Australian Accounting & Payroll in Vietnam in Ho Chi Minh City, Vietnam | Accountant

Australian Accounting & Payroll in Vietnam

Locality: Ho Chi Minh City, Vietnam

Address: Road no.2 lang bao chi, Thao Dien Ho Chi Minh City, Vietnam

Website: https://www.cmpca.com.au

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25.01.2022 BOOKKEEPING BASICS FOR SMALL BUSINESS OWNERS On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions everything from accounts receivable and payable to employee payments, expense receipts, and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management which in turn, is the lifeblood of your business....Continue reading

25.01.2022 SINGLE TOUCH PAYROLL Single Touch Payroll (STP), is a new way of reporting tax and superannuation information to us. With STP you report employees' payroll information such as salaries and wages, pay as you go (PAYG) withholding, and super to us each time you pay them through STP-enabled software.... When and how you report depends on what type of employer you are: - Small employers with 19 or less employees STP reporting started from 1 July 2019. - Large employers with 20 or more employees you should already be reporting through STP. Source: https://www.ato.gov.au/Business/Single-Touch-Payroll/#

25.01.2022 LEAVE LOADING What is leave loading? Leave loading is an extra payment that entitled employees receive whilst on annual leave; usually an extra 17.5% on top of their normal wage according to Law Access NSW. Leave loading is a common feature in some industry awards in Australia, but not all employees are entitled to it. Be sure to check with your employee to see if youre entitled to leave loading.... Who is entitled to leave loading? Leave loading is a legal entitlement in some industry awards. An award is a legal document setting out minimum rates of pay and employment conditions for a particular industry. According to Fair Work Australia, there are 122 different awards in effect which cover most of Australias working population. Some examples of industries whose awards include leave loading include: building and construction, trades, manufacturing, hospitality, hair and beauty and real estate. To find out which award covers your occupation and to see if youre entitled to leave loading, go to: Fair Work Ombudsman website: https://calculate.fairwork.gov.au/leave/Calculate Check annual leave entitlements Calculate any outstanding annual leave entitlements owed to full-time or part-time employees using our Leave Calculator. If an employee gets annual leave loading during employment then it also has to be paid out when employment ends. Annual leave loading is paid out even when an award, registered agreement or employment contract says that its not. Source: https://www.canstar.com.au/superannu/what-is-leave-loading/ https://www.fairwork.gov.au//ann/payment-for-annual-leave

23.01.2022 SIMPLER DEPRECIATION FOR SMALL BUSINESS You can choose to use the simplified depreciation rules if you have a small business with an aggregated turnover (the total normal income of your business and that of any associated businesses) of less than: - $10 million from 1 July 2016 onwards - $2 million for previous income years.... Simplified depreciation rules for small businesses include: - an instant asset write-off for assets that cost less than the relevant threshold - a general small business pool for assets that cost the same or more than the relevant threshold, which has simplified calculations to work out the depreciation deduction. RECENT CHANGES From 12 March 2020 until 31 December 2020 the instant asset write-off: - threshold amount for each asset is $150,000 (up from $30,000) - eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million). From 12 March 2020 until 30 June 2021 the Backing business investment measure provides a time-limited (15 month) investment incentive to support business investment and economic growth, by accelerating depreciation deductions. The key features of the incentive are as follows: The benefits are either - deduction of 50% of the cost or opening adjustable value of an eligible asset on installation. Existing depreciation rules apply to the balance of the assets cost - if you are using the simplified depreciation rules for small business, you can claim 57.5% of the cost of the asset in the first year you add the asset to the small business pool. Eligible businesses businesses with aggregated turnover below $500 million. Eligible assets new depreciating assets (for example, plant, equipment and specified intangible assets, such as patents). The assets must be first held, and first used or first installed ready for use for a taxable purpose on or after 12 March 2020 until 30 June 2021. Some exclusions apply. Source: www.ato.gov.au

22.01.2022 CHART OF ACCOUNTS With desktop accounting software, accountants and their clients typically work from separate systems and separate ledgers even for the same business! Now with Xeros single ledger, both accountants and their clients can access the same set of data in the cloud for a real-time view of the business financials. This video tutorial takes a closer look at the backbone of the single ledger in Xero the Chart of Accounts. Let's learn how to add an account in Xe...ro system: https://vimeo.com/57096855 Source: https://www.cmpca.com.au/xero-resources/chart-of-accounts/

