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An arts accountant spills the tea on Payday Super 🫖💰⁠ ⁠ Non-compliance with super payments is still a huge issue in creative industries, mostly due to ignorance. Michael Fox, an arts accountant who runs a gallery in Melbourne, says creative freelancers like artists, musicians, writers, and actors don’t get taught the rules when they should 😬⁠ ⁠ But breaking the rules can have severe consequences, from damaged reputations and financial loss to costly ATO penalties 🏦⁠ ⁠ So we asked Michael Fox to share his thoughts on how creative small businesses can stay compliant in a post-Payday Super world 🎨✨⁠ ⁠ Link in bio for full interview 🔗 ✨
Srsly 😑😑😑⁠ ⁠ Accountants are important financial professionals for small businesses! They can do everything from setting up payroll, preparing and lodging tax returns, and advising clients how to structure their business 💸⁠ ⁠ A good accountant will keep your budget, goals, and business in mind when giving advice 🙂 And this is why it’s essential to get good advice from qualified, accredited accountants (not silly memes 😆) ⁠ ⁠ Link in bio to compare accountants 🔗 ✨
Idiot proofing Payday Super 🙌😉⁠ ⁠ Payday Super is a new law that means employers must pay super contributions at the same time as salary and wages 💸 ⁠ ⁠ These contributions must go to the right super fund at the right time. Otherwise, it’s late or missing super, and you could cop a huge penalty 😬⁠ ⁠ To stop silly mistakes, the ATO introduced member verification requests (MVR) in its latest compliance update. Now, whenever employers pay a new super fund, they send an MVR through their payroll software to check their employee’s details 👀 The super fund then has to accept or reject the MVR within 24 hours ⏱️⁠ ⁠ Rejection = wrong fund, wrong person ❌⁠ Acceptance = right fund, right person ✅⁠ ⁠ If you get a rejection, no stress! Now, you can correct any mistakes in time before the Payday Super deadline 😮‍💨⁠ ⁠ Reckon Payroll is one of the few software plans that comes with MVRs 💰 So hit the link in our bio to learn how this idiot proofs Pay Day Super 🔗 ✨
What is accounting, and why is it vital for business? 🤔 💰
Do client have to pay super to freelancers? 🤔 💸
Payday Super is a lotta admin (if you’re doing it wrong 💅)⁠ ⁠ Payday Super is now in effect, and that means employers have to pay superannuation contributions to workers alongside qualifying earnings (QE) every payday 🗓️ ⁠ ⁠ Good payroll software can make this SUPER easy by automating several important steps:⁠ 🤓 Calculating super based on QE⁠ 🔜 Sending money via a compliant superannuation clearing house to the right funds⁠ 🏦 Reporting everything via STP to the ATO⁠ ⁠ Remember, to stay compliant, super contributions need to be 1) accurate and 2) on time. Get it wrong, and you risk the wrath of the ATO (and a big a$$ fine 💸)⁠ ⁠ Link in bio to learn more 🔗 ✨
How super funds work after Payday Super 🏦 🚀 ✨ AKA saving for retirement
Business just got heaps easier 💪📊🚀⁠ ⁠ If you work in retail, hospitality, or the arts, you know good business = good inventory management ✅You need enough stock to stay in the game, but not *too much*, or you waste money 😬⁠ ⁠ Now, Reckon One can help find the right balance with new stock-tracking and purchasing tools, all in one app 📲 Our new inventory update can:⁠ ✅ Automate purchase orders⁠ 👀 See live stock levels⁠ 📊 Track costs in real-time⁠ 🤝 Built into your accounting software⁠ 🧾 Generate inventory reports (which is helpful for tax time)⁠ 🌎 Work remotely, so you can work from anywhere⁠ ⁠ Link in bio to learn how to manage inventory in Reckon One 🔗 ✨
Things that just SHOW UP as a business owner 😱 💀
What I wish I knew before freelancing 😭
RIP marketing budget during economic downturns ⚰️⁠ ⁠ If times are tough for your small business, don’t slash and burn your budget willy-nilly 💸 🔥 🙅Instead, focus on *spending smarter*, not spending less. ⁠ ⁠ Marketing serves an important role in your business. It helps you:⁠ 👋 Get new customers⁠ 😀 Make a good impression⁠ 💃 Stand out from the competition⁠ ⁠ And much more! So if you’re looking to stretch a buck and make your marketing budget work smarter, not harder, hit the link in our bio for some starting ideas 🔗 ✨
Why inventory is vital for business 🛠️ ✨

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