cafe counter front of house

Minimum wage increase for some awards from 1 October 2022

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Minimum wages in 10 awards in the aviation, tourism and hospitality sectors increase from 1 October 2022

Following the Annual Wage Review 2021-22, the Fair Work Commission (the Commission) announced:

  • an increase to the National Minimum Wage of $40 per week, which amounts to an increase of 5.2%
  • an increase to award minimum wages of 4.6%, which is subject to a minimum increase for adult award classifications of $40 per week and based on a 38-hour week for a full-time employee.

Other award wages, including junior, apprentice and supported wages that are based on adult minimum wages, get a proportionate increase.

The increases to award minimum wages in 10 aviation, tourism and hospitality sector awards start from the first pay period on or after 1 October 2022.

The increases to the National Minimum Wage and to award minimum wages in all other awards started on the first pay period on or after 1 July 2022.

The Fair Work Ombudsman’s pay tools, information and resources have been updated with the new pay rates and allowances.

Contact the team at Notch Above Bookkeeping for clarification around payroll requirements on 1300 015 130.

Source: Fair Work Ombudsman

advice

Digital Solutions for small business

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Looking for tailored advice for your small business?

The Digital Solutions program works with you to adopt digital tools to save you time and money and to help grow your business.

Key points

  • Round 1 of the Digital Solutions program will end on 31 March 2023
  • Read more here including how to contact a Digital Solutions provider
What do you get?

The Digital Solutions – Australian Small Business Advisory Services program works with small businesses to make the most of digital tools and offers broader advice specific to your business needs such as:

  • how digital tools can help your small business
  • websites and selling online
  • social media and digital marketing
  • using small business software
  • online security and data privacy.

Digital Solutions is a 7-hour packaged service that offers 3 hours of tailored one-on-one support and group workshops or webinars.

Who is this for?

Small businesses with fewer than 20 full-time (or equivalent) employees, as well as sole traders, can access services at the subsidised rate. The service is available across all metropolitan and regional areas in Australia.

How much does it cost?

The Digital Solutions program is $44 for 7 hours of support and your first interaction with the service is free.

About the Digital Solutions advisers

Digital Solutions advisers hold formal qualifications in business or information technology-related disciplines and have at least 2 years’ experience providing digital advice to small or medium-sized businesses.

Looking for a Xero Certified Bookkeeper for your business? Are you drowning in paperwork? Cash flow keeping you awake at night? Learn how Notch Above Bookkeeping can solve all these problems, and more. Contact our team on 1300 015 130 Australia-wide.

Source: Australian Govt

highway high road

Regional Futures – Collaborative Projects QLD

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Funding for regional Queensland collaborations to solve significant innovation challenges

Key points

  • This program supports regional innovation leaders to collaborate with partners to unlock Queensland’s economic potential, whether by solving a significant problem or creating an opportunity for the regions
  • Closing date: Tuesday 29 November 2022
  • Find out more about your eligibility and how to apply here »

Overview

Funding is available for projects of up to 18 months in which collaborations are created across regional Queensland to solve significant innovation challenges.

Collaborative projects should aim to:

  • provide tangible benefits to regional communities
  • support regional strengths and/or emerging industries
  • realise potential and remove barriers targeting issues of regional significance
  • increase the regional ecosystem’s capability and contribute to its future prosperity and resilience.

Eligible project costs that the funding can be used for include:

  • salaries (including salary-related on-costs) for project staff
  • consumables required specifically for the project
  • plant and equipment required specifically for the project up to a total cumulative value of $10,000 during the term of the grant
  • reasonable travel costs necessary to undertake project activity
  • specialist advice and services provided by unrelated (external) providers.

Application detail

Applications are open continuously (or until funds have been allocated) with the first assessment dates being:

  • 10am Tuesday 10th May 2022
  • 10am Tuesday 2nd August 2022.
What you get

Matched funding of up to $200,000.

Who is this for?

Queensland regional organisations.

