On May 5, 2017
Business Information Sheet – Contactor or Employee
This document is intended to raise an area of possible concern for discussion and to provide information about workers who may be engaged as contractors but should be engaged as employees. To remain compliant with the laws of Payroll Tax, Workers Compensation and Superannuation Guarantee, an independent contractor must pass a number of tests to
- By Jennifer Lawrence 0 Comments View More
On May 5, 2017
Business Information Sheet – Superannuation Guarantee
Superannuation Employer Obligations Offer your employees a ‘choice of fund’ Identify new employee is eligible Provide a standard choice form Nominate a default fund (must be a MySuper product) Act on employee’s choice of fund Pay superannuation guarantee before due date As of 1 July 2014, the superannuation guarantee rate is 9.5% You must keep
- By Jennifer Lawrence 0 Comments View More
On May 5, 2017
Business Information Sheet – SuperStream
SuperStream Overview SuperStream is a compulsory system of submitting Superannuation Payment information (standardised data) electronically. The information links the payment made by the employer to the employees account in the relevant superfund/s. It is the intention that SuperStream will make the whole superannuation system and employer meeting their obligations efficient, faster, more reliable and with
- By Jennifer Lawrence 0 Comments View More
On May 5, 2017
Business Information Sheet – Record Keeping Obligations
Business Record Keeping Requirements Under tax law, if you are operating a business you are required to keep ALL records explaining declared income and expenses, (i.e., tax deductions), whether it is a $5,000 sale or a $2.00 deduction, the ATO want to see some form of proof and also they may seek out inconsistencies. These
- By Jennifer Lawrence 0 Comments View More
On May 5, 2017
Business Information Sheet – Small Business Director Obligations
What it Means to be a Director of a Company A company is a separate legal entity with its own rights and obligations. Company assets, liabilities, income and expenses belong to the company entity, not to the individual directors. Directors are bound by certain rules that govern your behaviour. You must carry out your duties
- By Jennifer Lawrence 0 Comments View More
On May 5, 2017
Business Information Sheet – Payroll and FairWork
Payroll and FairWork Information Requirements There are many legal obligations that an employer is bound by. As soon as you engage employees, you will most likely have tax and superannuation obligations at the least, and there are many more issues to consider when employing people. It is the legal responsibility of the employer to pay
- By Jennifer Lawrence 0 Comments View More
On May 5, 2017
Business Information Sheet – Making Payments on Your Behalf
If you engage a bookkeeper/BAS agent to make payments on your behalf, you need to take care of security issues as this can be risky. Ensuring you have appropriate procedures and security controls in place and that you and your staff follow these at all times is very important. Inadequate internal controls can leave the
- By Jennifer Lawrence 0 Comments View More
On May 5, 2017
Business Information Sheet – Business Compliance
There are many aspects of legal obligation and compliance that apply to a business owner. We recommend you review this list to become aware of all the areas that may apply to your business. This list is not exhaustive. There may be other obligations that apply to your business; for example, if you are in a
On May 5, 2017
Business Information Sheet – Annual Shutdowns
Warning: count(): Parameter must be an array or an object that implements Countable in /var/www/vhosts/ringwoodbookkeeping.com.au/httpdocs/wp-content/themes/vision_wp/template_inc/loop-index.php on line 207
Annual Shutdowns Many businesses have a scheduled period of closing business operations during the Christmas and New Year period. How an employer must treat this depends on the award or agreement the employee is governed by. These guidelines apply to permanent employees—casual employees do not have to be paid during a scheduled shut down. Award
Warning: count(): Parameter must be an array or an object that implements Countable in /var/www/vhosts/ringwoodbookkeeping.com.au/httpdocs/wp-content/themes/vision_wp/template_inc/loop-index.php on line 237
- By Jennifer Lawrence 0 Comments View More
On May 5, 2017
Business Information Sheet – Use of Software
Businesses that utilise software with online storage of their data should be aware of the terms and conditions of use the software providers publish. You should also be aware of the Privacy Principles that govern how your business data and personal information is utilised by your accounting software provider. Access to Your Data It is
- By Jennifer Lawrence 0 Comments View More