Payroll

Categories

Archives

3 Taxation Changes That Will Affect Your Business In 2022

With June 30th fast approaching, small businesses around Australia are busily ensuring their tax obligations are met. However, in the rush to meet the June 30 deadline, it can be difficult to keep track of the changes coming into effect on July 1st. The changes include increases to the national minimum wage, ASIC fees and…

What are Payroll Tax Fringe Benefits?

If you’ve ever worked for a company that offers private health insurance, gym memberships, or property as part of your employment, then you’ve likely already received some form of payroll tax fringe benefits. As a practice used by many businesses across Australia, fringe benefits are an excellent way to stay competitive, provide added value to…

Payroll tax vs. income tax: what’s the difference?

While taxes may not be the most thrilling of subjects to talk about, it is a necessary factor of a functioning society. Therefore, it is useful to understand the different forms of taxes, and essential if you’re running a small business that employs staff. One of the common areas where people are uneducated is the…

What Does a Payroll Officer Do?

Payroll officers provide an invaluable service to businesses across Australia and worldwide, taking the headache out of paying your employees while ensuring every box is ticked for your legal obligations, this includes paying payroll tax, so it is important to understand what is payroll tax. If you’ve ever wanted to know ‘what does a payroll…

Learn How to Run Payroll This Year

The ins and outs of running a brand-new business can be an uphill challenge, and grappling with finances is one of the first things on your plate as a business owner. Understanding money is crucial to keep your business ticking over from budgets to funding. As you bring in employees and grow your business, payroll…

4 types of payroll systems to consider for your business

Because one of the most important aspects of your business is your employees, choosing the proper payroll system is critical to ensuring the health and success of your business. Your payroll system is responsible for making sure your employees are properly compensated for their services, your company remains in compliance with governmental regulations and your…

What Is Payroll Tax?

Payroll taxes are the financial obligations you and your employees are required to pay. There are various types of payroll taxes – some paid to the federal government and others paid to the state or territory authorities. There is a specific tax called the payroll tax that is paid to state and territory authorities on…

Superannuation choices changing from November 1st, 2021

From November 1st 2021, employers will need to complete a different procedure for new employees when it comes to superannuation. The current situation is that if an employee doesn’t stipulate which superannuation fund they would like contributions made to, employers can assign them to a default superannuation fund. As a result, some employees “collect” several…

Self Employment Tax Guidelines for Australia

The tax considerations of being self employed in Australia are unique. Legally minimising your tax burden and taking advantage of every available deduction requires careful and informed forward planning of tax minimisation strategies. If undertaken without professional guidance, tax management can be riddled with missed opportunities for claiming tax benefits. Unanticipated and unnecessarily large tax…

JobKeeper payment extension – What it means for your business

What the extension of JobKeeper payments means for you In June 2020, the Australian Government announced they will be extending the JobKeeper payment for eligible businesses and not-for-profits until the 28 March 2021. Originally, the payment was set to run until the 27 September 2020. Priority for this extended support will be given to not-for-profits…