Stapled Superannuation Changes

Many Australians have money in more than one super fund. That is because when a new employee does not choose a superannuation fund, their employer chooses a default super fund for them. When someone changes jobs and does not choose their own fund, this can result in having multiple superannuation accounts as new accounts are created for each job. Consequently, many people are losing track of their super funds and their money. In March 2021 there was $13.8 billion in lost and unclaimed super in Australia. Continue reading

Benefits of Using a Bookkeeper for Your Business

These days there are numerous software programs which can help you to manage your business finances and submit your tax information to the Australian Tax Office (ATO). So, if you can do it yourself, do you need a bookkeeper? In fact, there are many good reasons why a bookkeeper is a valuable asset to you and your business. Continue reading

How to Manage Tax Debt

Unfortunately, due to Covid-19, many businesses have struggled to stay afloat. Business owners have struggled to pay staff, suppliers, and general running costs such as rent and electricity. One area which is not focussed on as often is tax debt. Owing money to the Australian Tax Office (ATO) can happen any time, but it has become much more prevalent due to the pandemic. What happens if you find you owe the ATO money? Fortunately, there are some options for you. Continue reading

Reducing Bookkeeping Service Costs

The obvious aim of every business is to make money, and the simple formula for this is to maximise the income while minimising the costs. Utilising the services of a bookkeeper has numerous benefits to any business, but how can you maximise the benefits of a bookkeeper and minimise the cost at the same time? Fortunately, there are ways. Continue reading

Maintaining a Trust Account – Real Estate and Legal Firms

What is a Trust Account?
A trust account is as the name suggests. A trust account is a bank account where an individual or entity (trustee) is trusted to hold money on behalf of someone else. A trustee can use the account for making and receiving payments.

Solicitors are permitted to be trustees. In Queensland, when solicitors set up and operate a trust account they must report to the Queensland Law Society. The Office of Fair Trading also issue licences to other occupations to enable them to be trustees. These include real estate agents, motor dealers, letting agents, and auctioneers. Continue reading