Many property managers are sometimes overwhelmed by the financial aspects of managing a trust, on top of managing their general business finances (if they own one). So let’s break down what a trust account is, trust money vs non-trust money, the purpose of a trust account in real estate and trust accounting best practice. Handling money can be a complicated process for many companies, if you need help you can
Small business owners will all know that feeling of task anxiety; that moment after you frantically write down a list of projects, tasks and due dates when you ask yourself, How am I going to get everything done? Is this possible? It’s not because you have too many tasks to complete, it’s because you haven’t structured your to-do list effectively. Understanding how to prioritise, bundle, time manage and reflect will help
With the new financial year upon us, you might be thinking about getting ready to lodge your tax return, either on your own or through a registered tax agent. Ask yourself (or your tax agent) these six questions to make sure you get your tax right and use this tax time to set yourself up for a great year ahead. 1. Which records do I need to keep? sales and
Under the Property Stock and Business Agents Act 2002, licensees’ records in relation to the handling of trust money must be audited. This article explains who is affected, who can perform an audit, and other matters to help what they need to do to meet compliance obligations. Who is required to have their trust accounts audited? The following people must have their trust accounts audited if they received or held trust money during the financial
Be sure to keep these common mistakes top of mind as you develop your trust accounting policies and procedures to minimise the possibility of error – the penalties for which can be as severe as losing your licence! 1. Not reconciling daily One of the most common trust accounting mistakes property managers make is not reconciling frequently. You should make sure your accounts are balanced every day if possible, so
The Fair Work Commission’s Wage Review Panel handed down its 2018/19 minimum wage review on 30 May, awarding a 3% increase in the minimum wage and in modern award rates of pay effective from 1 July 2019 New national minimum wage The national minimum wage (NMW) will increase to $19.49 per hour or $740.80 per week (previously $18.93 per hour or $719.20 per week), a rise of $21.60 per week.
Single Touch Payroll (also called STP or one touch payroll), is an initiative from the ATO to encourage frequent salary reporting. This means you’ll be required to report salaries and wages, PAYG withholdings, and superannuation, every time you pay your employees. From 1 July 2018, STP became mandatory for employers with 20 or more employees, and from 1 July 2019, all Australian small business owners are required to report their payroll
Cybercrime has increased 300 per cent since 2015. 43 per cent of cybercrime targets small business. 22 percent of small businesses are so badly affected they can’t continue. Since there are many different type of crimes, from cybercrime to drug crimes, and you can learn more about this subject and its legal defense with this content online. Don’t let your business become a cybercrime statistic. In partnership with CREST ANZ