DB Jeffrey Pty Ltd

Got my little helpers in to decorate the caravan for our Christmas Trip!
Are you heading away for Christmas?

Does your business operate under the state industrial relations system, and need some help planning and setting up these extra wage costs?
See below for all the information you need to know

If your small business employs staff under the state industrial relations system, you may need to plan for increased wage costs in the New Year.

The WA minimum wage and award rates of pay will increase by 1.75% from the first pay period on or after 1 January 2021.

How do you plan for these costs? Does your business operate under the state industrial relations system?

Take a look at the updated WA award summaries from Wageline and use our handy Operating expenses forecast calculator (in the Templates & tools section of our website) to plan your upcoming wage costs.

https://bit.ly/3quJmu1

Before you buy any Christmas gifts for your clients or staff, make sure you’re across the rules on what can and can’t be claimed as a deduction come tax time:

Claiming tax deductions on client gifts | Small Business Planning to give gifts to your clients for Christmas? Here is a rundown on what you can and can’t claim back as a deduction at tax time.

Are clients late payments effecting the running of your business? Here are some helpful tips to get it under control.

Have you found that your clients aren’t paying on time?

Late payments can impact on your ability to meet the running costs of your own business, but what can you do to manage your overheads when payments are late? 🤔

Read our 7 practical tips to help you manage the impact of late payments: https://bit.ly/3f8dA0u

The Australian Government has announced the JobMaker Hiring Credit to encourage businesses to hire young people for new positions. Here’s what you need to know: https://bit.ly/2UlpESC

https://www.ato.gov.au/Newsroom/smallbusiness/Employers/Pay-your-SG-by-23-October-due-to-SBSCH-outage/?sbnews20201016

Heres the new tax tables applicable now.

Tax tables This document provides a list of quick links to the pay as you go (PAYG) withholding tax tables.

All you need to know about Jobkeeper 2.0 extension.

Out on location on a beautiful spring day.

Did you know? (ATO extract)
You are legally required to keep records of all transactions relating to your tax and superannuation affairs as you start, run, sell, change or close your business, specifically:

Any documents related to your business's income and expenses
any documents containing details of any election, choice, estimate, determination or calculation you make for your business's tax and super affairs, including how (basis or method) the estimate, determination or calculation was made.
To meet your record-keeping requirements and avoid common errors, ensure you understand what records are needed for your business and make accurate and complete record-keeping practices a part of your daily business activities. As your business changes or grows, you may need to review what records you need to keep.

There can be legal and financial consequences if your business doesn't comply with these record-keeping requirements.