Does your payroll need updating? Keeping up with wages changes for your Sunshine Coast business.
Fiona McKinlay • March 18, 2018
Staying on top of your business payroll is not only essential to keep your employees happy but also to make sure that you are compliant. With changes happening all the time, how are you expected to know when changes come into effect? Do you know what you are supposed to do when an employee has a work anniversary?
Luckily there are a lot of options to allow you to stay on top of any changes that there is. Popular account systems like MYOB, Reckon, Xero, and Quickbooks will automatically notify you of changes to taxes and payroll.
These features will continue to make your business compliant and save you the risk of any future penalties.
There are fantastic websites like
Austpayroll.com.au that also gives you up to the minute news on what is happening in the Australian Payroll area. Topics such as the new PayID system that has been rolled out across the country and how it’s changing business.
The site also offers incredible payroll tips in MEME images that you can share on social media to show how proactive you are with payroll. You will need to use the hashtag #payrolltips if you use them.
The best way to stay on top of payroll is to hire a company to handle your books and give you advice that you trust.
Balanced Bookkeeping and Business Solutions
have been serving the greater Sunshine Coast area for years and look forward to helping you. Contact us today to find out what we can do for your business.
Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD
And then there are employee payment summaries and the summary of income and expenses in a profit and loss statement, the record of debtors and creditors, asset purchases and expenditure on improvements, depreciation expense claims and capital gains tax, income tax returns and yearly reports, returns for PAYG withholding, fringe benefits tax (FBT), Goods and Services Tax (GST), and the taxable payments reporting system, meeting superannuation requirements… the list goes on and on.
With so many great software options including XERO, MYOB and Reckon. It’s vital for Balanced Bookkeeping and Business Solutions to be on top of them all. Our expert team can help tailor fit any software your business needs. We proudly keep the Sunshine Coast on top of their accounts. Ask us how we can help you today.
Balanced Bookkeeping and Business Solutions is a local Sunshine Coast company that provides a complete bookkeeping service and solutions for small to medium businesses and can cope easily with both the ATO and ACNC, so that you can pursue the far more rewarding and philanthropic business of fund-raising and distributing to the deserving foundation or trust of your choice.
Balanced Bookkeeping and Business Solutions is a local, Sunshine Coast business that provides a complete bookkeeping service and solutions for small to medium businesses. The principal of Balanced Bookkeeping and Business Solutions has worked in the accounting industry for over 20 years and is a qualified accountant and registered BAS agent, which means that you can discuss the pros and cons of casual and full time and part time employment, knowing that you will receive practical, constructive, valuable advice.
So, what is Fringe Benefits Tax? Simply put, it’s an extra tax that you cover for your employee that is for the benefit of the employee in lieu of paying them more money. The tax is calculated on the value of what is being used for FBT.
This is only a new initiative as we mention that came into effect as of the 1st of July 2018, so there are still a lot of questions to be answered. This is why a number of clients we serve on the Sunshine Coast have been coming to us at Balanced Bookkeeping and Business Solutions to see their options.