The Australian Business Registry Services (ABRS) is ramping up efforts to ensure directors are up to speed with their legal obligations. A key focus is on the requirement for directors to obtain a Director ID, a move designed to enhance transparency and accountability in business management. Here’s what you need to know to stay compliant and avoid potential penalties. The Importance of Securing a Director ID The initiative to introduce Director IDs is part of a broader effort to prevent illegal phoenixing and protect stakeholder interests by ensuring all directors can be accurately identif ..read more

Whether you are just starting a business or want to improve your business plan, the significance of a well-structured business plan cannot be overstated. The business plan tool from business.gov.au is an easy solution for evaluating and setting goals for the year ahead. Objective Think of a business plan as your guide. It helps you set up your business correctly and creates room for growth. This plan is your partner in ensuring your business is geared for success from the start and keeps up as things change. Evaluating a New Business Idea Have you got a new business idea? Great! T ..read more

Superannuation, or ‘super’, is more than just a retirement fund for your employees; it’s a compulsory contribution supporting their future financial security. Understanding and adhering to the Superannuation Guarantee (SG) requirements is crucial for all employers. Let’s break down what you need to know. Superannuation Guarantee: The Basics Every employer is required to pay super for all eligible employees. This payment, known as the Employer Superannuation Guarantee (SG), must reach the employee’s fund by the quarterly due dates to avoid the Super Guarantee Charge (SGC). When and How Much ..read more

As Christmas and the New Year approach, businesses often enter a period of shutdown, presenting unique challenges for business owners and bookkeepers. This period, marked by a mix of employees on leave, at work (skeleton crew), or without leave, requires careful management to ensure compliance with various awards and working conditions. What is a Shutdown? A ‘shutdown’ or ‘close down’, defined by the Fair Work Ombudsman, is a temporary business closure, typically during quiet periods or when many staff are on leave. It’s crucial to differentiate this from a ‘stand-down’ due to circumstances ..read more

Cybersecurity can be tricky, and we’ve seen in the last year that no business, big or small, is safe from online threats. These attacks can hurt a business, from losing money to damaging its reputation. Now more than ever, it’s super important that we up our game in protecting our digital world from cybercriminals, especially with the rise of online scams and fraud. This is why there is a call for a way to help the nearly five million small business workers in Australia feel confident and knowledgeable when it comes to staying safe online. It’s crucial that we help people who work for smal ..read more

Understanding and Choosing the Right Payment Method for Your Business Understanding and choosing the correct method for calculating and paying your tax liabilities is crucial when managing your business’s finances. One such method that is particularly relevant for businesses in Australia is the Pay As You Go Instalments (PAYG Instalments) system implemented by the Australian Taxation Office (ATO). PAYG Instalments are designed to help businesses and individuals meet their income tax obligations throughout the financial year rather than facing a significant tax bill at the end of the year. T ..read more

Have you ever wondered how to keep track of all those changes in your payroll settings and employee records? Say hello to the Payroll History audit table and activity summary! These are your go-to spots for a neat history of all things payroll in your organisation. Understanding the Payroll History Audit Table What Does It Show? Think of the Payroll History audit table as your organisation’s diary, jotting down every little tweak in payroll settings, whether it’s in the Organisation, Calendars, Pay Items, and Superannuation tabs or the employee record sections like Details, Employment, Ta ..read more

How Bookkeepers Become Financial Saviors for Struggling Businesses Bookkeepers can serve as financial lifeguards for businesses drowning in debt, identifying potential trouble through meticulous scrutiny of financial statements and a deep analysis of essential financial indices. By doing so, they can discern the subtle indicators hinting at a business’s financial strife. Often, bookkeepers are the first ones to notice the shifts in a business’s fiscal climate, both the good and the unfavourable. Bookkeepers can identify early warning signs of impending financial difficulty by Engaging with ..read more

We’ve got some exciting news for all the small businesses looking for an opportunity to scale and excel. The Xero Beautiful Business Fund offers NZ$750,000 funding to eligible Xero small business customers. What is the Xero Beautiful Business Fund? Launched last month by Xero, the fund aims to support and uplift small businesses across multiple regions – from Australia and New Zealand to Canada (excluding Quebec), Singapore, South Africa, the UK, and the US. How to Apply? You won’t believe how simple the application process is! There are four distinct funding categories  ..read more

It’s a profound truth that while setting up a business requires effort, safeguarding it demands foresight. The longevity of your venture depends heavily on how well you protect its assets and operations. Ensuring you have the right business insurance is paramount. From property and liability coverage to workers’ compensation, each type caters to specific needs, protecting your enterprise against unforeseen events. But protection extends beyond physical assets; the well-being of your team, including their health and safety, is invaluable. Whether natural calamity or a human-caused crisis, a ..read more