Tailored Accounts facebook   +61 2 6169 5196

How to effectively respond to future COVID-19 outbreak?

  • Read: 83 times
Author: Harry Hoang During the COVID-19 restrictions, I believe micromanagement at work is ineffective because it involves spending a lot of time and effort while receiving few gains. This reminded me of my early days as a bookkeeper when my manager would get us to enter every single piece of information from the invoices into our accounting system manually. The desktop-based accounts system did not allow for remote access, making it impossible for users to log on if they chose to work from home. This tedious and time-consuming experience made me wonder how such organisations could survive the COVID-19 crisis…
Read more...

How to avoid common Cashflow Boost Grant Application mistakes?

  • Read: 78 times
Up-to-date financial information and bookkeeping are vital if you wish to receive any Government support. Without a set of reconciled and tidy books, your compliance is not ready and, as a result, your business is unlikely to become eligible for any government support. Running a business is already a challenging talk, running a business during COVID-19 is like riding a bicycle up a hill! Fortunately, we are in Australia where the Government is very efficient in terms of providing lifesavers packages like Cashflow Boost or Jobkeeper. We have spoken to our friends who work in other parts of the world…
Read more...

Changes on Xero Payroll Platform to implement the latest tax tables

  • Read: 78 times
The Budget will bring forward income tax cuts scheduled for 2022 as announced during the 2020 Federal Budget. It means that more than 11 million taxpayers are eligible for tax cuts backdated to 1 July 2020. Tailored Accounts Xero Payroll Specialist Fuzuki Nishimura closely observed the latest change of Xero payroll platform in reflecting the new tax tables for PAYG withholding. Xero has now released the updated PAYG tax tables so that your taxes will be calculated on the updated tables for all future pay runs. Fuzuki’s tips to all SME clients to ensure an error-free pay run under the…
Read more...

Common mistakes that made businesses think they failed the JobKeeper 2.0 test (Part 2)

  • Read: 75 times
Continuing part 1 of the article, here are another two common misunderstandings that most business owners have experienced: Using the profit and loss report from XERO to work out a 15% or 30% drop. We would not recommend using a profit and loss report in XERO, especially if you are testing on a cash basis. There are transactions that we have seen in this report that shouldn’t be accounted for as GST cash turnover. We strongly suggest you only use the activity statement report in XERO to work out GST turnover for JK testing purposes. As mentioned above, it is…
Read more...
Subscribe to this RSS feed