Factor1 Blog

Articles, posts and other materials that have made its way to clients and the public

archive

May 2020
april 2020
01-Apr: New Service - Business Recovery
NEW SERVICE: BUSINESS RECOVERY – STIMULUS PACKAGE & GRANTS ASSISTANCE

Our accounting firm has an enormous responsibility to support our clients in a time of need.

Over the last week, we have been keeping our clients updated regarding the many Government Stimulus Packages and other applicable grants.

We have been working around the clock to help clients understand the announcements in the context of their own circumstances.

We anticipate further assistance will be required. We will ensure that we get back to every query to help achieve the best possible outcomes for our clients.

We appreciate your understanding that we need to recover costs and ensure the viability of the assistance provided. Therefore we have launched the following service, which will be chargeable based on our current hourly rates:

Business recovery – stimulus package and grants assistance

This service is not included within the scope of any current agreements in place with our firm and will be invoiced as a separate item when applicable.

We thank you for your continued support, and together we will get through this difficult time.

Published:

MARch 2020
23-Mar: New Working Arrangements

 

Dear clients,

We trust both you and your families are taking the necessary care during these unprecedented times. In response to the current situation and the Authority’s advice, please be informed that as of Monday the 23rd of March, Factor1 has changed it’s working arrangements, and all personnel will be working remotely until further notice. Therefore, the office will also be closed for visits during this time.

With this new arrangement, you may experience some processing delays and also delays from the Australian Tax Office (ATO) are highly probable too. We apologise for any inconveniences caused.

To date, the ATO has not announced any official lodgement extension; however, penalties and interest remissions are very likely.

We believe that with everyone’s assistance to minimise the spread of COVID-19, we will see the light at the end of the tunnel soon. Stay safe.

Published:

JAN & feb 2020
Our Xero Trophy!

Terrific our trophy has arrived from the most recent Xero Awards – Cloud Champion of the Year Finalist.

#XeroAwards #Factor1 #ProgressiveAccountants

Published:

It's a New Year for change!

It’s a New Year for change!

  • Is your Accountant up with technology & new work practices?
  • Are they using software that automatically transforms receipts and invoices into numbers?
  • Are they using electronic signing instead of snail mail post?

If the answer is “No”, then come over to Factor1. We are a Xero 2019 Cloud Champion of the Year finalist.

By using the latest technology, accountants can provide a substantially improved experience and drive efficiency. If your accountant has not adapted to change, then they may be out of touch & slow or charging too much for old work practices.

#TimeForChange #TechnologyDrivenAccountants #NewYearsResolution

Published:

NOV & Dec 2019
Merry Christmas from Factor1

From all of us at Factor1, Merry Christmas and a Happy New Year! #Christmas2019 #SeasonsGreetings

Published: December 2019

Toy & Book Appeal - Thank You

Thank you for your donations! Your generosity will make this Christmas a very special one for Australian Children living in disadvantage. Now Santa is on his way to make the deliveries! Merry Christmas!

#ChristmasSpirit  #ToyBookAppeal  #CharityGifts

Published: 10th December, 2019

Toy & Book Appeal

Factor1 is hosting a gift collection for Australian Children living in disadvantage. If you’d like to help, drop your unwrapped present to us and we’ll match all donations received. Let’s make this Christmas a special one for the kids!

*Donations must be received by Wednesday the 11th of December. Factor1 will match donations to a maximum total value of $1,000.

#ChristmasSpirit  #Toy&BookAppeal  #CharityGifts

Published: 26th November 2019

October 2019
We're a Xero Finalist!

Xero has announced Factor1 as a Cloud Champion of the Year finalist.

There are several thousand Xero partner accounting firms throughout Australia. We are proud to be one of three finalists.

Thank you to our team and valued clients for their ongoing support. We are continuing to invest in new technology and new practices to deliver a superior client experience.

#xeroawardsfinalist #factor1 #veryexcited

Published: 23rd October 2019

Retirement Village Flyer (pdf)
WorkCover Key Dates Reminder

Remuneration includes wages, salaries, superannuation and other benefits you pay to your workers before tax. WorkSafe uses this remuneration amount to calculate your insurance premium.

𝗖𝗲𝗿𝘁𝗶𝗳𝗶𝗲𝗱 𝗥𝗲𝗺𝘂𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗗𝘂𝗲 𝗗𝗮𝘁𝗲𝘀:
• 25 October 2019 if your remuneration is more than $200,000
• 27 March 2020 if your remuneration is under $200,000

If you don’t provide your certified remuneration by the due date that applies to you, WorkSafe will estimate your remuneration as 20% more than it was the previous year.

If you need help, give Factor1 a call at 1300 886 309

More key dates from WorkSafe: https://bit.ly/2OsNQR9
#WorkCover #WorkSafe #Factor1Reminders

Superannuation Payments

The Australian Tax Office has significantly increased their audit compliance with Superannuation Payments, and the introduction of Single Touch Payroll has further facilitated this. Employee Superannuation must be paid and received by their super fund within 28th day after the end of a Quarter. Failure to pay on time will be costly in many ways.

𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗱𝘂𝗲 𝗱𝗮𝘁𝗲𝘀 𝗳𝗼𝗿 𝘀𝘂𝗽𝗲𝗿 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀
Q1. (1 Jul – 30 Sep) – Due: 28 October
Q2. (1 Oct – 31 Dec) – Due: 28 January
Q3. (1 Jan – 31 Mar) – Due: 28 April
Q4. (1 Apr – 30 Jun) – Due: 28 July

𝗣𝗹𝗲𝗮𝘀𝗲 𝗯𝗲 𝗮𝘄𝗮𝗿𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗳𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴:

• Allow for processing time. You should pay at least one week before the due date, ideally 15 days after the end of a Quarter. Put this reoccurring task into your calendar so you won’t forget.

• There have been cases where employers receive warning from the ATO for being just 2 days late.

• If you don’t pay on time, you are liable for the Superannuation Guarantee Charge (SGC), even if you make the payment later. This means lodging tedious form to ATO, which will include:
– Super shortfall amounts that are calculated on the full
salary and wage amount which includes overtime,
allowances, etc.
– Interest charge for the late period (currently 10%)
– Administration fee of $20 per employee per quarter

• Furthermore, the ATO has the ability to disallow late payments and impose further penalties, which would result in paying your employees superannuation twice for the same quarter.

• The ATO have investigated in excess of 22,000 employers for late paid superannuation in the first 3 quarters of the 2019 financial year.

• Most importantly, late super payments are non-tax deductible!

#payyoursuperontime #factor1reminders

September 2019 & Earlier
Official Office Move - Suite 46

It’s official. We’ve outgrown our space and have moved next door. Come and visit us at our new space!
New address: Suite 46, Level 3 Building 2, 1 Ricketts Rd, Mount Waverley VIC 3149
#newoffice #Factor1move #biggerbetter

Single Touch Payroll

Does your business have employees and you need help implementing the mandatory Single Touch Payroll? Let Factor1 help you with the reporting so you can focus on your bottom line.
#SingleTouch #Factor1

Scroll to Top