Streamline Management News
* This is generic info to give you a few pointers and should never be relied on as specific accounting advice.
Contact your expert (not your mates at a BBQ or the guy trying to sell you something) to discuss your situation.
Easter 2024
The Streamline chicks will eggs-it the office at noon today and we’ll be back on Tuesday 2nd April.
Have an eggs-ellent Easter Break!
Easter Public Holidays 2024
We’ll be closing the office for the long weekend, if you are closing too – be aware of the payroll implications.
Are you in the drivers seat with FBT tax?
The Fringe Benefits Tax year ends on 31st March, are you aware what might trigger this extra tax for your business?
A fringe benefit is like a payment to an employee, but in a different form to salary or wages.
Your tax agent can assist with calculations, lodgement, and what exemptions might apply. They may also assist you to make smarter decisions to avoid future lodgements and liabilities.
Sham contracting – increased penalties
Can you tell the difference between an employee and a contractor?
Getting it wrong has become more expensive! Closing the loopholes changes to the Fair Work Act have increased penalties from 27th February 2024.
A sham contracting arrangement is when an employer attempts to disguise an employment relationship as a contractor relationship.
Accounting Business Expo – the Business of Bookkeeping
Join Nicole, Trent & Julianna at ABE (Accounting Business Expo).
They will be feature on the bookkeeping stage discussing: The Business of Bookkeeping
March 2024
What is happening in March?
Monthly lodgers will need to submit and pay February IAS
We’re heading off the the Accounting Business Expo in Melbourne – Nicole will be speaking on a few panels.
The Easter bunny is hopping over for a long weekend and its the end of the Fringe Benefits Tax year. FBT (or Fun Business Tax) is payable on business fun – parties, restaurant meals, gym memberships, company cars, gifts, paying or reimbursing for personal costs. Ask your accountant for more info and where it might impact your business.
Employee Appreciation Day Gifts
How do you show your team that you appreciate them?
If you’re thinking of conveying recognition with a gift – keep the fun business tax (or Fringe Benefits Tax if you want to use the technical term) in mind.
Employee of the month awards and a public pat on the back can also be powerful (and cost effective).
Xero classic invoicing for the win!
You are probably receiving notifications that its time to switch to new invoicing in Xero.
We recommend sticking with the cornflakes of invoicing (the original and still the best) at the moment.
Not all the ingredients we know and love have been updated for the new system.
Ignore the in app messaging for now, we’ll let you know when the boffins have built out the features as the switch-over deadline looms.
December BAS due
This is it, we’ve reached the absolute last minute!
Lodge and pay your December BAS today to avoid fines.
Haven’t got the funds available to pay in full? Make a payment plan or risk the debt collectors knocking on your door.
Work Your Proper Hours Day
Are your team working their proper hours? Do you know what the proper hours are?
Fairwork says:
Maximum weekly hours form part of the National Employment Standards (NES). The NES apply to all employees covered by the national workplace relations system, regardless of any award, agreement or contract.
– maximum ordinary hours that can be worked in a day, week, fortnight or month
– minimum ordinary hours that can be worked in a day
– times of the day that ordinary hours can be worked this is called the spread of hours (for example, between 7am and 7pm).
The ‘spread of hours’ may catch you out if you allow your team to work flexible hours (after they’ve had dinner) – they still need to fit inside the spread of hours or you could be up for overtime rates!