22.01.2022 HOW ACCOUNTING SOFTWARE CAN INCREASE PROFITS Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real-time financial reports to manage cash flow and make better business decisions. But what many business owners dont take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help b...Continue reading

22.01.2022 UNUSED LEAVE PAYMENT ON TERMINATION OF EMPLOYMENT Unused leave payments on termination of employment or office include: - annual leave... - holiday pay - leave loading - leave bonuses - long service leave Before calculating the amount to be withheld, you must work out if the payments are being made as a result of a genuine redundancy, invalidity or an early retirement scheme. Read more: https://www.ato.gov.au//Schedule-7---Tax-table-for-unuse/.

21.01.2022 GST-free sales GST-free sales are sales where GST is not payable, but you may claim GST credits for purchases relating to these sales. When completing your BAS you must report GST-free sales at G1 Total sales.... A list of GST-free sales: - Fresh food: Most basic foods and beverages, subject to certain exceptions. - Medical and health: Most medical, health and care services, medicine and eligible medical aids and appliances. - Education: Most education courses, course materials and related excursions or field trips. - Childcare: Eligible childcare services - Exported goods and services - Sale of business: https://www.ato.gov.au//when-to-charge-gst/gst-free-sales/ Source: www.ato.com.au

20.01.2022 PAYG PAYMENT SUMMARY - EMPLOYMENT TERMINATION PAYMENT Use this form if you make an employment termination payment (ETP) to: - an employee whose employment has been terminated... - a non-dependant because of an employee's death - a dependant because of an employee's death if the taxable component of the payment exceeds the ETP cap - a trustee of a deceased employee's estate. If more than one type of ETP is made, you will need to complete a separate payment summary for each payment. Photo: www.hrone.com Source: https://www.ato.gov.au//PAYG-payment-summary---employment/

20.01.2022 UPDATED: CHANGES EFFECTIVE FROM 1 JULY 2020 (P3) From 1 July 2020, eligible employees can split their Parental Leave Pay (PLP) so they take it over 2 periods within 2 years. Employees can claim PLP for 1 set period and 1 flexible period. ... + Parental Leave Pay: The first period is a set period of 12 weeks. This needs to be used within 12 months of the birth or adoption of a child, and cant be split into more than 1 period. + Flexible Parental Leave Pay The flexible period: - is up to 30 days - usually starts after the first period has ended - can be used in flexible periods negotiated between the employee and employer - has to be used within 24 months of a childs birth or adoption. Previously, employees could only use PLP as one continuous 18 week period. + Payment of the Parental Leave Pay Scheme There hasn't been any changes to how PLP is paid. In most cases, PLP payments are made to the employer, who then pays the employee. PLP from the Australian Government doesn't change paid parental leave from an employer. Employees can get both. Soucre: https://www.fairwork.gov.au//changes-to-the-parental-leave

20.01.2022 INSTALMENT ACTIVITY STATEMENT (IAS) A form similar to the BAS (Business Activity Statement) but without GST (Good & Service Tax) and some other taxes. Businesses that are not registered for GST, and individuals who are required to pay PAYG instalments or PAYG withholding (such as self-funded retirees), use this form to pay PAYG. - PAYG instalment payments: are made based on your business and/or investment income (which is also known as instalment income)... - PAYG instalment income: is all the ordinary income you earned from your business and investment activities for the quarter (excluding GST). Make sure you include your gross income (not your net income, taxable income or income reduced by any deductions). - PAYG instalments are different to PAYG withholding. With PAYG withholding, employers collect tax from the payments they make to employees and contractors and send it to the ATO. Source: https://www.ato.gov.au/

19.01.2022 WORKERS COMPENSATION Workers compensation is a form of insurance payment to employees if they are injured at work or become sick due to their work. Workers compensation includes payments to employees to cover their:... - wages while they're not fit for work - medical expenses and rehabilitation. Employers in each state or territory have to take out workers compensation insurance to cover themselves and their employees. (P/s: For who deserves it) Source: https://www.fairwork.gov.au/leave/workers-compensation

18.01.2022 Starting your hectic day with a little song. Have a nice Monday! We hope you enjoy it. P/s: Please check out how to use Xero program if you are going to join Australian Accouting & Payroll teams :)

