Blog

BIS has moved Office

BIS has successfully moved into our new Office in North Sydney! BIS’ New Office and Postal Address: Suite 803, Level 8, 213 Miller St, North Sydney, 2060 Click Here for Google Map Please Note: BIS’ main contact phone number has remain unchanged as (02) 9387 2509. BIS’ postal address is now the same as our office address. BIS no longer has a FAX Number. If you need to send any documentation across after please email it to accounts@bisinfo.com.au. If you are ever in the neighbourhood, we encourage you to head on over and see BIS in our new office....
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NSW Taxi Surcharge on card payments coming down to 5%

It is official, the NSW Passenger Transport Act 2014 has passed. This act aims to make taxis safer, save customers more money and make taxi services more reliable. The key changes introduced in this Act are: Regulation of taxi booking applications Taxi surcharge on card payments reduced from 10% to 5% The new legislation will now require taxi booking applications to meet a range of customer service, privacy and safety standards. Designed to prioritise customer safety, the new legislation also encourages development and use of taxi booking applications. The other key change introduced in this Act is the reduction of the taxi surcharge on card payments. Currently NSW Taxi Surcharge is typically 10% when travellers choose to pay by a credit...
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Expense Reconciliation Strategy for the new Financial Year

As we approach the new financial year, we ask that you take a moment to step back and examine your organisation’s process for expense reconciliation, especially around corporate credit card expenses and employee reimbursements. Just like you and I, organisations need regular check-ups; check-ups to see where your organisation can improve certain steps, where your organisation is losing money and where you are losing time. Over the years we have seen that many organisations often leave their review of expense reconciliation until it becomes a major issue. Therefore we ask that while you are managing year end that you take this moment to look at your organisation’s expense reconciliation process and ask yourself the following questions: Are you still replying...
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Heartbleed Bug

Many of our clients have been contacting us in regards to iCMS and whether it is vulnerable to the Heartbleed Bug. BIS is happy to say iCMS is not affected or vulnerable by the Heartbleed bug. This is because iCMS does not utilise OpenSSL security which Heartbleed exploits. BIS takes internet security very seriously and we are dedicated to ensuring our client’s data is safe and secure. We constantly monitor and stay up-to-date with latest security technologies and we continually strengthen the layered security defences we have in place. On a more technical note: iCMS’ SSL is Java based, which offers more robust security as Java implements its own stack of SSL/TLS and doesn’t rely on any other SSL implementation...
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Tax Never Sleeps – FBT Rate Change

On the 1st of April 2014 the Fringe Benefit Tax (FBT) rate increased from 46.5% to 47%. This increase will also affect the following rates:  Type 1 Gross-up rate (GST benefits) will increase from 2.0647 to 2.0802 Type 2 Gross-up rate (Non-GST benefits) will increase from 1.8682  to 1.8868 While many employers will be reconsidering salary packaging and entertainment expenses, our concern at BIS is whether your Expense Management Solution (EMS) is ready and prepared to adjust to these rate changes. If unprepared your Finance team will be bogged down with the task of having to identify and re-adjust relevant expenses with the correct rates, or risk underpaying FBT. BIS works proactively with our clients to assist with transitions such...
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VIC changes Cabcharge Surcharge

Effective 1st February 2014, the Victorian Government passed major reforms for its Taxi and Hire car industry. The reforms tackle many issues plaguing the system, most notably Cabcharge’s high surcharge on electronic payments of taxi fares. Electronic payments are classified as when a passenger uses anything except cash to pay for the taxi fare, such as payments via a credit card, or via Cabcharge’s own mechanisms of eTickets and FastCards. As of 1st of February 2014 the maximum surcharge amount levied on electronic payments in Victoria drops from 10% plus GST to 5% inc GST. Examples of how fares are calculated before and after the change. Sydney (Surcharge of 10%) Melbourne (Surcharge of 5%) Fare $100.00 $100.00 GST on Fare...
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Audit Tracking – Historical Timeline

Being a system reviewer is like being a detective, who is carefully auditing the actions of the end-users. You are often searching for specific information that will tell you the “Who, What and When” of an event. Without the right tools, this is at best time consuming and at worst impossible. However thanks to the availability of tracking solutions, almost everyone can now become a super detective like Sherlock Holmes. Let’s imagine that you are reviewing your organisation’s expense management system and you discover a problem. A certain employee’s details have been altered, which is allowing them to view and interact with a particular set of expense claims.  You can see the last person who saved the data but they swear...
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Travel approval – when is enough enough?

In late 2013 Prime Minister Tony Abbott decided to crack down on public servant travel. Essentially: Any trip under $20K must have travel approval from a departmental secretary. Any trip up to $50K must have travel approval from a cabinet minister. Any trip Over $50K must have travel approval from from the PM himself. To date, no lower limit has been nominated – in other words the rule seems to be the same for a trip for $19K as a trip for 50 bucks. Understandably, after the raft of embarrassingly dodgy travel claims by politicians last year, some sort of government-wide standard system is needed, but this seems a little vague.  Without clarification it could lead to a morass of paperwork...
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Who polices the policemen?

If you were reviewing your subordinate’s corporate credit card bill for your weekly expense management and saw a line item for a $780 meal at the swish Rockpool restaurant, would you: Sign-off on it – after all it’s the company’s money not yours? Ask about the attendees and whether it was a legitimate business entertainment expense? Reprimand the employee for not asking you along? Of course this is under the assumption that someone is actually looking; which doesn’t look to be the case with former Leighton boss Wal King’s expenses. This is even more galling given Mr King wasn’t even an employee at that stage. To his credit (sorry for the pun), Mr King has paid it back. All $40,000....
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Log book FBT calculations for new cars – about time, or outrage?

First the facts on FBT calculations for new cars. The proposal is that there needs to be a proven percentage of company usage as measured by the driver keeping a log book for 12 weeks every 5 years. But what if my “company car” is being used to drive a few KM to work and back, but 90% for personal use? The statutory percentage presumed just 20% for personal use. So if your company car has been used for more than 20% for personal use then that’s been great for you. So, like beauty, the impact of this change is all in the eye of the beholder. If I’ve been enjoying a tax break on a company car through FBT,...
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