Exact Bookkeeping

01/10/2024

You need to be paid for all time spent working.

This includes time spent in meetings, doing training (including online or at home) and time spent opening or closing a store.

https://www.fairwork.gov.au/pay-and-wages/paying-wages

21/09/2024

🚨 Payday Super Changes for Employers 🚨

Starting 1st July 2026, employers will need to pay super at the same time as wages. While the SG calculation remains the same and ATO will handle SG Charge assessments, there are some challenges ahead. The Small Business Superannuation Clearing House will retire, and missing the 7-day rule could lead to penalties. For small businesses, this means more frequent payments and increased cashflow pressure.

Read more: https://www.icb.org.au/s/news/payday-superannuation-announcement-MCMIURMHQHFFGRBP65GPIMVIYGPI

10/08/2024

🗓️ On July 24, 2024, the Tax Practitioner Governance and Standards Forum (GSF) and Consultative Forum (CF) discussed the Tax Agent Services (Code of Professional Conduct) Determination 2024.

Highlights:
- Existing Compliance: Most practitioners meeting current standards will align with the new requirements.
- Support: The TPB will offer guidance during the transition.
- Industry Feedback: Concerns were raised about compliance deadlines and the scope of new obligations. TPB and Treasury will address these in FAQs and draft guidance.

Key updates include:
- Ethical Standards: Practitioners must uphold high ethics, correct misleading statements, and maintain transparency.
- Confidentiality: Properly manage conflicts of interest, ensure confidentiality, and maintain robust record-keeping.

🔗 For more details visit: https://www.icb.org.au/s/news/unpacking-the-new-code-of-conduct-determination-MC5SDIGTT4N5EBXMXSYT6VVXLP4M

10/08/2024

Annualised wages and annual salaries aren’t the same thing, but a common thread is that you can’t be paid less than the minimum entitlements you would otherwise receive if you were paid your award or enterprise agreement rates.

An annualised wage arrangement is a term in some awards and enterprise agreements that allows an employer to pay you more than your minimum hourly base rate to cover other entitlements like penalty rates or annual leave loading.

An employment contract may set out an annual salary. This type of agreement is different to an annualised wage under an award or enterprise agreement, but still can’t be less than your minimum entitlements even if you’ve agreed to it.

We’ve got more info about annualised wages in common awards, including record-keeping and reconciliation requirements for employers here: https://www.fairwork.gov.au/pay-and-wages/minimum-wages/annualised-wages

18/05/2024

If you want to make a voluntary repayment on your study loan before indexation, you’ll need to do this by 27 May. This allows enough time for the payment to clear before 1 June, which is when accounts are indexed.

10/05/2024

Building financial futures, one ledger at a time.💡

Bookkeeping isn't just about numbers; it's the cornerstone of business success.

Do you agree?

22/03/2024

🚨 Attention all businesses in Australia! Effective from March 22nd, the ATO is cracking down on overdue Taxable Payments Annual Reports (TPAR). 📅

Last year, the ATO penalized over 11,000 businesses, totaling $18m in fines. Don't let your business be one of them!

Don't risk penalties – ensure compliance now. 💼

Read more: https://ow.ly/JU9y50QNssJ

22/03/2024

The Easter Bunny is hopping up right around the corner🐰. With states and territories having slightly different public holiday dates, we thought we’d combine all the eggs in one neat basket (table🤭).

Check your pay entitlements when working and not working on a public holiday: https://www.fairwork.gov.au/employment-conditions/public-holidays

14/03/2024

Happy 12 year Anniversary to our amazing Employee, Kylie Holley! We are so lucky to have you - looking forward to many more years! 💕

21/11/2023

📢🎄Hey Christmas casuals, it's us again with our weekly countdown (only 5 weeks to go!!). Wondering if you can be sent home early without pay if it’s quiet? Not necessarily.

Most awards and enterprise agreements include minimum engagements or shift lengths for casual employees. For example, under the Restaurant Award the minimum engagement for a casual employee is 2 consecutive hours. That means if you’re sent home earlier because it’s quiet, you still have to be paid for 2 hours.

Check the minimum engagement rules and other rules about hours of work in your award here: https://www.fairwork.gov.au/employment-conditions/hours-of-work-breaks-and-rosters/hours-of-work

21/11/2023

Bookkeepers are the architects of financial futures💡

Let's celebrate the wisdom of accurate records and the incredible impact they have on shaping a brighter tomorrow.

