When New Employees Start Paying HECS: Onboarding Questions Bookkeepers Should Always Ask is about collecting the right payroll details before the first pay run. A new employee may need extra amounts withheld if they have a Higher Education Loan Program (HELP) debt, Higher Education Contribution Scheme (HECS) debt, Student Start-up Loan, or other study and…
Tag: rescue bookkeeping
What Is Salary Packaging and How Does It Affect Your Payroll Bookkeeping?
What is salary packaging and how does it affect your payroll bookkeeping? Salary packaging is when an employee agrees to receive less income before tax in return for benefits of similar value, such as extra superannuation, a car, or other benefits allowed under the arrangement. For Australian Capital Territory (ACT) businesses, each salary packaging arrangement…
What Is Personal Services Income (PSI)? A Bookkeeper’s Guide for Sole Traders and Contractors
What is PSI is a common question for a sole trader, independent contractor, or consultant who earns income mainly from their personal effort, personal skills, or personal services. Personal Services Income (PSI) is income produced mainly, meaning more than 50%, from your personal efforts or skills, rather than from selling goods, using an income producing…
What Is Professional Indemnity Insurance and How Should It Be Recorded in Your Books?
What Is Professional Indemnity Insurance and How Should It Be Recorded in Your Books? Professional indemnity insurance is insurance cover that helps protect a business if a client claims they suffered financial loss because of a mistake, negligence, omission, breach, or advice provided through a professional service. For many businesses in Australia, the challenge is…
