? To put it simply, employers will be required to send all Superannuation payments and employee information electronically in a standard format....