Check if you can apply

To be eligible for funding, the applicant organisation must, at the time of application:

  • be based in a Queensland region
  • have an Australian business number (ABN) and be registered for goods and services tax (GST)
  • be collaborating with one or more organisation(s) based in a Queensland region
  • provide a signed Regional Futures – Collaborative Projects – Regional Engagement Officer Certificate.
  • be able to match the requested funding 1:1 in cash
  • be ready to commence the project within 60 business days of the grant approval
  • be able to complete the project within 18 months of the commencement date.

Proposed collaborative projects must be able to demonstrate:

  • significance of the opportunity and innovation activity
  • strength of collaboration and viability of the project
  • benefit to the region/s and Queensland.

Looking for a Xero Certified Bookkeeper for your business? Are you drowning in paperwork? Cash flow keeping you awake at night? Learn how Notch Above Bookkeeping can solve all these problems, and more. Contact our team on 1300 015 130 Australia-wide.

Source: Australian Govt

computer virus

ASCS warns of increasing ransomware attacks

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Ransomware attacks are on the rise in Australia.

Learn how to protect yourself against it and secure your devices.

What is ransomware?

Ransomware is a common and dangerous type of malware. It works by locking up or encrypting your files so you can no longer access them.

A ransom, usually in the form of cryptocurrency, is demanded to restore access to the files. Cybercriminals might also demand a ransom to prevent data and intellectual property from being leaked or sold online.

The effects of ransomware

Ransomware can cause severe damage to both individuals and organisations. You could face significant downtime while you restore your devices and data to their original state.

If you don’t have a backup, it could be impossible to recover your files.

Downtime or data loss can hurt your reputation, and cost you money.

What to look for

Ransomware can infect your devices in the same way as other malware or viruses. For example:

  • visiting unsafe or suspicious websites
  • opening emails or files from unknown sources
  • clicking on malicious links in emails or on social media.

Common signs you may be a victim of ransomware include:

  • pop-up messages requesting funds or payment to unlock files.
  • you cannot access your devices, or your login doesn’t work for unknown reasons.
  • files request a password or a code to open or access them.
  • files have moved or are not in their usual folders or locations.
  • files have unusual file extensions, or their names or icons have changed to something strange.

Case Study: Ransomware attacks can be devastating, but backups protect what matters most.

How backing up saved a business from ransomware.

Ransomware can happen to anyone, anywhere, at any time, and for one business, it did. With assistance provided by the Australian Cyber Security Centre (ACSC), the business recovered from the attack, files intact and avoided months in downtime.

Gerri, who worked at a small design firm, noticed one morning she could not access a design file. The file extension was different and the icon was a blank page rather than the usual logo. Suspecting something, she raised it with her colleague Simon.

Simon decided to look at all the files on their server and noticed in real time that their files were being encrypted randomly, making them unusable.

“We actually caught it happening and then I pulled the plugs on everything and managed to save a lot,” said Simon.

A .txt file titled ‘Read Me’ popped up – it was a note sent by a cybercriminal saying the files were encrypted with ransomware. The note demand a ransom in cryptocurrency to unlock them.

Simon took a screenshot of the ransom note and ran anti-malware and anti-virus on all their machines. He quickly called the Australian Cyber Security Hotline on 1300 CYBER1 to report the ransomware attack and seek advice about how to recover.

Luckily, the business was following ACSC best practice advice and kept regular backups of their work to cloud servers and external drives, as well as a Network Attached Storage device.

Due to Simon’s quick thinking and awareness, he was able to save the majority of their files; however, they lost some newer files that were encrypted by the ransomware.

The business consulted an IT professional, who reformatted their systems to ensure there was no trace of ransomware on their networks, as well as updated their anti-virus software.

Unfortunately, the encrypted files could not be recovered, taking the business an additional 2 weeks to recreate the lost work and to get all the systems back up and running.

“The downside was having to reload the software onto the systems, which took hours for some.” said Simon.

