Payroll

Categories

Archives

The Essential Single Touch Payroll Checklist

Running a business in Australia? Then you know how vital it is to keep your payroll in check.  It’s not just about ticking boxes for the tax man; it’s about steering clear of pesky fines and keeping your business running smoothly. Plus, it’s how you show your team they’re valued- by paying them correctly and…

Payroll Tax Changes for Medical Practices – Get up to Speed

There has been a recent change to payroll tax that applies to medical practices and practitioners, including dental clinics, radiology centres, physiotherapy practices, and other similar businesses. It comes down to the State Revenue Office’s definition of ‘employee’ and ‘contractor’. It is the employer’s responsibility to deduct a percentage of each employee’s wages as payroll…

Actuary vs Accountant: Key Differences Explained

If the finance world were a superhero movie, in one corner, you’d have the Actuary, master of foreseeing financial risk. In the other, the Accountant, guardian of financial health and stability! Both deal with finances and are superheroes in their own right, but their powers are quite different.  Let’s find out the actuary vs accountant…

Understanding the Impact of Fair Work Act Changes on Your Business

The federal government recently announced changes aimed at closing loopholes in the Fair Work Act that allow for intentional underpayment of employee wages and entitlements.  As an accounting and business advisory firm, we want to help our small to medium business clients understand how these changes could impact their operations. Key Changes to the Fair…

Bookkeeping for Restaurants – How an Accountant Can Help

As a restaurant owner, you want your financial records to be like a masterfully crafted, perfectly seasoned dish, with every number in its proper place and every expense accounted for. But let’s face it, in the fast-paced world of the culinary industry, your finances can sometimes look more like a chaotic kitchen after a Saturday…

Accounting for Medical Practices

Running a medical practice is no small feat. From diagnosing ailments to offering life-changing treatments, your plate is always full.  But amidst the hustle of patient appointments and the commitment to improving lives, another aspect demands your attention- the health of your medical practice’s finances. The challenges of accounting for medical practices can be as…

Accounting for Retail – How an Accountant Can Help

The cha-ching of the cash register or the ping of an online sale is music to every retail store owner’s ears. But as the symphony of a thriving business plays, the accompanying notes of receipts, invoices, and financial statements can sometimes strike an off-key tune.  When those complexities threaten to disrupt the harmony of your…

Accounting for the Hospitality Industry – How an Accountant Can Help

If you’re running a hospitality business- a bustling restaurant, a cosy pub, a vibrant club, or an inviting hotel- you already understand the distinct blend of exhilaration and exhaustion that defines this industry.  Between the hustle and bustle of pleasing patrons are daily accounting tasks you must take care of. Accounting is the silent yet…

Accounting for Law Firms – How an Accountant Can Help

While your expertise as a lawyer lies in arguing cases and interpreting legislation, managing your law firm’s accounting processes is a completely different matter.  The good news?  The right accountants have experience putting accounting systems for law firms in place to help your business. In the upcoming sections, we’ll explore the specific financial challenges law…

Fringe Benefits Amounts: When & What Do I Have To Report?

As an employee in Australia, it’s essential to know what fringe benefits are and how you and your employer must report them to the Australian Taxation Office (ATO).  This article will explain what constitutes total reportable fringe benefits amounts, where to list them on your tax return, and how your fringe benefits reporting is affected…