Congratuations Katherine!
Happy Work-versary Katherine – 9 years as a key member of the stream team!
24/10/2024
Happy Work-versary Katherine – 9 years as a key member of the stream team!
Why are we loving Syft? It can combine multiple Xero files together to create consolidated reports and better yet – consolidated cashflow!
You’ll know when your whole group could run out of cash or when to move funds between the businesses.
Lets look at an example
Connecting Syft to the Xero files allows us to combine all 3 entities in the group and view a combined cashflow projection. We can use a combination of computer guesswork + our knowledge of what is in the pipeline to project what the overall bank balance would looks like.
Think it might be time to consolidate your business group for streamlined 😉 reporting? Ask us for a Syft demo.
What happens if super doesn’t reach employees funds on time?
Bad things happen.
The expense is no longer tax deductible, it is calculated on all payments to employees (like overtime and allowances), fines are payable to the ATO, interest is payable to the fund for the employee, and directors will be personally chased for the payment. Its bad to be just a little late.
ATO says:
Once you become a director, you are responsible for ensuring the company meets its PAYGW, net GST and SGC obligations in full by the due date.
Need help to keep on top of all the deadlines? Ask us to give you a hand.
Be your own boss! (We don’t mean a mob boss!)
We make it look easy, but there are lots of traps for young players.
At 30 June 2024 there were 2,662,998 actively trading businesses in the Australian economy. 97% of those are small businesses according to ABS.
UTS says: one in three new small businesses in Australia fail in their first year of operation, two out of four by the end of the second year, and three out of four by the fifth year.
What can you do to increase your odds of surviving and thriving?
There are lots of free tools available.
If you decide to go ahead and be the boss – prepare yourself for a wild ride!
July-September super contributions, at the new rate of 11.5%, must be received (by fund) by 28th October, regardless if you pay monthly or quarterly.
Severe penalties will apply for late payments.
The 3rd Friday in September is reserved to honour tradies – are you taking an RDO to celebrate yourselves?
Or will a day off the tools give you a chance to catchup on the books? How frustrating!
Contact us if you’ve decided you’d rather be on the tools than stuck behind the desk.
I want to start my own business!
Can you remember first saying it? Did you fully understand what you were wishing for?
What do you wish you knew back then?
Were you aware of what CEO really stands for? Its Chief Everything Officer – until you find the right people to help you manage everything.
We make it look easy, but there are plenty of traps for young players! Ask us to join your team
If you have a construction, cleaning, IT, freight/courier or security business you need to report payments made for service to your subcontractors to the ATO.
This is one of the submissions that won’t cost you any money (assuming you lodge on time, otherwise expect a fine).
Construction is very broad – it includes engineering services, architecture, communications construction, decoration, landscaping, retaining walls, swimming pool construction/installation, waterproofing and wallpapering.
Didn’t know TPARs were a thing? Ask us to help.
Know you won’t be able to pay your June BAS by Monday?
Late lodgement can result in fines and penalties for your business and for you as a director, submit your June BAS now and organise a payment plan.
(before everyone else clogs up the phone lines)
Fair Work is updating the definition of a casual employee (not to casual Friday clothing or just being too relaxed at work!), this will take effect from Monday 26th August 2024. Casual Employment Information Statement and casual conversion rules will also be updated.
Need help with payroll? Ask us to give you a hand