However, if it was not for the backups made prior to the attack, the situation could have been much more severe.

“Backup all your stuff daily… if it wasn’t for that we would have been stuck for months.” said Simon.

The ACSC has updated its ransomware guidance to help Australian individuals and businesses protect themselves and respond to a ransomware attack.

The ACSC is here to help all Australians impacted by cyber incidents. ACSC cyber security advice and assistance is available 24/7 through the Australian Cyber Security Hotline (1300 CYBER1) and through ReportCyber.

ACSC advice

Never pay a ransom

There is no guarantee you will regain access to your information, nor prevent it from being sold or leaked online. You may also be targeted by another attack.

The practical guides below will help you to protect yourself against ransomware attacks and tell you what to do if you’re held to ransom.

If you get stuck

invoice

3 ways eInvoicing helps small business

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The digital revolution

We’re watching eInvoicing evolve into the critical customer tool it is for businesses today

Previously, electronic invoicing still required manual touchpoints. Today that process is far more streamlined and automated – a process allowing for the digital exchange of invoice information between suppliers and buyers.

Printing, posting or emailing paper-based or PDF invoices are no longer required and manually entering data or scanning invoices is a thing of the past. Many systems allow users to connect and transact almost immediately with others in the same network.

It’s important to be clear what eInvoicing is – and what it isn’t

It’s not simply emailing scanned or formatted invoices – systems which still require a manual touchpoint. Nor is it a system which automatically matches invoices to purchases. And finally, it can’t automatically pay invoices – although it does significantly speed up the process for users.

This transition can be tough for some businesses, particularly suppliers that have become accustomed to a certain way of work. Or even some who would consider themselves fully ‘digital’ after moving to a PDF or scan-based invoicing model. But the benefits of eInvoicing outweigh the change.

eInvoicing aims to standardise the way information is structured and exchanged between two or more parties. Furthermore, it can enable cross-border digital exchange of procurement documents providing rich actionable data.

In Australia, Peppol is used as the standard framework for eInvoicing. The system is an international eProcurement framework which aims to offer an efficient, accurate and secure way to transact.

Costs and cash flow

Perhaps the most significant benefit of eInvoicing is its impact on the bottom line for many SMBs. Gone are the financial and productivity costs of reams of paper or endless emails. Gone are the storage costs associated with keeping boxes of documents. And in many cases SMBs get paid much quicker which can improve cash flow and lead to other benefits.

In Australia more than 1.2 billion invoices are exchanged every year, according to the Australian Taxation Office. Traditional invoices can cost up to $30 to process – while the same cost for eInvoicing can be as little as $10. The opportunity eInvoicing offers could save the economy $28 billion over the next ten years.

eInvoicing users enjoy reduced transaction times compared with other means. This helps them run their daily operations more efficiently at a time when SMBs need as much help as they can get. That’s the feedback we’re getting directly from small businesses.

COVID-19 was the tipping point many Australian businesses needed to finally take that next step into the digital. We worked closely with many small business owners during that time to ensure they were making the most of the benefits offered by digitisation. That included payments — a critical part of the operations of all businesses, no matter their size.

The most significant benefit of eInvoicing is its impact on the bottom line for many SMEs. Gone are the financial and productivity costs of reams of paper or endless emails — ANZ

That work continues today. It’s never too late to go digital and the benefits are manyfold, especially for the crucial smaller business sector. With SMEs making up 32 per cent of Australia’s GDP and employing 41 per cent of Australia’s workforce, when SMBs grow, Australia grows.

We believe eInvoicing is an essential part of this growth towards digitisation, cost efficiency and fraud reduction. We see it as good for our suppliers and we are looking at ways to extend this same capability to our customers.

Safe, secure and sustainable

In our experience eInvoicing is a reliable and secure way of transmitting data. It is less error-prone and helps avoid common pitfalls associated with email security, such as scams and phishing.

eInvoicing systems operate through the use of ‘access points’, or approved service providers that aim to prevent, detect and mitigate fraud.