18.01.2022 THINGS TO ASK BEFORE STARTING A JOB What time do I start work? Do I need to arrive early on my first day to complete any paperwork? Whats the address?... Who do I report to when I arrive? (If driving) Is there parking available all day? What sort of clothes and shoes should I wear? Is there a dress code or policy about piercings, tattoos, or hairstyles? Are there any safety rules about clothes, shoes, or jewelry? Is there a uniform? Will I be reimbursed for the uniform, or is it provided? Do I get an allowance for cleaning my uniform? What are my main tasks? What is expected of me? Do I need to bring any equipment or tools? Will there be any training? Who should I ask if I have questions about my tasks? What should I do if things are quiet? Is there an award or enterprise agreement that applies to my job? What is my hourly rate? Do I get penalty rates for overtime, weekends, or nights? Do I have to complete time-sheets or record my hours? When and how often do I get paid? How do I receive my payslips? What do I do if I am sick or running late? Is it OK to text or email or do I need to call? Who do I need to contact? Is there a policy about providing medical certificates or statutory declarations if I am on sick leave? Is there a policy about using social media? Is it ok to have my phone on me at work? What are the rules about making or receiving personal calls? Are there rules about having visitors at work? Source: www.fairwork.gov.au

18.01.2022 BOOSTING CASH FLOW FOR EMPLOYERS Temporary cash flow boosts will support small and medium businesses and not-for-profit organisations during the economic downturn associated with COVID-19. Eligible businesses and not-for-profit (NFP) organisations who employ staff will receive between $20,000 to $100,000 in cash flow boost amounts by lodging their activity statements up to the month or quarter of September 2020.... The cash flow boosts will be delivered as credits in the activity statement system. They will generally be equivalent to the amount withheld from wages paid to employees for each monthly or quarterly period from March to June 2020. In practice, this means you keep the amounts you have withheld from payments for these periods. However, there are some exceptions. An additional cash flow boost will be applied when activity statements for each monthly or quarterly period from June to September 2020 are lodged. These credits are equal to the total boosts credited for March to June 2020. They will be paid out in either two or four instalments depending on your reporting cycle. Photo: Taxpurpose.com.au Source: https://www.ato.gov.au//In-detail/Boosting-cash-flow-for/

18.01.2022 JURY DUTY Jury duty, also known as jury service, is a type of community service leave. Employees, including casual employees, can take leave to attend jury selection and jury duty. Notice and evidence... Employees must advise their employers of the period or expected period of leave as soon as possible. If an employee requests leave they need to provide evidence showing they attended jury selection or jury duty. Payment for jury duty Full-time and part-time employees have to be paid 'make-up pay' for the first 10 days of jury selection and jury duty. Make-up pay is the difference between any jury duty payment the employee receives (excluding any expense-related allowances) from the court and the employee's base pay rate for the ordinary hours they would have worked. Before paying make-up pay, an employer may request evidence from the employee to show: - that the employee has taken all necessary steps to obtain jury duty pay - the total amount of jury duty pay that has been paid or will be payable to the employee for the period. If the employee can't provide evidence, they won't be entitled to make-up pay. Photo: turnbullhill.com.au Source: https://lnkd.in/dQGAn9X #Jury #duty #fairwork #goverment #australia #community #service #leave

16.01.2022 4 MOST COMMON TYPES OF BUSINESS STRUCTURES IN AUS The 4 most common types of business structures in Australia are: - sole trader the simplest structure, gives you full control - company more complex, limits your liability because its a... separate legal entity - partnership made up of 2 or more people who distribute income or losses - trust where a trustee is responsible for business operations Source: www.business.gov.au

15.01.2022 WHAT IS DIVERSITY AND INCLUSION? A diverse workforce is one which employs all kinds of people. All businesses can be diverse, regardless of the industry theyre in or the type of work they do. Workplace diversity refers to the variety of differences between your employees. It includes:... - Recognising the differences between your employees in age, gender, ethnicity, language, education, religion, nationality, cultural identity, family status, sexual orientation, and disability - Understanding the varied perspectives, approaches, and talents that these differences bring to your workplace. Inclusion means your business understands and respects your employees differences so that everyone: - is treated fairly - can contribute to their full potential - feels valued in the workplace. Source: https://www.fairwork.gov.au/

