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Should you provide workers compensation insurance for your employees? There might be a few more benefits than you expect. First, let’s look at what this type of insurance entails, and then why you should already have a scheme in place. What is workers compensation insurance? This type of insurance will pay out if one of…
If you haven’t yet heard about Single Touch Payroll, you may need to conduct a quick headcount to determine if your business needs to comply. What is Single Touch Payroll ? Single Touch Payroll (STP) aligns your reporting obligations to your payroll processes. Your business will be required to report to the ATO each time you…
The Turnbull government has flagged personal income tax cuts as part of this year’s budget Back in November, Prime Minister Malcolm Turnbull had declared as part of his pre-election speech that any tax cuts would be aimed at the low and middle classes. Now, with the budget submission released in late February, Turnbull seems to…
The Australian Chamber of Commerce and Industry, the Business Council of Australia, and other business groups have lobbied for the lowering of the corporate tax rate for years. Therefore, the tax cut comes as good news to Australia’s businesses, as a substantial tax reduction is exactly what business owners and investors need in a tough…
Whether you’re an individual privately importing goods or an organisation doing so as part of your business, it is essential you understand how these goods are taxed and your obligations regarding these taxes. Studies have shown that individuals, small businesses and medium sized businesses are the most likely to make what can be very costly…
Here at Pherrus, we’re committed to keeping our clients in the loop when it comes to anything that might have an impact on your finances, and we’re always staying up to date with any new developments in this sector. A recent report by the OECD(Organisation for Economic Cooperation and Development) has highlighted some potential concerns…
First off, congratulations for getting your business off the ground. You’re one in a million. Actually, you’re one in 2,100,162 or so businesses operating in Australia right now, according to the latest figures from the Australian Bureau of Statistics. Right now is a great time to grow your business, as more and more potential partners (or competitors) are growing theirs…