14/11/2023

🚨 Attention all employers and employees

The ATO is stepping up its game when it comes to Superannuation payments, and they're keeping a closer eye on it than ever before.

Read here for everything you need to know:
https://ow.ly/xGLc50Q5pXm

05/09/2023

It’s been an honour to be invited by the host of this event and I would absolutely love it if I could gather some of my supportive friends and family to also help support something so close to my heart.
If you love a nice meal and are ready to put on your dancing shoes - please join us in supporting ADHD Australia 💕

http://bit.ly/45dsMT8

23/05/2023

12/05/2023

💡Employee vs Contractors: Determine the Difference

Are you clear about whether someone you work with is a contractor or an employee? Knowing the difference is important for legal and financial reasons.

By providing guidance and support, bookkeepers play an essential role in helping clients correctly classify workers as employees or contractors and ensure they meet their obligations under relevant laws and regulations.

Here's a complete guide to help you differentiate between the two!

Learn More About the Difference Here🔗
https://www.icb.org.au/s/news/employee-vs-contractors-MCAAKRT3XL6VFWHM6PM474JFDEZU

05/05/2023

A free meal isn't considered payment for work, even if it's for time spent outside your rostered hours in a mandatory meeting.

Any time you are required to spend in a compulsory meeting is work time and must be paid. Your award or agreement may have additional rules that need to be followed. Learn more about pay and wages on our website: https://www.fairwork.gov.au/pay-and-wages

23/03/2023

Carlos works casually cleaning homes and apartments for a business that contracts out their cleaning services to various clients. He’s paid a flat rate of $20 per hour every day, including weekends.

❓ Yes or No ❓ Is this how he should be paid?

Nope. If Carlos uses our Pay Calculator, he can check which award applies and the correct minimum pay rates for his job. In this case, Carlos is covered by the Cleaning Award. Under the award, an adult casual level 1 cleaning services employee should be paid a minimum ordinary rate of:

• $28.45 per hour on weekdays
• $39.83 per hour on Saturdays
• $51.21 per hour on Sundays.

Your minimum ordinary pay rates for weekends, early morning, nights and public holidays will depend on the rules in your award or agreement. Learn more about minimum pay and entitlements in the contract cleaning industry: https://www.fairwork.gov.au/find-help-for/contract-cleaning/entitlements-for-employees-under-the-cleaning-award

21/12/2022

Your employer can’t change your roster to avoid paying you public holiday entitlements. Learn more about this and other end-of-year entitlements here: https://www.fairwork.gov.au/newsroom/news/rules-and-entitlements-during-end-year-holiday-season

So, if you’re a full-time or part-time employee who normally works ordinary hours on a Monday for example, your roster can’t be changed to avoid the upcoming public holiday. If you’re not working due to the public holiday, you must be paid your base rate of pay for the ordinary hours you would have worked that Monday.

20/12/2022

😂

18/12/2022

The festivities have begun!
A wonderful night out with a lovely client and staff! The theme was SOMETHING BEGINNING WITH E. Renee the Egyptian Queen and Kylie the Emo!

01/12/2022

😂. Pretty accurate 🤦‍♀️😂

23/11/2022

Working under your own ABN doesn’t automatically make you an independent contractor. Join us for a free webinar to help you understand the difference between an employee and an independent contractor and find out what to do if you believe you've been misclassified.

There’ll also be:
• an example about a cleaning employee being misclassified as a contractor
• info about 'sham contracting'
• a guest presentation from the Australian Taxation Office.

Register now to book your spot on 1 December: https://register.gotowebinar.com/rt/5616524622172773136

11/11/2022

Pay per hour or per room? Well, the Cleaning Award has hourly rates of pay so you can’t be paid a low flat rate per room you clean.

A flat rate per space cleaned might leave you worse off compared to the minimum rates and entitlements (like penalties and overtime) outlined in the Award.

For example, if you’re given a rate of $20 per office cleaned and it takes you 4 hours to clean 4 offices, you’d earn $80. But under the Cleaning Award, the minimum hourly rate for a level 1 full-time cleaner is $22.76.

In this example, you’re missing out on pay and that’s not taking into account other factors that may increase that rate even more like employment status, allowances and penalty rates.

Check you’re not being underpaid by visiting our contract cleaning web page: https://www.fairwork.gov.au/find-help-for/contract-cleaning