13.01.2022 WHEN A PAY INCREASE IS MISSED Sometimes an employee is paid the right pay rate at the start of their employment but they're underpaid later. This might happen if: - Minimum wages increase - minimum wages are reviewed every year and increases usually start from the first full pay period on or after 1 July... - A junior employee has a birthday - junior pay rates often increase each year on the employee's birthday - An employee's duties change - more responsibility or different duties can mean the employee is classified at a higher level under an award or agreement - An employee completes a job-related qualification - under some awards employees get paid more if they've completed more education - An apprentice or trainee moves to the next pay level or completes their course. You can audit an employee's pay records for only a short period of employment if: - you know when the underpayment started and ended - you're confident the employee was paid the right pay rates during the rest of their employment. Source: https://www.fairwork.gov.au//he/how-to-fix-an-underpayment

13.01.2022 TAX & SUPERANNUATION Under the superannuation guarantee, employers have to pay superannuation contributions of 9.5% of an employee's ordinary time earnings if: When an employee is paid $450 or more before tax in a month and is:... - over 18 years, or - under 18 years and works over 30 hours a week. This applies to full-time and part-time employees and some casual employees and includes temporary residents. Superannuation has to be paid at least every 3 months, into the employee's nominated account. For more information about the superannuation guarantee, including what counts as ordinary time earnings external-icon.png, visit the ATO website external-icon.png or contact the ATO on 13 10 20. Photo: Types of superannuation funds Source: https://www.fairwork.gov.au/pay/tax-and-superannuation#

12.01.2022 PUBLIC HOLIDAYS Public holidays can be different depending on the state or territory you work in. It's important to know when public holidays are because employees can get different entitlements on these days.... Public holidays coming up in the next few months in your state or territory include: *** Australian Capital Territory Monday 5 October - Labour Day ***New South Wales Monday 3 August - Bank Holiday (applies to banks and certain financial institutions) Monday 5 October - Labour Day *** Northern Territory Monday 3 August - Picnic Day *** Queensland Friday 14 August - Royal Queensland Show - Brisbane Area Only Monday 5 October - Queen's Birthday *** South Australia Monday 5 October - Labour Day *** Tasmania Monday 2 November - Recreation Day (all parts of the state which do not observe Royal Hobart Regatta) *** Victoria Friday 25 September - Friday before AFL Grand Final Tuesday 3 November - Melbourne Cup *** Western Australia Monday 28 September - Queen's Birthday (Some regional areas in WA hold the Queen's Birthday public holiday on a different date) For more information: https://www.fairwork.gov.au//publi/list-of-public-holidays Source: https://www.fairwork.gov.au/leave/public-holidays

11.01.2022 CASUAL EMPLOYEES Casual employees are paid based on the number of hours they work. They usually arent guaranteed a certain number of hours per week. Casual employees do not need to give or receive notice of termination. They are not entitled to paid sick leave or annual leave, a paid day off on a public holiday or redundancy pay. To compensate for this they are entitled to extra pay for each hour they work this is called a casual loading.... Casual employees can be asked to work more than 38 hours per week, if the additional hours are reasonable (all additional hours must be paid and may attract overtime rates). Casual employees are entitled to some entitlements under the National Employment Standards. This includes unpaid personal/carers leave and compassionate leave. Long term casuals (who have been employed on a regular and systematic basis by an employer for at least 12 months and expect to keep working) have additional rights, including access to unpaid parental leave and the right to request flexible working arrangements. Casual employees can also have rights under unfair dismissal laws and may have entitlements under State or Territory legislation. Most casual employees will be covered by an award or enterprise agreement. The award or agreement will set out their other minimum conditions, such as pay rates, penalties, allowances and meal breaks. The award or agreement may also contain special rules for casual employees, such as minimum periods of engagement. It is your responsibility to find out whether an award or agreement applies to your employee and to comply with it. Information about awards, agreements and other employment conditions can be found at www.fairwork.gov.au. Source: www.fairwork.gov.au

10.01.2022 TAX & SUPERANNUATION Generally, if you pay an employee $450 or more (before tax) in a calendar month, you have to pay them super guarantee (SG) on top of their wages. You pay super regardless of whether the employee:... - is full-time, part-time or casual - receives a super pension or annuity while still working including those who qualify for the transition-to-retirement measure - is a temporary resident, such as a backpacker or a working holidaymaker when they leave Australia, they can claim their super through the Departing Australia superannuation payment (DASP) program - is a company director - is a family member working in your business provided they are eligible for SG. Photo: www.theaustralian.com.au Source: https://www.ato.gov.au//Working-out-if-you-have-to-pay-su/

