There are limited situations when an employer can make a deduction from an employee's pay or require an employee to pay money (for example, to fix an overpayment). Most of the time this isn't allowed https://www.fairwork.gov.au/pay-and-wages/deducting-pay-and-overpayments #smallbusinesssupport #adminsupport #accounting #bookkeeping #businessdevelopment #branddesign

You'll need a director identification number (director ID) if you’re a director of a company registered with the Australian Securities and Investments Commission a director of a corporation registered with the Office of the Registrar of Indigenous Corporations planning to become a director in the next 12 months. It’s a unique identifier you apply for once and keep forever. https://www.ato.gov.au/Newsroom/smallbusiness/General/Are-you-a-director-/?sbnews20220620 #smallbusiness

Here are the new car threshold amounts for 2022/2023. https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/Cars-and-tax/?sbnews20220620 #tax #smallbusinesssupport #adminsupport #accounting #bookkeeping #businessdevelopment

eInvoicing is the new, standardised way to send and receive electronic invoices directly through your accounting software. Some of your business partners may be eInvoicing already. It's not the same as sending an email or PDF through your software. Instead, eInvoices are sent directly between buyers’ and suppliers’ software through a secure network. Once the sender creates the invoice in their software, this information is sent directly and securely to the receiver’s software

Following the Annual Wage Review 2022, the Fair Work Commission (FWC) has made 2 announcements: the National Minimum Wage will increase by 5.2%, which amounts to $40 a week award minimum wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and based on a 38-hour week for a full-time employee. To read more detailed information, go to https://www.fairwork.gov.au/newsroom/news/get-set-for-a-minimum-wage-increase #smallbusi

Single Touch Payroll (STP) reporting has been expanded. This expansion is known as STP Phase 2. If you have employees, you will need to start reporting extra information to us each time you run your payroll. https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/Changes-to-Single-Touch-Payroll-reporting/?sbnews20220518 #smallbusinesssupport #bookkeeping #accounting #adminsupport #businessdevelopment #payrollservices

The superannuation guarantee rate is rising from 10% to 10.5% from 1/7/22. It is planned to continue to rise at 0.5% annually until it reaches 12% on 1/7/26. For those using Xero accounting this rate will automatically be applied. Any questions? Get in touch. #superannuation #smallbusinesstips #accounting #bookkeeping #adminsupport #businessdevelopment #xeroaccounting

Single Touch Payroll (STP) reporting has been expanded in what is known as STP Phase 2. https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/New-Single-Touch-Payroll-Phase-2-resources/?sbnews20220420 #smallbusinesssupport #accounting #bookkeeping #adminsupport #smallbusiness #businessdevelopment #payroll

From 1 July 2022, you will need to pay super for your employees who are under 18 years old if they work more than 30 hours for you in a week. This is because the $450-per-month threshold for super guarantee is being removed. Employees who are under 18 will be eligible for super if they work more than 30 hours in a week, regardless of how much they’re paid. https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Changes-to-super-for-under-18s/?sbnews20220420 #accounting #small

Business QLD provides Business Financial Essentials via their website. These are various tools to help plan your finances. Of course if you need help planning finances or operations in your business we are here to help too. https://www.business.qld.gov.au/running-business/finance/essentials?_cldee=YXVzdGluLm51bmFuQGRlc2J0LnFsZC5nb3YuYXU%3d&recipientid=lead-b6b4c920fd8ae811816070106fa11a21-b230d7d764364e29bc3a614c5e4ae360&esid=79dece7a-9a79-ec11-8d21-0022481599e4 #smallbusines

Together, myGovID and Relationship Authorisation Manager (RAM) allow you to access online services on behalf of your business, e.g: Online services for business and the #Australian Business Register. Small businesses, including sole traders, can now link their business to their myGovID online in RAM. https://www.ato.gov.au/Newsroom/smallbusiness/General/Link-your-business-to-access-our-online-services/?sbnews20220216 #smallbusiness #businessdevelopment #businesstips #accounti

If you are a director of a company you will need to register for a Directors ID before 30/11/22. See link below to see requirements for registering. https://www.abrs.gov.au/director.../who-needs-apply-and-when #adminsupport #smallbusinesssupport #accounting #bookkeeping #businessdevelopment

5.30pm AEDT on 15 December 2021 - all Super guarantee (SG) payments received after close of business on this date will be processed from 4 January 2022 28 January 2022 - SG quarterly payments are due. https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/Super-clearing-house-end-of-year-dates/?sbnews20211130 #smallbusiness #superclearinghouse #accountingservices #adminsupport #businessadvisory #businessdevelopment

You receive personal services income (PSI) if over 50% of your income is a reward for your personal efforts or skills. You can receive PSI in almost any industry or profession. Need to know more? https://www.ato.gov.au/Newsroom/smallbusiness/General/Do-you-receive-personal-services-income-/?sbnews20210818 #taxpreparation #smallbusiness #businessdevelopment #businessadvisory #accounting #bookkeepingservices

In line with the award wage increased make sure you review your staff wages. For more info: https://updates.fairwork.gov.au/link/id/zzzz60dcff4f5c551500Pzzzz6049e09f272b5770/page.html #bookeeping #adminsupport #accounting #businessdevelopment