When Super Gets Ordinary...

Posted by Datasift on 31 May 2019

There are caps on the amount you can contribute to your super each financial year to be taxed at lower rates. If you contribute over these caps, you may have to pay extra tax.

The cap amount and how much extra tax you have to pay may depend on your age, which financial year your contributions relate to, and whether the contributions are:

  • concessional (before tax)
  • non-concessional (after tax)

To find out how much you contributed into your super fund to ensure you don't go over the caps, contact your super fund.

Posted in: Top Tip  

Exception Reporting

Posted by Datasift on 9 April 2019

Exception reporting. What is it? How can it be used to maintain your business' health?

Imagine you are a wholesaler selling a range of cosmetics nationally.

You have a Sales Manager in each state and a team of sales people reporting to them.

Using intelligence reporting, it is possible to extract reports that are below a selected gross profit level,

for each representative for the Sales Managers AND then to consolidate them into a national report,

grouping the transactions by Sales Manager for senior management transparency.

Often, just having known transparency is enough to persuade employees to follow company policy but,

for added measure, add the policy to remuneration packages. For example add a sum of money to

bonuses/commissions for achievement of minimum margins.

Datasift - We help you make cents of your data

Posted in: Top Tip  

Introduction to naming ranges in Excel.

Posted by Datasift on 26 March 2019

"Do what?", I hear you ask. Well, how many times have you had to jump around Excel trying to find out what an Excel formula is actually doing?

Lets look at a simple example. =SUM($C$4:$C$9) this is adding up a range of cells. However, it does not tell you what the cells contain - you have to find the range and look at the context.

If we highlight the range by dragging down and then click in the name box (circled in red) we can name the range "Sales".

So now our formula TELLS us what is going on because we can refer to the range to create the formula =SUM(Sales) - just imagine how much easier this is to understand what is going on.

Try it for constants like GSTRate, USDExchRate - it will really make a difference to other people's understanding of your work, too!

Posted in: Top Tip  

Calculate working days in Excel

Posted by Datasift on 9 March 2019

Often in Excel models we need to calculate the number of working days between two dates.

For example we have a sales figure generated between two dates and we want to calculate the sales per day so

that we can test our forecast for reasonableness.

For this we can use the function NETWORKDAYS.


The function has three components - Start_date and End_Date are fairly obvious, but what is the Holidays component?

It is simply a list of days that you need excluded from the calculation, for example public holidays.

In the example below, we have used a list of public holidays and created a named range called Hols2019 across cells Q4:Q13

By including the range in the formula, those dates that fall between our start and end dates are excluded to give an answer of 59 days,

Whereas in the second line we have just used start and end dates to get an answer of  63 days.



Posted in: Top Tip  

Less than 6 Months to prepare.....

Posted by Datasift on 13 February 2019

Single touch payroll is coming to small companies of under 20 employees on 1 July 2019.

So. What will that mean to you? Should you be worried?

No. See it as an opportunity to embrace some of the technology you have been hearing about.

If, like many of you are, Xero is your preferred software for keeping your accounting records straight, you already have access to a compliant payroll.


This really is not the big scary monster that you might be thinking it is! A couple of hours of guidance from a trusted advisor should see you confident and competent and if you still do not like the idea, you can always pay someone to take on JUST payroll.


Remember that reducing pay frequency from weekly to monthly will save you BIG.


We are here to help, should you just want to talk through the options. 08 6141 3371

Posted in: News  
< Previous | 1 | 2 | 3 | Next >