*Financial FUNdamentals* – Page 6 – Streamline Management

Small Business Day (your company money is not automatically yours to spend)

How much fun is owing a small business??!
Sometimes small business owners forget they are not the company – it is a separate entity. That means money in the company bank account is not your money.

What if I want some more money – what should I do?
Speak to your expert!
there are a few options and they have different tax consequences, you’ll need to budget for tax payable.
The tax office has produced a fact sheet to give you a basic overview.

10/05/2022

Why your bookkeeper insists on source documents – Receiptbank

(or why you should move to one who does)

The ATO says:
You are legally required to keep records of all transactions relating to your tax and superannuation affairs as you start, run, sell, change or close your business.
There can be legal and financial consequences if your business doesn’t comply with these record-keeping requirements.

If you’ve just realised you could find yourself in a spot of bother – ask us to help you move to electronic record keeping – it really is a smart move.

01/04/2022

Fraud Awareness Week

We are hearing of fraud involving invoices being intercepted and bank details replaced more often.

How can you protect yourself?

17/11/2021

Changes to casual employment

On Friday 26 March 2021, the Fair Work Act 2009 (FW Act) was amended to change workplace rights and obligations for casual employees. The changes were made by the Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Act 2021 (Amendment Act).

14/04/2021

Work Your Proper Hours Day

What are proper hours?
We know that a standard working week in Australia is 38 hours. You may not know they need to be completed inside a specific spread of hours.

If you are allowing your team to work outside and not their ‘proper hours’ you may be liable for overtime or penalty rates.

26/02/2021

Employee vs contractor

According to the ATO website: ‘An employee works in your business and is part of your business. A contractor is running their own business.
If a worker is legally an employee, a contract saying the worker is a contractor will not make the worker a contractor at law.
Now is the time to review your human resources

13/02/2021

Classifying your workers

Another court decision has called into question how employees are classified.
To paraphase the decision: calling a worker a casual doesn’t make them a casual.
The same applies for contractors.
When you classify the nature of a worker you need to look at how they do their job.

22/05/2020

Category: Financial FUNdamentals

Small Business Day (your company money is not automatically yours to spend)