Minimum Wage Staggered Increases and Award Changes The national minimum wage increased on 1 July by 1.75% to $19.84 per hour (or $753.80 per week). The minimum wage increase applies to employees on JobKeeper if their pay rate is defined by an award rate or the national minimum wage. This means the amount of JobKeeper […]
Cash Is Not Profit And Vice Versa
The purpose of a business is to make money, and that means you have to know the difference between profit and cashflow. Net profit is what you have left after you deduct all your business expenses from all your revenue. You change net profit only by changing the things that affect revenue and expenses. For […]
Create A One-page Business Plan
To make a success of your business, you’re going to need a robust business plan – particularly as we face challenging times. With a one-page business plan behind you, the company has a real sense of strategic direction and a set of core goals to refer to and track against. But what are the key […]
The Fundamentals Of A Business Budget
A business budget is one of the essential tools in managing your business finances and actively building your business. A budget shows what you plan to do with your cash over the next year. For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the […]
Your June Quarter Activity Statement Is Due Soon
If you are lodging your own quarterly activity statement you need to lodge and pay by the 28th of July. If you lodge using our registered agent electronic services you will have until the 25th of August to lodge and pay. Have you allocated all bank transactions to the correct accounts? Have you verified that […]
Your June Quarter Superannuation Guarantee Contribution Is Due Soon
Prepare now for your quarterly superannuation guarantee (SG) contribution lodgement. Most superannuation clearing houses (including SuperStream compliant software companies) require payment by the 14th of the month in order to distribute the funds to the relevant super funds for each employee. If you use the ATO Small business Clearing House (SBSCH) you have until the […]
Your Monthly Activity Statement (BAS) Is Due On The 21st
Your monthly activity statement is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Have you allocated all bank transactions to the correct accounts? Have you verified that the bank balance listed in your accounting software matches the balance in your bank account? Do […]
Understanding Your Revenue Drivers
For your business to make money, you need to generate revenue. You produce revenue through your usual business activity, by making sales, getting your invoices paid, or taking cash from paying customers. So, the better you are at selling your products/services and bringing money into the business, the higher your revenue levels will be. But […]
The Wage Subsidy Extension – What You Need To Know
By now, many businesses that have been affected by COVID-19 have applied for support through the wage subsidy. If you are one of them, keep in mind that the subsidy comes with specific conditions. We want to help you keep your business afloat and keep your team together. If anything changes that may affect your […]