It’s also good for the planet as it saves on material costs and reduces environmental impacts through less printing and physical delivery.

Indeed research from PwC suggests 5,000 tonnes of carbon could be prevented from reaching the atmosphere by dispensing with paper invoices.

Making the shift

We have seen a significant shift in attitudes toward eInvoicing since the beginning of the pandemic.

Ultimately the benefits extend beyond SMBs – it is good for larger businesses too.

We’ve watched with excitement the uptake of eInvoicing among both our client base and elsewhere. And we see a big opportunity for further adoption in Australia and around the region.

Source: ANZ Bluenotes

green payroll binder

Superannuation Guarantee changes

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Is your system updated for the latest SG changes?

From July 2022, the $450-per-month super guarantee (SG) eligibility threshold was removed.

This means that if an employee meets the other SG eligibility requirements, you must pay them SG, regardless of how much they earn. However, employees under 18 must still work more than 30 hours in a week to be eligible.

It’s important to make sure your payroll and accounting systems have been updated for salary and wages paid from 1 July 2022. This will ensure you correctly calculate your employee’s SG entitlement.

An employee’s eligibility for SG is determined when they are paid, not when they earn the income.

This means if you pay an eligible employee on or after 1 July 2022, you need to pay their super regardless of how much they have earned – even if all or part of the relevant pay period is before 1 July.

The ATO’s Superannuation guarantee eligibility decision tool can help you determine if your employees, including any contractors treated as employees for super purposes, are eligible for super.

You can also check out the Super guarantee contributions calculator to help you work out how much super you need to pay.

Check ATO guidelines to help you understand the changes and contact the team at Salisburys on 02 6041 3014 to find out what they mean for your business.

More payroll changes

Single Touch Payroll changes 2022

Source: ATO

 

keyboard and coffee

Businesses urged to safeguard digital identities

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Priority access to .AU web domain names

The Australian Small Business and Family Enterprise Ombudsman is urging Australian businesses to protect their online assets as the cut-off date for priority access to register for their shortened domain name approaches.

.au direct has launched. If you have priority, apply for your matching name by 20 September.

Direct domain names: the new .au digital address

Time is running out for businesses to secure the latest .au domain name resource and prevent an unrelated party setting up shop at the internet’s latest address. The .au domain is here!

Anything that you see on the internet, irrespective of whether it is an online store, employee portal, customer forum or article, has a unique address. This address falls under a domain name.

Domain name registrations are not just an administrative or record-keeping task for a business — they are an essential tool when it comes to carving out an exclusive identity online. Ownership of key domains can ensure customers are transacting with an authentic trader and helps prevent unauthorised third parties from capitalising on a business’ valuable reputation. Maintaining a suite of domain names also enables a website to have improved search engine rankings, consistent branding and establishes a business identity in a global online trading environment.

Businesses will have no doubt encountered some of the different third-level domain (3LD) options already available for domains in Australia. The domain name ending in .au indicates that the people or company operating the site has a business presence or connection with Australia. Soon we will have a new, snappier namespace available at the second level (2LD) domain. It is essential that traders identify whether they are eligible and take steps to secure this asset in the current priority period.

Eligibility for priority access to the .au domain

The .au domain is in high demand, so it is vital that Australian businesses take the necessary steps as soon as possible to place themselves at the top of the queue. According to data published by the Australian Domain Administration (auDA), more than 3.5 million .au domains are already reserved as at August 2022.

A business can reserve a .au domain if it already has a 3LD .au domain name registered. The existing 3LD .au domain name must have been registered before 24 March 2022 to qualify for priority status. auDA will reserve an equivalent domain name for existing registrants, provided the existing registered domain complies with eligibility requirements.

Businesses have until 20 September 2022 to apply for priority status of the exact .au match of an existing 3LD .au domain name registration. Under the priority process, names that are exact matches will be put on ‘priority hold’ to prevent them from being registered by others. The purpose of this is to give existing registrants the ability to register their priority status of the exact match. This priority holding period ends on 20 September 2022.

