The Australian Bookkeepers Network (ABN) recently advised members that the ATO has increased its focus on GST compliance and BAS. The expectation is that tax agents can expect a surge in audits. Director of the ABN, Peter Thorp, highlighted the essential role of Bookkeepers in the audit process and gave some tips on how Bookkeepers can prepare [...]
We were recently asked a great question by a client - why, in some months, does the working capital ratio improve, while the current ratio declines? Both are measures of balance sheet health, so why aren't they moving in the same direction? Let’s look at an example. In the graph pictured, December was a strong surplus [...]
Our non-profit clients in the environmental and arts sectors welcomed recent news that the administration of their Deductible Gift Recipient (DGR) status will be transitioning to the ATO. The changes are part of the DGR Reform program. To date, the ATO has administered 48 of the 52 categories under which an organisation may be eligible for [...]
In welcome news for affected community orgs, the NSW Government announced that, from 1 July, 5.75% indexation will apply to community services grants in the Health and Communities and Justice portfolios. This covers domestic and family violence services; community mental health services; homelessness services, neighbourhood centres, and child and family services in NSW. While this is great news for the [...]
Following the Annual Wage Review 2023, the Fair Work Commission announced a significant 5.75% increase to Award wages. In the media that followed, unions seemed to be happier than employer groups. Increases apply from the first full pay period starting on or after 1 July 2023. At the same time, the superannuation guarantee rate will [...]
Back in November 2022, the Fair Work Commission (FWC) ordered a 15% interim increase in minimum wages for aged care workers. This applied to the Aged Care Award 2010, as well as to direct care workers providing services to the aged under the Social, Community, Home Care and Disability Services Industry Award 2010 (SCHADS Award) [...]
In October 2022, Parliament passed the Fair Work Act Amendment - Paid Family and Domestic Violence Leave. This provides an entitlement for all employees, including casual employees, to 10 days of paid family and domestic violence leave in each 12-month period. These changes came into effect on 1 February for larger businesses (with 15 or [...]
In our years working with clients to build budgets, we sometimes encounter a common error in the process, which leads to a shortfall in organisational overheads. Sharing our learnings below for those wading into these murky waters…! When we talk overheads we usually refer to these as a % of total income However, often when [...]
Earlier this month, the Government passed the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022. This legislation introduces new workplace laws and amends a range of existing rules. Some of these changes started this month, while others will commence next year. Amongst the changes are new restrictions regulating the use of fixed term [...]
Our Senior Finance Associate Anna was delighted to visit Prue Ritchie and the team at Bourke & District Children’s Services. BDCS provides a valuable local childcare service to Bourke and surrounding areas, including long day care; after school care; pre-school and a mobile playgroup. Though we’ve worked with BDCS for 2.5 years, with the pandemic [...]
