Blog
Blog
Payroll Updates Sept 2022: Minimum Wage, Super Increase and STP
Minimum Wage Increased on 1 July 2022 The national minimum wage increased on 1 July by 5.2% to $21.38 per hour (or $812.60 per week). The minimum wage increase applies to employees if an award or national minimum wage defines their pay rate. This year, the Fair Work...
Single Touch Payroll Phase 2 Updates
Employers should now be aware of the reporting requirements for Single Touch Payroll Phase 2 . While some accounting and payroll software already meets the ATO’s reporting requirements, some software providers have deferrals in place to allow customers more time to...
When to Register Your Business for GST
Should you register your business for GST? Many business owners register their businesses from day one, regardless of income. Others (for example sole traders), choose not to register for GST until it is mandatory. However, it is common that new businesses don’t...
Restructuring or selling your business? We can help
In a challenging business landscape, if you are considering a major change, your head is no doubt filled with questions. I’ve decided to restructure. What’s the best way to do this? Restructuring is never easy but if it’s necessary to keep your business afloat,...
Keeping Your Business Cash Liquid
The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your enterprise. But how does profit differ from cashflow? And why is cash...
Business tips: Finding the best routes to finance
Every business needs finance to establish itself. You may have entered into finance arrangements to fund the initial stages of the business; taken out loans to purchase equipment, leased premises or employed staff. When was the last time you reviewed these...
Your June quarter Business Activity Statement is due soon.
If you're lodging your own Business Activity Statement for the June quarter, you needed to lodge and pay by 28 July 2022. Nevertheless, if you lodge using CM Books and BAS registered services, you have until 25 August to lodge and pay. If you plan to lodge your own...
Dont Burn Out This Winter!
We know how tough going it is for business owners this winter. However, illness is still rampaging through the community effecting; staff, suppliers, clients, schools and disrupting the entire economy. Furthermore, businesses are already understaffed and high rates of...
Prepare for Finalising 2022 Single Touch Payroll
It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees you have reported through STP. Employers must complete the finalisation declaration by 14 July for employees. Employers with a...
Minimum wage and award minimums are set to rise July 1st
The Fair Work Commission’s annual wage review has resulted in two announcements made this week: The National Minimum Wage will increase by $40 per week, (an increase of 5.2%) from 1 July 2022 award minimum wages will increase by 4.6%, which is subject to a minimum...