True Scholar

True Scholar Insights

I came across this in my readings and found that there are gems in applying scholastic perspective on the things that we do.

  1. Observation – To observe the matter-at-hand accurately and thoroughly. Many a times, we see ‘what we want to see’ but do we really see what we are actually seeing?
  2. Understand – To be able to comprehend clearly what we have observed.
  3. Evaluate – Assessing our understanding by making some decisions on what is true and valuable.
  4. Feel – To feel intensively about what we have considered to be true and valuable. This has to penetrate our heart if we are to be able to stand by strongly on what we have evaluated.
  5. Apply – The application of what we have learned in the first four stages and integrating that into our lives wisely.
  6. Express – The complete acceptance of what we have carefully thought through should be communicated to others, whether in speech, writing and/or deeds, so as to help convey the value of that truth that we have gleaned, in the objective of making this aware to others so that they may share in the joy of knowing the truth.

In my encounters with various business scenarios, the above concepts have being true in bringing about a carefully planned execution of ideas into making a positive change. Though there were failures, it only means that we are humans. But more importantly, the understanding of “failures” through the above scholastic perspective often brings about new open doors and opportunities that helps us to overcome limitations.


Source: “The Pastor as Scholar by John Piper”

SUPER CUT-OFF DATES

From 1 July 2013, the superannuation contribution rate has being increased from 9% to 9.25%. Employers will need to make the contribution for their employees using the new rate. Generally an employer has to pay superannuation:

  1. 18 years or older
    • Pay them $450 or more (before tax) in salary or wages in a month.
  2. Younger than 18 years
    • Pay them $450 or more (before tax) in salary or wages in a month.
    • Worked at least 30 hours per week.

Superannuation must be made for each eligible employee at least 4 times a year. The payments must also be made by the following cut-off dates.

 

Quarter Period Payment cut-off date
1 1 July – 30 September 28-Oct
2 1 October – 31 December 28-Jan
3 1 January – 31 March 28-Apr
4 1 April – 30 June 28-Jul

 

As an employer, you must keep proper superannuation records for up to 5 years. The audit trail that you need to keep:

  1. Amount of super paid to each employee.
  2. Any other documents that helped you to calculate the amount of superannuation that you paid.

Record compliance is often the most basic and fundamental requirements of anyone who owns a business and / or employs staff. Failure to comply can result in massive penalties to the ATO. This is not only costly but also detrimental to the reputation of the business.

DEPRECIATION

Depreciation is a term we hear about frequently, but don’t really understand. It’s an essential component of accounting however. Depreciation is an expense that’s recorded at the same time and in the same period as other accounts. Long-term operating assets that are not held for sale in the course of business are called fixed assets. Fixed assets include buildings, machinery, office equipment, vehicles, computers and other equipment. It can also include items such as shelves and cabinets. Depreciation refers to spreading out the cost of a fixed asset over the years of its useful life to a business, instead of charging the entire cost to expense in the year the asset was purchased. That way, each year that the equipment or asset is used bears a share of the total cost. As an example, cars and trucks are typically depreciated over five years. The idea is to charge a fraction of the total cost to depreciation expense during each of the five years, rather than just the first year.

Depreciation applies only to fixed assets that you actually buy, not those you rent or lease. Depreciation is a real expense, but not necessarily a cash outlay expense in the year it’s recorded. The cash outlay does actually occur when the fixed asset is acquired, but is recorded over a period of time.

Depreciation is different from other expenses. It is deducted from sales revenue to determine profit, but the depreciation expense recorded in a reporting period doesn’t require any true cash outlay during that period. Depreciation expense is that portion of the total cost of a business’s fixed assets that is allocated to the period to record the cost of using the assets during period. The higher the total cost of a business’s fixed assets, then the higher its depreciation expense.