The new superannuation laws came into effect on July 1, 2022. They saw the removal of the $450 threshold for super contributions. That means employers will have to pay superannuation from “dollar one” of an eligible employee’s wages. Superannuation is the retirement savings that build up for your employee. As a small business owner, you need to know precisely how…
Since it is the holiday season, it’s a tradition for employers and businesses to present their staff, clients, associates, and suppliers with end of year parties and often, gifts. While this time of the year is the most awaited season, the year-ending expenses for businesses carry an extensive range of tax treatments. Therefore, employers must ensure that they think through…
Accounting mistakes are one of the most common yet easily avoidable business pitfalls. You need accurate numbers to make sound financial decisions, and if your accounting is off by even a few dollars, you may find yourself in the red instead of the black. But don’t worry – here’s a list of 7 common accounting mistakes that put your business…
Christmas happens only once a year. Hence, it’s fair for companies to express their gratitude to their employees by giving them a wonderful end of year party for their dedication and hard work for the whole year, and in the coming New Year. Is your company’s Christmas party tax deductible? Christmas parties are disreputable for contracting FBT, also known as…
Internal auditing improves business performance, adds value to essential business activities, and streamlines objectives by integrating a disciplined and systematic approach to analyse and boost the efficiency of control, risk management, and governance processes. The primary role of an internal audit is to provide independent assurance over an organisation’s internal controls and risk management framework. It also checks whether or…
The COVID-19 pandemic affected the world economy and still has lingering effects on corporate entities. However, due to the pandemic, thousands of employees have come to terms with a new notion: working from home (WFH). Whether employees have a dedicated space in their house or work on their laptops right from their couches, WFH has become the new normal for…
You might want to keep your crypto earnings private, but if you think the ATO’s looking over your shoulder, the point may be moot. Is the ATO actually looking over your crypto trail as you make it? The short answer is yes. The ATO can very well track your crypto information through financial institutions, banks, and information from cryptocurrency exchanges.…
The most easily executed strategic plans are no more than 2 pages long
In the early days of media, you had a daily newspaper, three network television stations, and some magazines.
Ten years ago, the accounting industry looked very different but new technology is evolving. Cloud-based software is becoming more prevalent everywhere you look; accountants have had to adapt their mode of operation. These changes to the industry will create so many opportunities for accountants. Yet, there will also be notable challenges to face with this level of change.