AFS NEWS | Your partners in success

Superannuation shortfall from annual leave loading confusion

The Australian Taxation Office (ATO) has historically held the view that annual leave loading was not earnings in respect of ordinary hours of work, or ordinary time earnings (OTE). This meant superannuation was not payable in respect of such earnings.

How does your business compare?

Small to medium businesses are being warned to check the Australian Taxation Office (ATO) business benchmarks when completing their tax or business activity statements. Whilst the benchmarks are there for a guide, those operating outside of the figures should have all records to validate their claims.

not for profit financials

Profit is not a dirty word – NFP Principles

“There is a perception among some NFPs that they should not set and achieve ambitious profit goals because this may be viewed poorly by stakeholders. However, aiming to achieve long-term financial sustainability should be a core goal of all organisations.” The Australian Institute of Company Directors (AICD) issued a refreshed Not-for-Profit Governance Principles earlier this […]

Finding safe harbour when business is rough

Australia’s economy is growing at a slower pace than many would like, with small businesses in some sectors doing it tough. Recognising the warning signs of potential insolvency is key to trading through difficult times.

small business advice Bendigo

Five signs of a well run small business

Every small business owner wants their business to thrive, but it can be tough to keep the money coming in the door while staying on top of all the necessary paperwork.

Ignoring a garnishee notice may prove a costly mistake

A garnishee notice is one of the many tax debt collection strategies used by the Australian Taxation Office (ATO). A garnishee notice is issued to a third party who either holds money for you (e.g your bank) or owes you money (e.g your debtors).