PAYGI and PAYGW: What’s the Difference?
Many people new to running a business and employing people are unsure about the difference between PAYGI and PAYGW. They are not the same thing! PAYG stands for ‘pay as you go’. This is the means the ATO uses to obtain tax payments from both employees and business owners. Paying tax ‘as you go’ throughout […]
Contractor or Employee – What You Need to Know
What is the difference between a contractor and an employee, and whose responsibility is it to get right? An employee works in the business and is integral to that business, has rights and entitlements under the Fair Work Act 2009, has a reasonable expectation of ongoing work, agreed hours, and duties, is covered by the […]
Financial Accounting vs Management Accounting
What’s the difference between Financial Accounting and Management Accounting? You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can add to your company? As […]
Director Identification Number – Action Required
The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are a company director, you will need a director identification number by November 2022. You can apply for a director ID from November 2021. What is a Director Identification Number? A director […]
Engaging a BAS Agent – What are the Benefits?
Working with a BAS agent can benefit your business more than you may realise! Many new business owners try to save on costs by doing their own bookkeeping. However, this is one of the first tasks you can outsource to give yourself time and save money. Why spend that valuable time on administration and accounts […]
Deduct Money from an Employee’s Wage – When is it OK?
There are only a few situations where you can lawfully deduct money from an employee’s wage. Make sure you check what’s allowed before deducting so that it’s following the Fair Work Act. Even if the employee agrees, it’s important to ensure you’re doing the right thing because unlawful deductions can result in heavy Fair Work […]
Well-being in the Workplace
Supporting and promoting health and well-being in the workplace is essential for staff and business owners alike. Providing a physically and mentally healthy workplace is beneficial for all who work there, as it reduces staff absenteeism, increases productivity, and makes the workplace more enjoyable. If you are an employer, workplace health and safety laws require […]
6 Reasons to Look at Your Financial Reports
Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, for whatever reason, then here are 6 reasons we recommend that you should start to. But before we get our 6 reasons, let’s talk very quickly about […]
How to Spot Scams and Stay Safe
End of the Financial Year (EOFY) has arrived and this means an increase in scams to try and spot. The Australian Competition and Consumer Commission have recorded over $14M lost by businesses in payment redirection scam losses this year, just one of the biggest scams in 2021 (The Fintech Times, April 2021). Cybercriminals use timing […]