NewGen Bookkeeping

29/06/2022

🚨Minimum Wage Increase & New Super Obligations 🚨

💡What Are the Increases?💡

The national minimum wage will increase to $812.60 per week (or $21.38 an hour) from 1st July 2022. The weekly rate is based on a 38-hour week for a full-time employee. This signifies an increase of 5.2%, which is $40 per week or $1.05 an hour.

Additionally, minimum wages in modern awards will increase by 4.6% subject to a minimum increase for adult award classifications of $40 per week.
This means that the modern award minimum wage rates will increase by 4.6% for wage rates above $869.60 per week, or by $40 per week for wage rates below $869.60.

The increase will operate from 1st July 2022 in most modern award. However, there are 10 modern awards in the aviation, tourism and hospitality sectors that will receive the increase from 1st October 2022.

💡When The Increase Starts?💡

The new National Minimum Wage will apply from the first full pay period on or after 1st July 2022. This means if you have a weekly pay period that starts on Mondays, the new rates will apply from Monday 4th July 2022.

💡What You Can Do Now?💡

Bookkeepers should assist employers to check the updated wage rates in the applicable modern award, including when it will become effective. Also wait for the Fair Work Ombudsman to update to their pay tools, information, and resources with the new rates. They expect to have these updated on 1st July 2022 for the first set of awards affected.

📌Reminder - Changes to Superannuation From 1st July 2022📌

In addition to an increase in minimum wages, there are changes to superannuation (super) you should know about taking effect from 1st July. This includes the:

Removal of the $450 threshold and also the removal of the $350 threshold for the Hospitality Industry (General) Award 2020 and the Restaurant Industry Award 2020 super guarantee.

Increase in the super guarantee rate from 10% to 10.5%
Get ready for super changes from 1st July.

For more information message us or call us on 0478 031 826.

02/06/2022

Is Cash Flow An Ongoing Issue?
Learning effective cash flow management practices and finding the right information to improve your business and financial knowledge. NewGen Bookkeeping makes critical decisions and plan ahead to stay viable and assist the businesses we work with to stay sustainable.

It helps to assess cash flow health by addressing four key questions:
- Am I trading profitably?
- Have I put enough aside to meet my regular financial commitments?
- Does my business have enough to spend on myself and pay others?
- Is my business getting ahead or falling behind?

Our bookkeepers can identify practical actions they can take to better manage cash flow and assist the businesses we work with to meet their business goals.

31/05/2022

Did you know that Ransomware attacks are on the rise.

Ransomware is a common and dangerous type of malware. It can affect both individuals and organizations. Ransomware can cause severe damage. It can hurt your reputation and cost you money.

Ransomware can affect your devices in the same way as other malware or a virus. For example:

- Visiting unsafe or suspicious websites
- Opening emails or files from unknown sources
- Clicking on malicious links in email or on social media.

Common signs you may be a victim of ransomware include:

- Pop-up messages requesting funds or payments 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.

NewGen Bookkeeping recommends you do not pay the ransoms. There is no guarantee paying the ransom will fix your devices. It can make you vulnerable to future attacks. Instead, restore your files from backup and seek advice. For this reason, it is vital to back up your data and put effective cyber security in practices in place. We Here To Help

22/05/2022

Important Super Changes Starting 1st July 2022

Compulsory Super Guarantee (SG) Increase from 1st July 2022– it’s now 10.5%

For all payments made to employees on and after 1st July 2022 the SG rate will be 10.5% (increased from the current rate of 10%).

This increase will require employers to contribute an additional 0.5% to meet their SG obligations under the Superannuation Guarantee (Administration) Act 1992 (Cth) (SGAA).

You should start planning how this SG increase will be implemented and communicated to employees, and in particular those employees renumerated through superannuation-inclusive packages.

For more information go to https://www.ato.gov.au/Business/Super-for-employers/
Or
Subscribe to our email for fortnightly articles [email protected]

Super is money employers pay eligible workers to provide for their retirement. Super guarantee (SG) is the minimum amount you must pay to avoid the SG charge.

21/03/2022

The path to inner peace begins with four words; Somebody do my books! We know you don't have the time or want the stress from all the bookkeeping tasks to be done, so we'll just take all the responsibilities off your hands. NewGen Bookkeeping for accurate and superior bookkeeping solutions.

20/03/2022

Are operational costs chipping away at your Civil Construction business? Hire a bookkeeper who understands the sensitive and unique demands of the industry. At NewGen Bookkeeping, we'll hammer away at the financial issues affecting your organisation.

19/03/2022

Our name says it all!
We are a bookkeeping company based on Gold Coast, Queensland. We are dedicated to providing you with the best services and fair prices. Our staff consists of professionals who are trained to understand your financial needs.

We want to help you lower your expenses while keeping compliance high.

Explore our website and learn more about us.
(newgen-bookkeeping.net)

Newgen Bookkeeping based on Gold Coast, Is a bookkeeping service that focuses on helping construction business with their bookkeeping needs.