As your trade business grows, there will be a need to add new team members in order to service new and existing clients. Potential employees will come from different backgrounds and with different levels of experience. As the business owner, you need to be sure that the people you are hiring add value to your business.
From 1 July 2019, tax and super information needs to be sent to the ATO each time payroll is run and employees are paid. The new reporting requirement is called Single Touch Payroll (STP) and is currently available through most payroll, accounting and business software.
Creating a plan before the end of financial year, 30 June 2018, is crucial to ensure you are reducing your taxation liability as much as legally possible. Make sure you get in early and book an appointment with one of the team to see if there are any strategies to reduce your tax exposure.
Looking over your cash flow, you’ll notice one expense popping up over and over again, and it’s a big number. Without it your business can’t grow and you can’t get a break! Whether you pay wages weekly, fortnightly or monthly, if you are not truly aware of where these dollars are going, it can hit your back pocket hard.