If no one applies for priority status, the available .au domain names are released from priority hold on 3 October 2022, after which anyone from the public can seek registration through an accredited registrar.

Source: TaxVine

payroll

Single Touch Payroll changes 2022

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There have been changes to Single Touch Payroll (STP)

Employers are required to report additional payroll information now or once your payroll product is ready.

You need to start reporting additional information on or before each pay day — this is known as STP Phase 2.

STP Phase 2 started on 1 January 2022

Some Digital Service Providers (DSPs) need more time to update their payroll software products and transition users. If your DSP has a deferral, this covers you.

It’s important you understand which of the following circumstances apply to you:

  • Your payroll product is ready — it’s time for you to start STP Phase 2 reporting now or have a plan in place to transition as soon as possible
  • You are covered by a DSP deferral — know when your product will be ready and that you are ready to start Phase 2 reporting when it has been updated, or no later than the first payday after your DSP deferral expires:
    • Xero 31/12/2022
  • Your payroll product is not being updated to offer STP Phase 2 reporting — your DSP will let you know if they have another product you can use. If not, you’ll need to choose a product that offers STP Phase 2 reporting.

If you’re unsure as to which of these circumstances applies to you, speak with your provider or your BAS professional.

What you need to do

Many DSPs are releasing changes progressively. Your DSP will provide you with instructions so it’s essential that you follow them.

The ATO has compiled some resources to help business owners to understand the changes and prepare. These include a factsheet, checklist and detailed reporting guidelines which outline the STP Phase 2 reporting requirements. These can be accessed at ato.gov.au/STPresources.

The additional STP information is intended to help Services Australia customers, who may be your employees, get the right payment. It will also reduce the need for you to provide information about your employees to multiple government agencies.

Need extra time to transition?

You can apply for a delayed transition if you need more time to start STP Phase 2 reporting. Visit ato.gov.au/delayedstp2transitions to find out how to apply.

Source: ATO

Complete tasks for your tax period

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As a small business owner, you want to do what you love

However, managing your accounts might not be what you got into business for.

Use your time wisely to help give you the space to start analysing how your business is tracking and really focus on the growth opportunities available.

Completing financial tasks regularly will give you the ‘creative/thinking space’ to focus not only on growing your business but also take time away from your business to enjoy a holiday.

Are you registered for GST?

One way to set regular timeframes is if you report GST or Goods and Services Tax to the ATO.

GST is reported via a business activity statement or BAS, monthly, quarterly or annually. Use your GST period as your time frame to work towards.

Check with the ATO or speak to your bookkeeper to see if you need to report GST.

Not registered for GST?

You can still set regular time frames for your business to work towards and keep yourself accountable for.

TIP! A great period to work towards is quarterly, so you can start to compare business performance from one quarter to the next.

Tasks

Complete the following day-to-day tasks for each time frame

  • Record all sales
  • Record all expenses, such as bills, wages and other business expenses
  • Reconcile your bank accounts regularly
  • Keep business documents stored within the file library in Xero
  • Keep your payroll and superannuation up to date

What should you be doing at the end of each period?

Reports

Reports that help with comparing periods include:

  • The Profit and loss report: to show your income and expenses for current and past periods
  • The Balance sheet: to understand the financial position of your business

Also start to prepare or chat to your bookkeeper about preparing budgets for your business.

Check out what reporting tools are available in Xero, and how they can help you to track and manage your cash flow more effectively.

Having this knowledge is going to empower you to start making business growth decisions and have more meaningful conversations with your accountant or bookkeeper the next time you talk.

Setting yourself up for the new year

Financial year-end is the perfect time to do a check-up, celebrate your successes, and refocus on business goals.

For more Xero tips, advice and bookkeeping essentials for your business, visit How We Help You and get started today with Notch Above Bookkeeping, Australia-wide.

Source: Xero