As a small business owner, you wear many hats—from managing day-to-day operations to supporting your team and serving your clients. With so much on your plate, it's easy for critical administrative tasks like managing superannuation to fall through the cracks. But, staying on top of your super obligations is crucial to supporting your employees in saving for their funds to avoid potential penalties.
Here are three essential key tips to help ensure superannuation success for your small business:
1.Understand your obligations as an employer
As a business owner with staff, you are required to contribute a percentage of each eligible employee's ordinary time earnings into their designated superannuation fund. This "superannuation guarantee" is currently set at 10.5% for 2023-24. It's important to calculate this correctly, including any commissions, bonuses, and allowances (but excluding ad hoc overtime pay). Using a superannuation guarantee contributions calculator can help avoid...
As a wellness business owner, preparing for tax time can feel overwhelming, but it doesn’t have to be. With the right strategies and tools, you can navigate the process smoothly and ensure your business remains financially healthy. In this guide, we’ll walk you through the key steps to prepare for tax time, explain the PAYG instalment system, and highlight the importance of accounting software, financial reviews, and maintaining a buffer in your business accounts.
Understanding the PAYG Instalment System
The Pay As You Go (PAYG) instalment system is a method of paying your expected tax liability in instalments throughout the year. If your small business grows and your income increases, you might find yourself moving into the PAYG system. This system helps spread your tax payments over the year, making it easier to manage your cash flow and avoid a large tax bill at the end of the financial year.
How PAYG Works
In the fast-paced world of entrepreneurship, it's easy to compare ourselves to others, especially when starting out as a sole trader or new business owner. We often look at the materialistic achievements and assets of our peers, believing that these are the true measures of success. However, at Wealthy Wellness, we believe that growing your business with the right intentions and mindset is the key to genuine prosperity.
To begin your journey towards a strong business foundation, set clear goals and intentions aligning with your values and purpose. Define what success means to you and your business, and establish measurable milestones to guide your growth. A strong sense of direction will help you make decisions supporting your progress and avoid unnecessary spending.
It's natural to feel inspired by the accomplishments of others, but it's crucial not to let comparisons dictate your journey. We often judge wealth based on what we see—the flashy sports car, the latest...
“The most important lessons that I have learned in life are to understand your values; and do not waiver from your personal sense of being. This means being adaptable and be accepting of change. Life is a journey, and the lessons we learn help us to become the person we are today.”
-Lynne Spalding, Owner & Founder of Business Wellness Hub
I thought I was doing OK. I had two beautiful children and although it was hard bringing them up being the only adult in the household we got by. Day to day life was consistently negative thoughts and anxiety but I had accepted that was me and that was how I was going to spend the rest of my life. Always worrying what other people thought, why did everyone else know so much more than I did, stressing over having enough money and have I been a good parent. We can all do better but one of my strong points is being willing to listen to others. I did understand the parts of me that I didn’t really like, and I...
At Business Wellness Hub, we ask our clients to do Monthly Allocations including sending their bank statements each month to us for reconciling. We could do a whole blog post just on this (and likely will in the future!), BUT the purpose of this Blog is to detail one of our most common questions; “Why do you need a copy of thebank statements when our accounting software hasbank feeds?”.
And the simplest answer is we need toverifythatallbank feeds have arrived. Sometimes a day can be missed, orduplicatesappear and these need to be corrected to not only ensure accurate records at BAS time but to ensure the business decisions that you make are backed by accurate data.
By reconciling the feeds to the bank statement, we can confirm the data is accurate.
At BAS time, havingmissinginformationonyourBASmaymean you are not reporting your GST correctly, and no onewantstohearaboutthisduringanaudit!
At...
Congratulations Lynne on being the MYOB Certified Consultant of the Year!
We are absolutely honoured once again to receive another Award! This is our 2nd Award of the Year, and the 4th time being within the Finalist categories for Awards for the year!
A MYOB Certified Consultant is an Accountant or Bookkeeper that has been professionally endorsed and have exhibited a high level of knowledge, talent, and expertise with MYOB products. To be approved as a MYOB Certified Consultant, applicants must meet stringent screening criteria and submit to an annual review of their skills.
Having a MYOB Certified Consultant supporting your Business will ensure that the best practices are followed, knowing that you have a well-educated, trained, trusted expert in their field taking care of your accounts, maintaining accuracy and consistency to ensure your business is compliant with...
At Business Wellness Hub, we aim to support all small business owners. Although for us, business ownership is an exciting endeavour, we understand that for some people, it is the only way to provide food for their family and community. That is why every month we donate a percentage of our income to the MicroLoan Foundation.
The MicroLoan Foundation provides women in sub-Saharan Africa with business loans, training and support to enable women to build businesses, taking their families and communities out of poverty.
Since 2002, the foundation has helped over 200,000 women to start and grow businesses. As a result, 800,000 children have been given the chance of an education and the opportunity of a better future.
Find out more about the microloan foundation here.
Every small business owner goes through the same stage in life, insecurity before leaping into the business world. It can be scary and exciting all at the same time. If you are sitting on the fence, deciding whether to follow your passion, here is the inspiration you need.
If you wake up in the morning with a burning desire to start a business, then that is what you should do. Every small business begins with the owner's ambition.
Here are some reasons you may want to start a business:
Your mind only creates a desire for what is important to you, so listen to your gut and follow your passion.
Some of the most successful business owners never stepped foot in business school. Creating a successful life is about using...
Have you ever thought about working from home? Or maybe you do already? I have been working from the comfort of my own home for over 20 years. Although the appeal of not taking the train to work seems excellent, it can sometimes be challenging to stay on track. So, I thought I would share with you three simple tips that will help you stay productive while working from home.
Make sure you have a designated workspace
Working on the kitchen bench just won't cut it. If you are going to work from home for any time longer than a few hours a year, you need a designated workspace. Something clean and quiet enough so that you will stay focused, but also inviting and calming to inspire creativity.
Create a start and finish time to stick to
Just like when you work for a company, you should maintain a consistent start and finish time. Knowing when you will begin work will stop procrastination and...
Being a business owner is not easy. You must be chief salesperson, Accountant, marketing executive and of course do the work that your clients pay you for. There is so much uncertainty around income and once you have done the work how long is it going to take to get paid.
People start their business with a dream – it may be the amount of money they are going to earn, or it might be the lifestyle they want to live. Unfortunately, it does not always go to plan and the business owner is left feeling isolated, stressed, and overwhelmed.
At Business Wellness Hub we get it and that is one of the main reasons why we have redirected our vision to provide a holistic approach to our clients’ business growth. It is our belief if you support the business owner, not only with their accounting needs but also to give them strategies to be able to cope with the stress of running a business, they have a far better chance of success. That is why we run day retreats to take the business...
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