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Human resources manuals

HR Manuals

May 3, 2022

Quite a number of employers now have in place a human resources (HR) manual. HR manuals document the workplace policies and procedures that will be applied to all employees inside and to a lesser extent outside the workplace. Manuals may broach the following non-exhaustive list of issues: Complaint processes Dress standards Leave (particularly around issues…

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Business Record Keeping

Good business record keeping

April 7, 2022

Keeping good business records is important for a number of reasons. It assists you to: comply with your tax and superannuation obligations gain a greater insight into the financial health of your business, enabling you to make informed decisions manage your cashflow demonstrate your financial position to prospective lenders, and also potential buyers of your…

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onboarding employee

On-boarding new employees

March 1, 2022

With Australia now opening back up after the COVID restrictions, unemployment is tipped to fall to the lowest rate in just over 50 years – down to under 4%. If over the coming period you hire new staff, there are certain steps you should follow to cover off on your tax, workplace, and superannuation obligations.…

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Paying employees super through a super clearing house

March 1, 2022

If you’re a small business owner, you’ll know that you’re required to pay your employees (and certain contractors) superannuation guarantee (SG) in addition to their salary or wages. But how do you pay your SG contributions in a simple and effective way? The answer is through a superannuation clearing house (SCH). WHAT IS A SCH? A SCH is an online…

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Employee allowances

March 1, 2022

Do your employees travel for work? The ATO has issued new guidance to help employers determine whether to pay employees a travel allowance or a living-away-from-home allowance (LAFHA). There are some key differences between the treatment of the two types of payments: A travel allowance will generally need to be included in your employee’s assessable…

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Cashflow forecasts

March 1, 2022

Now more than ever businesses should consider preparing cashflow forecasts. According to the Australian Bureau of Statistics, half of all small to medium businesses fail in the first three years of operation. The Australian Securities and Investment Commission states that poor cash flow is cited as a factor in 40% of business failures. Indeed, as…

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Single Touch Payroll 2: The time has come

February 1, 2022

In the May 2019 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information, building on the first stage of STP which was made compulsory for most employers from 1 July 2019. For background, the STP regime is a government initiative which is designed to reduce an employer’s…

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What does Temporary Full Expensing (TFE) of assets mean for me?

February 1, 2022

As Australia looks to get back to work and continue its recovery, the Temporary Full Expensing (TFE) measures are available to support business and encourage investment. Eligible businesses can claim an immediate deduction for the business portion of the cost of most assets in the year they are first used or installed ready for use.…

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discussing business structure

Your Business Structure

February 1, 2022

At the start of each year, business owners typically review their affairs, including at times their trading structure. Others may be going into business and choosing their initial structure. There are four main business structures – sole trader, company, trust, and partnership (or a combination of these). Sole trader This is how many businesses commence.…

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Combination Lock Director ID

Have you obtained your director ID? Make sure you do.

December 1, 2021

The director identification number (director ID) regime is now in place with Australia’s newest company directors having to comply first. Director IDs are a unique 15-digit identifier that a director will apply for once and will keep forever, similar to a tax file number (TFN). A director can only have one director ID and they…

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