Would your business still thrive, or would it suffer a catastrophic failure if you suddenly stepped away? It’s tough to remove yourself from the day-to-day operations when you’re passionate and busy. However sudden accidents, illnesses, or family emergencies can – and will – happen and you need to be able to step back knowing your systems are robust enough to cope. For your business to work for you, you need to make yourself replaceable. Large corporations have plans in place to mitigate

Although your tax return is not due for a few months yet, the end of the financial year is nearing…have you captured all your work-related deductible expenses to make the most of your 2022 tax return? Income The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year. You need to declare all income from other sources on your tax return as well. Wages and salaries from employment. Pensions, annuities or

In addition to planning for the expected statutory super rate rise to 10.5%, some employers need to prepare for a significant change from July 2022. Removal of the $450 Monthly Earnings Threshold The $450 per month eligibility threshold has been removed for most workers. This means employers will need to pay the superannuation guarantee contribution (SGC) on all ordinary earnings. Particularly if your business relies on a large pool of casual workers who earn less than $450 per month, you’ll notice the extra

The stability of your business isn’t just based on sound finances. Forming rock-solid foundations comes from having a solid customer base and building long-lasting relationships with your end users. To achieve this, you need to work hard on nurturing these relationships. But how do you keep your customers happy and satisfied? And what are the best ways to build and maintain a trusted and beneficial relationship with everyone in your sales book? Here are a few fundamentals for keeping those relationships sweet… Great

The Fair Work Commission’s annual wage review has resulted in two announcements made this week: The National Minimum Wage will increase by $40 per week, (an increase of 5.2%) from 1 July 2022 Award minimum wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and based on a 38-hour week for a full-time employee. Costs are increasing In July 2022, the superannuation guarantee statutory rate will rise 0.5 per cent to 10.5%. In addition to

We wish you a very happy Christmas and well deserved end-of-year break from PBS Partners. It has been another challenging year for us all. We hope you will be able to take some time at Christmas to connect with family and friends to recharge and relax. We are grateful for the opportunity to work with you and be a part of your journey. Our office will be closing on midday Thursday 22nd December and reopening on 9th January 2022.

In 2021, $81.45 million was lost in Australia because of false billing scams. Scams are constantly evolving and our growing use and reliance on technology provides scammers more opportunities to trick you into giving away your hard-earned money and valuable personal information. There has been a rise of invoice scams in the recent couple of months, both locally and abroad. The main scenario is where an invoice is sent via email from a supplier to their customer and is intercepted along the

It’s unfortunate, but employee expense claims are a common form of business fraud. Are you across all your employees’ claims for reimbursement? The best thing you can do to minimise expense claim fraud is to implement a process for reviewing and authorising expenses and reimbursements. Many business owners simply trust people to do the right thing and be honest. While most employees are reliable, having good systems in place will mean that the dishonest actions of a minority do not jeopardise your

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard. Across the world, everyday essentials are surging in price, up 7.2% year on year across the OECD. Unfortunately, experts predict that prices will keep rising for at least the rest of the year. What can you do to try to keep up with the increasing cost of living? Here are our 12 top tips: Look for ways to earn

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2022–23 Federal Budget at 7:30 pm (AEDT) on 29 March 2022. In an economy emerging from the pandemic, the Treasurer has confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23. As international uncertainties add pressure on the cost of living, key measures in the Budget provide cost of living relief in the form of an increased Low and Middle Income Tax Offset, a one off