Business
How to massively boost your cashflow with a PAYGW variation
September 7, 2022 | Business What is a PAYG withholding variation and how does it work? Simply put, a PAYG withholding variation is a tool used to free up more cash quickly by predetermining your tax rate based on forecasted taxable deductions and keeping your end of year tax estimate as close to neutral ($0)…
Major changes to QBCC financial reporting requirements
August 25, 2022 | Business Starting from 1 July 2022, QBCC licence holders will be required to include General Purpose Financial Statements (“GPFS”), as part of submitting a Minimum Financial Requirements Report (“MFR report”). Why General Purpose Financial Statements? Due to the comparable simplicity, QBCC licence holders have previously commonly submitted Special Purpose Financial Statements…
Key 2022-23 Queensland Budget measures affecting SMEs
July 4, 2022 | Business The next Queensland State Budget for 2022-23 has been handed down, and includes key changes to payroll tax, transfer duty, land tax and infrastructure. Payroll Tax Small and medium businesses, who have annual taxable wages between $1.3 million and $10.4 million will see an increase in payroll tax deductions available…
How to finalise Single Touch Payroll in XERO
June 29, 2022 | Business Another financial year down and now its time to finalise your single touch payroll so your employees can complete their tax returns. Payment summaries or group certificates are a thing of the past, which was replaced by single touch payroll a few years ago. If you are opted in to…
5 reasons why record keeping is critical for your business
May 23, 2022 | Business Keeping accurate and complying records is not only a legal responsibility of anyone carrying on a business, but is also vital for any business that wants to know their performance, therefore, you should give it the attention it requires. With the increasing adoption of bank feeds and online accounting, many…
Get Ready – Round 3 of Business Basics Grants opens 4th of May
April 21, 2022 | Business Update: Round 3 of the Business Basics grants will open for applications as follows: Regional Queensland funding – 9am, Monday 16th of May South East Queensland funding – 9am, Tuesday 17th of May Another round of small business grants program is set to start next month. This round will…
Director Penalty Notices and what to do if you receive one
April 13, 2022 | Business The ATO has recently issued warnings of director penalty notices (DPN) to businesses with outstanding debt. During COVID-19 the ATO pulled back from actively chasing debt, but now as we come out the other side of the pandemic they will begin to reengage with businesses. Their focus is to make…
Rising fuel prices: is it time to introduce a fuel surcharge in your business?
March 21, 2022 | Business Recent global instability has resulted in surging fuel prices throughout Australia and the world. With no end in sight to these price increases, a larger number of businesses are introducing fuel surcharges (often referred to as fuel levies) as a method to limit the impact on their margins and profits.…
Breaking: Major relief for disaster victims from Queensland Government
March 1, 2022 | Business In the wake of the extreme weather event lashing across Queensland, the state government has announced emergency funding for affected businesses. Disaster Recovery Funding Arrangements (DRFAs) are available for businesses in affected areas that need help getting back on their feet. The funding includes loans, subsidies, and grants to cover…
New support for COVID impacted businesses in NSW
February 9, 2022 | Business A new support package has been announced by the NSW Government in response to struggling small business owners. Small Business Support Package The NSW Small Business Support package provides eligible employing businesses with a lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per…