Posts Categorized: Tips of the week

LRBA’s to go?

Labour says so according to the Shadow Treasurer Chris Bowen.

Missing from the statement is how this and all the other proposed changes to super are going to further limit one’s ability to provide for one’s own retirement.

It flies in the face off all initiatives made between 1983 and 2006 – by Labour and the Coalition alike.

Cash flow troubles

Xero has just released its big data cash flow analysis of it users from January.

Xero in its Small Business Insights has reported that 50.12% of its users were cash flow positive in January. This means that just on every second business consumed more cash than came in during that month. And that is probably after keeping tight control of the purse strings.

January as we all know is usually the toughest month of the year for most small to medium sized businesses. And with that comes great stress and sleepless nights.

We have tools that will help you track your cash flow and forecast where it is going.

We also have many years of experience of dealing with all sorts of business. We can draw on that wealth of experience to help you improve your cash flow.

Ask us how by calling us to arrange a free meeting.

Your will and passwords

Your will becomes a public document once probate is granted. One can search on probates that have been granted.

It is therefore not the place to record usernames and passwords.

Please contact us if you would like the solution which we provide to our clients.

Single Touch Payroll exemptions

Single Touch Payroll has now been legislated to apply to all employers from July 2019. So from 1^st July, 2019, all employers must notify the Tax Office of every employees gross pay, tax and super at the time of payment.

Some exemptions and deferrals have been granted.

However, you shouldn’t need them. The main accounting software products offer Single Touch Payroll solutions. Furthermore, there is much preparatory work for which you will need to change and or improve your processes. It is not something bets left to deal with later.

Keep an eye out for future educational and preparatory steps.

STP – now law!

Single Touch Payroll has now been legislated for all employers. From July 2019, even the smallest of employers will have to report wage payments (inc super) to the ATO at the time of payment.

Whilst there will be some extensions, the time to start planning and preparing is now. We can help you with this.

National Employment Standards

It is a compulsory requirement to have issued all employees with the Fair Work Information Statement

That Statement includes the National Employment Standards.

You can access that document at:-

https://www.fairwork.gov.au/employee-entitlements/national-employment-standards

And please remember to:-

Keep evidential records that you have given the statement to each employee, and
Give one to yourself!

Employment – ATO & unpaid super

The ATO is getting serious about unpaid employee SG super.

Legislation passed last week means employers can be forced to attend educational courses and even be jailed. The ATO will also have the power to issue what are called Director Penalty Notices (DPNS). DPNs make unpaid SG super a personal liability of a director.

The government is greatly concerned about the amount of unpaid SG super. It has now given the ATO the weaponry to address non and under compliance. And from July with the expansion of Single Touch Payroll to all employers, the ATO will know which employers to track down.

Speak to us if you need help with your payroll.

Who will get your super?

Who will get your super? Unfortunately, that is a question that many fail to address.

Having a will does not resolve this issue. A will dictates what happens to your personal assets. As super is held in trust, your will cannot dictate where your super will go.

In order to set out to whom you would like your super to go, you need to make what is called a death benefit nomination. There are three kinds of death benefit nominations. Each type has its merits and disadvantages. The best one for you depends on your position and what you would like to happen.

What is best for you is often complex, particularly when there are self managed super funds and trusts (where the issue of on-going control is important). Furthermore the tax considerations can be a major factor in determining the best way to leave what assets to what people. This is all best discussed with a financial planner and skilled estate planning lawyer. Please ask us for a referral.

Cash flow – get paid quicker

Cash flow. If you want to get paid faster make it easier for your customers.

Provide your customers with a link on an invoice to pay via a payment gateway.

There are many of them such as Paypal, Square and Stripe. Ask us which is the best solution one for you.

Will these solutions cost you money – yes the will. But that cost will be covered by giving you the use of sales money earlier and avoid lost time from chasing payment. And don’t start me on bad debts – that will be a future blog.

WorkCover – avoid a fine

WorkCover requires that the If you are injured at work poster in each workplace.

You can download the poster at https://tinyurl.com/ychzvxdw