Welcome to the Porters CA Blog.

Please enjoy our regular blog of relevant business, taxation and financial information. You can also follow us on Facebook, Instagram, Linkedin and Twitter.

The differences between wages, salary, commission, and bonuses

There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have their own implications for your business and its employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses. How you pay your employees will impact your finances and…  Read more

Contribute to Super before 30 June.

Superannuation If you want to make a tax deductible contribution before 30 June or pay super for your employees for a tax deduction in FY22 – Take Action NOW. Funds must be received in a fund bank account before 30 June. From 1 July there are two key changes: the contribution rate for employer super contributions will increase to 10.5%; the minimum $450/month threshold ($350 for hospitality) for employer contributions…  Read more

Super guarantee $450 threshold scrapped

Scrapping the $450 per month super guarantee threshold was a parting gift of the Liberal Party. From July 1, employers must make super guarantee payments for all employees regardless of an employee’s total monthly earnings. As announced in the 2021–22 federal Budget, the Australian Government the $450 per month threshold will be scrapped from July 1 to expand coverage of super guarantee to eligible employees regardless of their monthly pay. The…  Read more

Tax Planning, who needs it?

In April and May 2022, we assist clients with Tax Planning to provide specific actions to reduce your tax and manage your business and personal profits. REDUCING YOUR TAX and PLANNING FOR YOUR TAX PAYMENTS We have annual tax planning guides that will help you succeed: FY22 Tax planning tips and ideas for business FY22 Tax and wealth management tips and ideas for individuals When is a tax plan essential?…  Read more

Federal Budget 2020: What it means for you

The Federal Budget was released on Tuesday 6th October. We have summarised what we feel is most relevant information for clients of Porters CA. If you would like to read more about the “Winners and Losers” of the Australian Federal Budget for 2020 click here. Key Points: Tax cuts for workers – more money in pockets for more Australians. JobMaker Hiring Credit scheme – businesses supported for hiring employees aged…  Read more

Adapting your business is just good business.

Tips to Adapt Your Small Business During the Pandemic As COVID-19 continues to impact the way businesses operate and consumers shop, many small businesses may struggle to stay afloat, let alone thrive. Below are some of the simple, yet effective, ways on how you can build a stronger brand, earn more sales, and survive in these uncertain times. Showcase locally-made products Now, more than ever, consumers want to buy from…  Read more

Tax tips for business owners

Seamless bookkeeping and accounting You want to avoid paying more than you should come tax time. Part of that is ensuring you have well organised and recorded financial records. When tax time comes around, are you ready or scrambling last minute for missing financial records? Business owners have a lot on their plate and can easily lose track of an approaching tax deadline or financial data needed to submit returns.…  Read more

Cash flow – Where does the money go?!

Join the small business train. You’re working all hours, making sales, invoicing clients but it seems that all of us ask the same question, “Where does all the money go?” When you own a small business, it’s vital you understand how money flows into and out. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how…  Read more

Technology toolbox for trades

When you run your own trade business, your life involves long days on job sites managing projects, staff and clients. Often we see successful business operators working so hard they find no time for invoicing and bookkeeping. Thanks to a variety of online software companies, running your business is now a lot easier. You can efficiently manage your projects, employees, finances and records on your computer, tablet, or mobile phone.…  Read more

What is financial planning?

To many people, financial planning sounds like something for the very rich. The wealthiest people take their piles of money to someone who tells them where to invest it so they can make even more money. The rest of us just focus on saving what we can while paying off debt and hoping we don’t lose our jobs before we’re financially stable. In fact, financial planning is about having long-term…  Read more

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