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The year is going so quickly that June 30th will be here before you know it. And, June 30th means one thing – end of the financial year (EOFY). To ensure you meet the deadline, it’s time to get your personal and business finances in order. Thankfully, by following some simple tips, preparing for tax…
Are you paying the right amount of income tax? In a surprising number of cases, businesses and individuals are paying more tax than they need to! Here we take a look at the current Australian tax rates, as well as what you can do to ensure you’re not paying more tax than you should be.…
What the extension of JobKeeper payments means for you In June 2020, the Australian Government announced they will be extending the JobKeeper payment for eligible businesses and not-for-profits until the 28 March 2021. Originally, the payment was set to run until the 27 September 2020. Priority for this extended support will be given to not-for-profits…
The super guarantee amnesty ends in September – make sure you’re prepared The amnesty on companies paying backdated super guarantees comes to an end on 7th September. This amnesty was designed to help companies pay back years of payments that may have gone missing, but without any penalties from the government. If you haven’t yet…
We often see the abbreviation Pty Ltd tacked on the end of the names of many companies. We can probably say with some confidence that most people don’t give those six little letters a second thought, if they ever notice them at all. As a business owner, however, this small collection of letters can have…
For business owners, making superannuation contributions for employees is essential. However, coordinating payments from different super funds can be complex. Thankfully, the Australian Government makes the process less stressful with the Superannuation Clearing House. It’s designed to eliminate red tape and reduce unnecessary overheads for small business owners. In this comprehensive article, you’ll learn what…
ACN (Australian Company Number) and ABN (Australian Business Number) are two identifying numbers that serve very different purposes. While every Australian business needs an ABN, only businesses registered as companies require an ACN. For someone about to start up a business, or who is considering what structure is going to be most appropriate for their…
As part of a stimulus package to deal with COVID-19, the ATO has introduced the JobKeeper payment scheme. If you are a business owner, then the team here at Pherrus can help you through this crisis and provide all the crucial accounting advice to help you survive and thrive. Already signed up for the JobKeeper…
With businesses suffering hardship due to the effects of the Covid-19 pandemic, the government has put in place a number of different measures to provide them with a financial helping hand until they can start trading at more usual levels. One of the financial stimulus measures which have been put in place is the cash…
The necessary government restrictions on economic activity which have been put in place in an attempt to reduce the spread of COVID-19 have had a devastating effect on many businesses. For some, corona virus has meant an immediate cessation of trading; for others, the impact of the virus has been more subtle, but potentially as…