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business accounting

Arabon Accountants director penalty notice

Director Penalty Notices: what are they and what happens if you receive one?

Leave a Comment / Business, Business Advice /

While the ATO put most overdue tax collection on hold during the COVID-19 pandemic, it has recently recommenced some debt collection activity. This includes the issuing of Director Penalty Notices (DPN).  This article explores Director Penalty Notices and what happens if you receive one. Directors become personally liable for a penalty equal to the value […]

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Arabon Accountants pay superannuation on time

The importance of paying superannuation on time

Leave a Comment / Business Accounting, Business Advice, Superannuation /

If your business has employees, then paying superannuation on time is undoubtedly a topic you know much about. The government’s superannuation guarantee requires employers to pay a superannuation contribution equal to 10% (2021/2022) of an employee’s ordinary time earnings if an employee is paid $450 or more before tax in a month.  If you use

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Arabon Accountants change to employee super

Super stapling: Key change to employer obligations for employee superannuation

Leave a Comment / Business Accounting, Business Advice, Superannuation /

From 1 November 2021, there will be a key change to employer obligations for employee superannuation when setting up a new employee’s super fund.  If a new employee doesn’t specify a super fund, there will be an extra step to ensure they comply with government requirements. What is the change?   If a new employee does not specify

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Arabon Accountants three important business lessons

Three important business lessons to be learned from COVID-19

Leave a Comment / Business Accounting, Business Advice /

If you’re like many small business owners, you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-our-lifetime scenario, the truth is there is a lot in life and business that is uncertain, and there are many important business lessons to

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Arabon Accountants tax changes 1 July 2021

Tax changes and updates from 1 July 2021

Leave a Comment / Business Accounting, Tax /

The new financial year has arrived and so has several updates to the tax system and new policies impacting superannuation, healthcare, wages and tax rates.  Here’s what you need to know post 1 July 2021. Superannuation payments to increase Working Australians will receive a 0.5% boost to their superannuation fund.  Legislation requires superannuation contributions to

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Trust Distribution Minutes and Dividend Statements: what you need to know before June 30

Leave a Comment / Business, Business Advice, Tax /

It’s almost 30 June.  Have you done your trust distribution minute and/or intend to pay your beneficiaries a dividend?  If you have a discretionary trust, then 30 June is an important date for you. The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset

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Arabon Accountants STP updates June 2021

Changes to STP and concessions ending 30 June 2021

Leave a Comment / Business Accounting /

Currently, small employers (19 or less) are exempt from reporting ‘closely held payees’ through Single Touch Payroll (STP).  Micro employers (4 or less) have also had the option of quarterly STP reporting.  Changes to these STP concessions will end on 30 June 2021. Small employers have had some concessions when it comes to reporting their

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Arabon Business Payroll Policies Procedures

The importance of employment contracts, workplace policies and procedures

Business, Business Accounting, Payroll, Start a Business /

An employment contract is an agreement between an employer and employee that sets out the terms and conditions of employment.  It is not necessary to specifically agree on a contract for one to exist. The fact that an employee starts work for an employer brings with it certain fundamental implied terms, such as the right

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Arabon Accountants acknowledges the Australian Aboriginal and Torres Strait Islander peoples as the first inhabitants of the nation and the traditional custodians of the lands we all enjoy. We pay our respects to ancestors and Elders past, present and emerging. We value and honour Australian Aboriginal and Torres Strait Islander peoples’ unique cultural and spiritual relationships to the land, waters and seas and their rich contribution to society. Arabon Accountants acknowledges the traditional owners of the land upon which our business is built, the Yuggera and Turrbal People.