From 1 July 2015, some business owners will have their pay as you go (PAYG) withholding cycles changed. The cycle change is based on the amount you withheld under your Australian business number (ABN) in all branches during the 2013-14 Financial Year. If you withheld between $25,000 and $1 million, you will need to report and pay monthly. If the amount was more than $1 million, you will need to report and pay electronically according to the
SuperStream aims to improve the efficiency of Australia’s superannuation system and provides a new standard for employers when making super contributions. It requires an employer to send contributions electronically in a standard format with linked data and payments. Why Is This Happening? Without SuperStream reforms, each super fund sets their own requirements with regards to how they will receive payments and contribution advice details for each member. This can often
We recently attended one of the MYOB Roadshow sessions in Rockhampton, where the theme for 2015 was clear: Making business life easier! MYOB believe that it’s more than just a slogan, and have outlined a 5 point plan that they believe will reset the goal posts in 2015: MOBILITY – like OnTheGo and Essentials this is “the year of the mobile for MYOB” as their CEO Tim Reed recently stated PAYMENTS
In any business cash is your lifeline, and part of maintaining a positive cash flow is by ensuring that you get paid what you are owed, on time, and in full. We know this is often easier said than done, so we’ve provided this useful infographic that highlights some staggering statistics to show you how much time and money you’re likely spending chasing debtors: If you’d like some assistance with managing
Cash flow is a critical factor to business success. Too little revenue coming in or too much going out will cause any organisation struggle to stay afloat. For those who operate a small business in Australia, future proofing your cash flow is a crucial consideration. Without this forethought, it is likely that your organisation could become one of the 51 per cent of businesses that cease trading within the first four
Given recent global events in which sensitive financial data was stolen, it’s no surprise that people are more aware than ever about the privacy and security of their information and are trying to use new reporting systems. One of the most commonly asked questions about the use of Xero for business bookkeeping is how risky is it. Believe it or not, using Xero is not only secure, but it can
Cloud accounting has officially landed on the scene and is here to stay. While Australian organisations have been slow to adopt this new arrival, Software Advice found over 50% of small businesses are considering moving their accounting to the cloud.
Cloud-based accounting systems are paving the way for greater efficiency in your organisation. Instead of purchasing expensive, high-maintenance IT infrastructure, organisations access their accounting software via the internet, for a fixed monthly fee. This allows them to offload IT hassles and concentrate their financial and operational resources on their core business.