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Will you have enough savings to retire? Payday Super might give you a boost 💰⁠ ⁠ Right now, Australian businesses only have to pay superannuation quarterly (although many do it more frequently) 🗓️ However, this delay means some Aussies miss out on interest! ⁠ ⁠ This is because interest is cumulative and depends on the *base* balance. So if your balance rises a little bit each month, you earn MORE interest than if it rises a lot every three months 📈 🤑⁠ ⁠ Essentially:⁠ ✨ Many smaller payments = more interest ✨⁠ 💀 Few large payments = less interest 💀⁠ ⁠ Payday Super plans to fix this gap! It would change the law so that every business has to pay super alongside wages within 7 days. ⁠ ⁠ Curious? Link in bio to see how it works and when this is happening 🔗 ✨
Not every employee in Australia gets the same benefits! 👷 💸 ⁠ ⁠ To be clear, most employees in Australia are eligible to receive Superannuation Guarantee (SG) contributions from their employers 🏦 This gives them savings for retirement 🧓⁠ ⁠ But contractors like tradies or freelancers fall into a special category 🚧 Because they run their own business, unless their contract says otherwise, they are responsible for topping up their own super funds.⁠ ⁠ Link in bio for more information on hiring contractors 🔗 ✨
Hub for do-gooders, now live ✨⁠ ⁠ Nonprofits have unique accounting, payroll, and invoicing needs 💸 Depending on their structure and purpose, they also have specific compliance requirements with the ATO and ACNC ✅⁠ ⁠ This includes *lots* of rules and regulations around:⁠ 💸 GST registration ⁠ 💌 Donor gift receipt eligibility⁠ 🏦 Tax-exempt status⁠ 🤑 Fundraising & member benefits⁠ 😱 What happens if you shut up shop⁠ 🙌 And more! ⁠ ⁠ A charity like Vinnies is NOT the same as a local sports club or a school canteen 🙅 However, they all have one thing in common: doing good in the community 🫶 ⁠ ⁠ So they deserve a fair go — and that means easy, helpful guides and affordable accounting software 💻 📲 Tips, tricks, and resources for nonprofits in bio 🔗 ✨
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Nonprofits! 🚨 You have a new tax obligation with the ATO 🏦 ⁠ ⁠ If you’re a nonprofit in Australia with an active ABN, starting this year, you may have to submit a self-review to the Australian Taxation Office (ATO) to keep your tax exempt status 💸⁠ ⁠ Basically, this self-review looks at your organisation’s income, expenses, and operations 👀 You’ll have to provide information about:⁠ 💰 Your NFP’s annual gross⁠ 🤝 The purpose of your organisation (and proof it’s for charity)⁠ 📄 Governing documents prohibiting income and asset distribution to any individual or members⁠ 🦘 Proof your expenditure is entirely within Australia⁠ ⁠ If you still meet the criteria for tax exemption, you can keep it. If you don’t, you’ll have to lodge an income tax return 😬 This is to prevent tax evasion 🙅⁠ ⁠ Talk to a tax advisor for specific advice. Link in bio for more information 🔗 ✨

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