December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slowdown and their customers stop paying them for a few months. So cash flow dries up.
16
Oct 2018
Casual Conversion Clauses added to Modern Awards
Small business owners who employ casual staff are set to be impacted by new provisions that will allow some casual employees to convert to full-time or part-time work after 12 months of employment.
Casuals in the retail sector will receive a 25 per cent increase to their Saturday penalty rates phased in over the next three years, increasing the pay from 135 per cent to 150 per cent. The Fair Work Commission decision will also increase weekday rates for work after 6pm. A full bench headed by president Iain Ross defended their decision, saying current casual rates for weekday evenings and Saturday work “lack
Casuals in the retail sector will receive a 25 per cent increase to their Saturday penalty rates phased in over the next three years, increasing the pay from 135 per cent to 150 per cent. The Fair Work Commission decision will also increase weekday rates for work after 6pm. A full bench headed by president Iain Ross defended their decision, saying current casual rates for weekday evenings and Saturday work “lack
One of the major concerns in taking on the role of a Legal Personal Representative is that the Tax Commissioner may treat Legal Personal Representatives (LPRs) as having a personal liability for a tax debt where the assets of a deceased estate have been distributed but there is still outstanding amounts owed to the ATO.
08
Oct 2018
Common GST Mistakes
The GST has now been in effect since 1 July 2000, yet despite a massive Australian Taxation Office (ATO) education campaign there are still many errors and omissions being made by small businesses on their Activity Statements. Most of these errors relate to the over-claiming of GST credits. If you or your bookkeeper are incorrectly classifying your expenditure or revenue for GST, you may be exposing yourself to future penalties and interest charges from
04
Oct 2018
The Demise of Trading Names
What is happening? The Australian Securities & Investments Commission (ASIC) is working with the Australian Business Register to retire the use of trading names in Australia.
04
Sep 2018
How To Effectively Collect Late Payments
Managing your receivables is important if you want to maintain your cash flow, and late payments can be crippling to your business – especially if you’re working on a tight budget. That’s why it’s critical to find effective ways to collect what’s owed to you on time. Here are some practical hacks for collecting late payments effectively, if you even need an easier way to get payments, then consider using a
04
Sep 2018
How To Effectively Collect Late Payments
Managing your receivables is important if you want to maintain your cash flow, and late payments can be crippling to your business – especially if you’re working on a tight budget. That’s why it’s critical to find effective ways to collect what’s owed to you on time. Here are some practical hacks for collecting late payments effectively, if you even need an easier way to get payments, then consider using a
11
Aug 2018
Paying dividends and the solvency test
In this article we take a look at the consequences of decisions made around private companies paying dividends and the solvency test.