Leading up to the end of the financial year, now is the ideal time to implement as many tax saving strategies as you possibly can. By planning ahead, your business can avoid any nasty surprises, plus if you do have any additional tax to pay, you will have plenty of time to start preparing for the cash flow impact this …
Are you getting the most from your accounting systems and personnel? Do you trust the data to be accurate and available when you need it so that you can make important business decisions? If not, then follow these 5 steps, so you can run your business smoother and more cost effective than ever before…
Invoice scams are today becoming all too common. While these scams have been around for over a decade, nowadays they are looking more and more like the real emails they are attempting to replicate. They are well written and cleverly executed to convince to reader to believe and interact with the email. It has become extremely difficult to differentiate from what is a real and what is not …
The Fair Work Commission (FWC) has announced a 3.5% minimum wage increase as part of its 2017/18 annual wage review. This decision applies to the National Minimum Wage and all Modern Award minimum rates of pay. The revised National Minimum Wage will increase to $719.20 per week (which is a $24.30 increase) or $18.93 per hour. Several factors influenced the …
There are a number of costly mistakes that employers often make during payroll year end, overpaying Return to Work SA and Payroll Tax by including wage items that are exempt, overstating an employee’s earnings by not taking into account salary sacrifice arrangements, incorrect reporting of allowances and incorrect reporting of Reportable Employer Super Contributions (RESC). Therefore, it is imperative to …
By now you have probably read many of the outcomes of the 2018-19 Federal Budget. However, you may still be wondering how exactly these outcomes are going to affect you as a small business owner? Below, we summarise some of the relevant key announcements and provide our own ‘lucent insight’ into what it all means for your business. Personal Income …
You may already be familiar with the term ‘Single Touch Payroll Reporting’, as the government initiative is expected to be somewhat of a game-changer in the industry. Well if you’re not across it already, the deadline for compliance is fast approaching and it’s time for preparations to get underway. Clients of lucent advisory will not need to take any action …
Does the thought of managing and paying employees raise your level of anxiety? When we listen to CEO’s, Managing Directors, General Managers, Finance Manager or HR Manager of an organisation, we frequently hear… It’s a mess, we have people on so many different pay rates and varying entitlements….I do not have time to ensure everyone is paid correctly…..there are so …
Superannuation, that pesky ‘s’ word is a much misunderstood Australian phenomenon. To know how to calculate superannuation we must first know the rate employers need to contribute. The current percentage in the 2017/18 financial year is 9.5. That rate will continue to gradually increase up to 12% by 2025. Employees seem to forget that this is very much their money. …
On 12 December 2017, the Fair Work Commission (FWC) varied certain overtime rates and minimum shift entitlements for casual and part-time employees in several awards. The decision introduces overtime rates for casual employees in many of these awards and changes how part-time hours can be worked in others. These changes apply from the first full pay period on or after …