10.01.2022 HOW TO BUILD A PROFIT PLAN? Planning for profit is crucial for a small business to stay on track and understand the factors that contribute to its success. Preparing for possible challenges and ensuring a maximum profit return are some of the benefits for small businesses that create a formal profit plan. But with the day-to-day competing demands of running a small business and seasonal cash-flow changes, it can be difficult to know where to start with profit planning.... Visit CMPCA's website to find out how to create a simple and clear profit plan for your company. Source: https://www.cmpca.com.au/resources/building-a-profit-plan-2/

10.01.2022 YOUR TAX AND SUPER OBLIGATIONS Your tax, super and other obligations will vary depending on whether your worker is an employee or contractor. If your worker is an employee you'll need to:... - withhold tax (PAYG withholding) from their wages and report and pay the withheld amounts to us - pay super, at least quarterly, for eligible employees - report and pay fringe benefits tax (FBT) if you provide your employee with fringe benefits. If your worker is a contractor: - they generally look after their own tax obligations, so you don't have to withhold from payments to them unless they don't quote their ABN to you, or you have a voluntary agreement with them to withhold tax from their payments - you may still have to pay super for individual contractors if the contract is principally for their labor - you don't have FBT obligations. Source: https://www.ato.gov.au//Em/Your-tax-and-super-obligations/

09.01.2022 FINAL PAY PAYMENTS An employee should get the following entitlements in their final pay: - outstanding wages for hours they have worked, including penalty rates and allowances - any accumulated annual leave, including annual leave loading if it would have been paid during employment... - if it applies: + accrued or pro-rata long service leave + payment in lieu of notice + redundancy pay. Sick and carers leave is not paid out when employment ends. Source: https://www.fairwork.gov.au//notice-and-final-pay/final-pay

09.01.2022 JOBKEEPER PAYMENT FOR ELIGIBLE EMPLOYEES Employers need to pay all your eligible employees at least the minimum amount of $1,500, even if they earn less than this per fortnight. The amount of $1,500 includes: ... - gross salary, wages - commissions - bonus payments and allowances - inclusive of PAYG withholding, and any fringe benefits or superannuation contributions provided under an effective salary sacrifice agreement. Read more: https://www.ato.gov.au//e/paying-your-eligible-employees/ Source: https://www.ato.gov.au//em/paying-your-eligible-employees/

09.01.2022 WHY GIVING BACK IS GOOD FOR YOUR BUSINESS If your business hasnt made it a habit to support a good cause, heres why you should: giving back does more than making a difference in your community. Participating in charitable activities can have a positive impact on your staff, your customers, and your bottom line. Customers want to support companies that demonstrate a commitment to more than earning a profit. A 2010 study by Cone Marketing showed that 85 percent of customers ...Continue reading

07.01.2022 UPDATED: CHANGES EFFECTIVE FROM 1 JULY 2020 (P1) THE COMMISSION The Fair Work Commission has announced a 1.75% increase to minimum wages. This will apply to all award wages.... Increases to awards will start on 3 different dates for different groups of awards: Group 1 Awards - from 1 July 2020 Frontline Health Care & Social Assistance Workers Teachers and Child Care Other Essential Services Group 2 Awards - from 1 November 2020 Construction Manufacturing A range of other industries Group 3 Awards - from 1 February 2021 Accommodation and Food Services Arts and Recreation Services Aviation Retail Tourism Read more: https://www.fairwork.gov.au//the-commission-has-announced-

06.01.2022 FINANCIAL ACCOUNTING At CMP we like to make it easy for you to do what youre good at running your business. We are your complete financial accounting service and well make sure your financial reporting, budgets, and forecasts are under control. We take the time and make the commitment to understand your business so we can offer you practical advice that makes sense for your business. We recognize that every business is different and when you work with CMP youll get down ...Continue reading

