Are you keeping accurate records in your business? In today’s fast-paced business environment, maintaining accurate and comprehensive records is necessary for compliance and is a cornerstone of financial stability and informed decision-making. At Diverse, we understand the critical role that meticulous record-keeping plays in your business’s sustainability and success. Here’s what every business owner needs to know about maintaining proper records. The Importance of Record Keeping Accurate record-keeping not only provides invaluable insights into your company’s financial health, aids i ..read more

Making superannuation payments on time is not just a regulatory requirement—it’s a crucial step to avoid significant penalties that can have a profound financial impact on your business. Even a single day’s delay in super payments can lead to severe consequences, affecting your financial bottom line and your compliance status with the Australian Taxation Office (ATO). Understanding the Penalties If a super payment is late, businesses are required to prepare and lodge a Super Guarantee Charge (SGC) Statement. This involves calculating the shortfall of payments, which is based on the emp ..read more

The new financial year is looming. At Diverse, we’re all about steering clear of financial follies and setting you up for success as we gear up for it. Let’s explore some essential budgeting strategies that are central to running a thriving business. Often, the term’ budget’ might make your eyes glaze over, but let’s pause the yawns momentarily. Effective budgeting isn’t just about fiscal discipline—it’s your key to making empowered, strategic decisions that propel your business forward. For instance, you could consider setting a monthly budget for marketing expenses or allocating a ce ..read more

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