Factor1 Blog

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

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!
  • 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:

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

Published: December 2019

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: December, 2019

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:26 November, 2019

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:23 October, 2019

archive

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

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