COVID-19 Health Resources

The truth, resources – https://www.health.gov.au/news/health-alerts/novel-coronavirus-2019-ncov-health-alert/coronavirus-covid-19-resources COVID-19 infection control training This 30-minute online training module is for health care workers in all settings, but is open to anyone. It covers the fundamentals of infection prevention & control for COVID-19. https://www.health.gov.au/resources/apps-and-tools/covid-19-infection-control-training

Income support for individuals

Australian Government Fact Sheet The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six…

Why do I need a Profit & Loss Report and how do I read it?

Most people start their business because they are passionate about the primary work of the business — which usually    is not accounting. This means that most business people aren’t completely aware of how to interpret the monthly financial reports they receive. For business owners, the Profit & Loss Report, and other financial reports can highlight…

Move from Excel to accounting software

Small businesses often start out using Excel – but that’s only doable up until a point. Like every teenager eventually becomes an adult, your business needs to evolve and grow. Find out why the smartest organisations are using online accounting software instead…

January 1 2020 changes that you need to know

First home buyers The $500 million First Home Loan Deposit Scheme is set to come into effect January 1, supporting up to 10,000 loans on a first in, best dressed basis. The scheme, which will guarantee loans for up to 15% of the purchase price, will be available to first home buyers with taxable incomes…

Bad super funds are named and shamed by APRA’s heat map

The blowtorch has been applied to bad MySuper superannuation funds with the launch of a new colour coded heat map from the superannuation fund regulator, APRA. APRA’s heat map makes it easier for superannuation fund members to identify superannuation funds with high fees and chronically low investment returns. There are currently around 100 MySuper funds but it…

What accounting method do I use to report my GST?

From the ‘Small Business Newsroom”… If you have an aggregated turnover of less than $10 million, or use cash accounting for income tax, you can use one of two methods for accounting your GST. 1. Cash accounting GST is reported on the activity statement for the period in which you either: receive payment for your…

Investment diversification requirements for SMSF strategies

Extracted from article in the ATO Newsroom 20 Aug 2019 At the end of August 2019 the ATO will send letters to approximately 17,700 self-managed super fund (SMSF) trustees and their auditors where the ATO believe the SMSF investment strategies may not meet the diversification requirements under regulation 4.09 of the Superannuation Industry (Supervision) Act…