06.01.2022 UPDATED: CHANGES EFFECTIVE FROM 1 JULY 2020 (P2) MODERN AWARD REVIEW The changes are explained further below and start on the first full pay period starting on or after 1 July 2020.... - Social and Community Services Award Casual employees covered by the Social and Community Services Award will get their casual loading in addition to the penalty rates when they work on Saturday, Sunday, or overtime. For weekend work, casuals will be paid: + 175% of their ordinary hourly rate for work on Saturday + 225% of their ordinary hourly rate for work on Sunday. - Aged Care Award The Commission confirmed an increase in the casual rate for work on weekends and on a public holiday. Casuals covered by the Aged Care Award are now entitled to: + 175% of the ordinary hourly rate for work on Saturday + 200% of the ordinary hourly rate for work on Sunday + 275% of the ordinary hourly rate for work on a public holiday. - Building and Construction Award + Removing a number of special rates and allowances and increasing the industry allowance, to simplify wages (clause 21.1) + Introducing time off instead of overtime (clause 36.17) + Adding an early morning shift (clause 34.1) + Varying the living away from home distant work arrangements (clause 25.4) + Updating the fares and travel pattern allowance (clause 25.1) + Altering the rates for forepersons and supervisors (clause 43.2) + Annual leave loading will now be calculated on the employees' ordinary hourly rate (clause 38.2) + Soil and concrete and aggregate testing employees are no longer covered by the award. For details: http://awardviewer.fwo.gov.au/award/show/MA000020 - Joinery Award The Commission has made the following changes to the Joinery Award: + Updating the transfers, traveling and working away from the usual place of work provision (clause 24.5) + Introducing time off instead of overtime (clause 30.9) + Employers and a majority of their employees can now agree on changing ordinary hours of work and rostering, breaks, and overtime (clause 31.1). For details: http://awardviewer.fwo.gov.au/award/show/MA000029 - Mobile Crane Award For details: http://awardviewer.fwo.gov.au/award/show/MA000032 - Miscellaneous Award The Miscellaneous Award still doesnt cover managerial employees and professional employees such as accountants and finance, marketing, legal, human resources, public relations, and information technology specialists. Read more: https://www.fairwork.gov.au//modern-award-review-changes-t

06.01.2022 ****** SENIOR ACCOUNTANT - NEEDED ******* WWW.CMPCA.COM.AU https://www.facebook.com/vncmpartners We are a Sydney based Chartered Accounting practice that has clients all over Australia and requires team members to be a part of our company to build and grow with us.... - Working location: No.2 Street, Lang Bao Chi, Thao Dien, District 2, HCMC. - Working time: 8AM - 5PM (Mon-Fri) - Company Field of Business: Accounting, Payroll, Consulting Service in Australia 1. Salary: $500 - $1000 2. Key Accountabilities: - Financial accounting/bookkeeping - Liaising with financial and operational staff regarding data collection and analysis - Managing accounts receivable, payables functions - Timely and accurate preparation of weekly and monthly management reports - Ensuring the accuracy of all financial transactions recorded in Xero - Completing month-end tasks including reconciliations, journals and accruals - Preparation of cash flow forecasts and budgets - Assisting with year-end P&L and Balance Sheets - Learn to produce year-end financial reports and prepare workpapers. - Any other duties requested by Team Leader. 3. Reports to: Reporting directly to Team Leader 4. Requirements: - Tertiary qualified mandatory - At least 3 years experience in a similar role - Proficiency in software including Xero, or other on-line accounting software. - Ability to meet deadlines and work independently - High level of communication and teamwork skills with the ability to build relationships with internal and external stakeholders. Please send your CV via email: [email protected] as soon as possible. Thank you for your interest.

05.01.2022 Let's learn 3 new words this week :) social gifting noun [U] UK /s.l.gft./ US /so.l.gft./ doing a kind act for other people or to benefit the community instead of buying someone a gift... impact exercise noun [U] UK /m.pækt.ek.s.saz/ US /m.pækt.ek.s.saz/ the activity of combining a sporting challenge such as running a marathon with working on a project that benefits the people who live in the same area woke capitalism noun [U] UK /wk.kæp..tl..zm/ US /wok.kæp..tl..zm/ a strategy used by some major businesses in which they become involved in popular social and political issues in order to make more money

