July 2023 Must Know
Effective from the 1st July 2023, employee superannuation will increase to 11%.
This is a 0.5% increase.
Your electronic payroll software should be able to automatically make this adjustment, provided you have set it up properly. Let us know if we can help with this process.
Superannuation will continue to increase an additional 0.5% to 11.5% on 1st July 2024, and an additional 0.5% to 12% on 1st July 2025.
Q: Does your budget allow for the additional 0.5% increase to employee superannuation?
Q: Is your business going to absorb this expense, or are you going to increase your prices to reflect the change?
Have you reviewed and updated your budget and cashflow projection?
Now is the time to be setting your budget.
Whether you prefer to look at your reports on a weekly, monthly, quarterly, or annual basis, now is the time to press reset on those budgets.
- Analyse the history
- Look back over previous comparative periods and understand where the business has been, what trends exist, what events occurred and resulted in sales and expenses being up or down. UNDERSTAND.
- Use this historical data to then paint a picture of where your business is going. Where it is currently headed, but also where you want it to head. Make it ambitious, but realistic.
- Set a new budget, review it, and then determine HOW you are going to achieve this outcome. Does anything need to change? Increased profitability doesn’t always involve cutting costs or increasing income, it can be a combination of both, or one.
- Your business is unique, and so it requires a tailored approach as to how to set your budget and ensure it is feasible. Talk to your specialist advisor to ensure you are on the correct path.
Our New Secure Client Portal
Recently we have rolled out two huge new improvements to our procedures and how we communicate and send documents with our clients.
- New Secure Client Portal
- Fuse-Sign Digital Signatures requiring 2FA authentication.
Both of these two improvements have increased our already strong level of security, while also providing a streamlined, more efficient client experience.
Key Benefits to our Secure Client Portal:
- Enhanced Data Security: With the growing threat of cyber attacks, data security is of paramount importance. Our client portal employs state-of-the-art security measures to protect your sensitive financial information, giving you peace of mind that your data is safe.
- Increased Efficiency: Client portals eliminate the need for time-consuming email exchanges and physical document sharing, allowing you to work more efficiently and stay on top of your financial responsibilities.
- Improved Satisfaction: A secure client portal provides you with a user-friendly interface and 24/7 access to your financial information, leading to increased satisfaction and fostering long-lasting relationships between you and our firm.