03.01.2022 FIVE USEFUL TERMS FOR ACCOUNTANTS WORKING FOR AUSTRALIAN COMPANIES 1. Allowance An allowance is an additional amount of money you may receive for things like laundering your own uniform or bringing your own tools to work. Different jobs have different allowances. Allowances are usually set out in the award or enterprise agreement that applies to your job.... 2. Annual leave Annual leave is a paid break from work. It is sometimes referred to as holiday leave. Under the National Employment Standards, full-time employees get at least 4 weeks of annual leave each year. Part-time employees get a proportion of this, based on the number of hours they work. Casual employees dont receive annual leave. Annual leave builds up from the time you start work. If you dont take your annual leave it will continue to build up and carry over. 3. Apprentice An apprentice is an employee who learns their trade or profession while working for an employer under a special training contract. Apprentices may be employed on a full-time or part-time basis, depending on their hours of work. Their hours of work include training time. Some awards and agreements have special rates and conditions for apprentices. The apprentice rates only apply if the apprentice has a training contract registered with a training authority. For more information visit www.australianapprenticeships.gov.au 4. Award (Modern award) An award is a legal document that sets out the minimum wages and conditions for an industry, occupation or enterprise. Awards are made by the Fair Work Commission. An award usually covers things like wages, hours of work, rosters, breaks, allowances, penalty rates and overtime. There are more than 120 awards, such as the "Fast Food Industry Award" and the "Hair and Beauty Industry Award". To find out which award applies to your job ask your boss or go to www.fairwork.gov.au/awards 5. Breaks A break is a period of time you are required to have off during a shift. Some breaks are paid, and others are unpaid. The type and number of breaks you get depend on the hours you work. Breaks are usually set out in the award or enterprise agreement that applies to your job. Source: www.fairwork.gov.au

03.01.2022 WHAT IS END OF FINANCIAL YEAR? The financial year is a time period of 12 months used for tax purposes. The Australian financial year starts on 1 July and ends the next year on 30 June. At the end of the fiscal year, small business owners wrap up their books and begin finalising their tax time paperwork and accounting. From 1 July through to 31 October individuals and businesses submit their tax return to the Australian Taxation Office (ATO), who use the information to determi...ne how much tax you owe. To help you get ready for tax season weve created a video with 6 steps to make your end of financial year easy! https://www.youtube.com/embed/RbfYB-budbk Source: https://www.reckon.com/au/end-of-financial-year/

03.01.2022 THREE WAYS AN ACCOUNTANT CAN SAVE YOU MONEY Many small business owners think theyre saving money by handling their financials themselves. While its a real asset to learn bookkeeping basics, cash flow management, and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will free up time so you can focus on serving your clients and implementing plans for growth. Here are a few ways an accounting professional can he...Continue reading

02.01.2022 WHAT IS A GENUINE REDUNDANCY? Redundancy happens when an employer either: - doesn't need an employees job to be done by anyone, or - becomes insolvent or bankrupt.... Redundancy can happen when the business: - introduces new technology (eg. the job can be done by a machine) - slows down due to lower sales or production - closes down - relocates interstate or overseas - restructures or reorganizes because a merger or takeover happens. The type of ETPs and which code applies: *** Life benefit ETP + Type R: ETP because of: - early retirement scheme - genuine redundancy - invalidity - compensation for personal injury/ unfair dismissal/ harassment/ discrimination. + Type O: Other ETP not described by R. For example, golden handshake, gratuity, payment in lieu of notice, payment for unused sick leave, payment for unused rostered days off. *** Multiple payments for same termination + Code S: This is a code R payment. You made one of the following payments to your employee in a previous income year for the same termination: - a code R payment - a code O payment - a transitional termination payment. + Code P: This is a code O payment. You made one of the following payments to your employee in a previous income year for the same termination: - a code R payment - a code O payment - a transitional termination payment. *** Death benefit ETP + Code D: Death benefit ETP paid to a dependant of the deceased. + Code B: Death benefit ETP paid to a non-dependant of the deceased. You made a termination payment to the non-dependant in a previous income year for the same termination. + Code N: Death benefit ETP paid to a non-dependant of the deceased. + Code T: Death benefit ETP paid to a trustee of the deceased estate. Source: https://www.fairwork.gov.au/ending-employment/redundancy https://www.ato.gov.au//Schedule-11---Tax-table-for-empl/

02.01.2022 TWO FBT GROSS-UP RATES Two separate gross-up rates apply to fringe benefits provided to employees. The gross-up rates are as follows:... Type 1 benefits These arise where an employer is entitled to an input tax credit when the fringe benefit is acquired. Gross-up rate: 2.0802 for the years ended 31 March 2020 and 31 March 2021. Type 2 benefits These arise where an employer is not entitled to an input tax credit when the fringe benefit is acquired. Gross-up rate: 1.8868 for the years ended 31 March 2020 and 31 March 2021. Source: FBT Supplement 2019/20