The Australian Tax Office (ATO) is reminding small businesses to transition to SuperStream by 28 October 2016. SuperStream is the new mandatory way employers must make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in a standard format. Those employers that are still paying their…
A well-designed office space is an effective yet inexpensive way to increase productivity levels and improve employee engagement. Healthy office environments are centered around communication, interaction and flexibility between all staff. Here are a few ways to boost your office space to maximise productivity:LightingWorkplace daylight, outdoor views and a view of the surrounding area can…
The Government has announced some changes to the superannuation proposals originally announced in the May 2016 Federal Budget. While these are just proposals, and therefore not law, it is likely that they will be introduced into Parliament as a Bill. The Coalition’s proposal is to reduce the existing annual non-concessional (after-tax) contributions cap from $180,000…
The Australian Tax Office has launched a new initiative called Super Scheme Smart to help educate individuals about the pitfalls of certain retirement planning schemes and how to protect their retirement nest egg. Each year the ATO discovers complex tax schemes and arrangements designed by promoters solely for the purpose of helping people avoid tax.…
When you are self-employed or run a home-based business, it is vital that you have a business plan that outlines your goals and financial information. Unfortunately, statistics show that many home-based businesses often fail due to poor financial planning. Therefore, for small business owners should not only develop a financial plan, but also consider developing…
Entrepreneurs are particularly independent. No matter how risky starting a business seems, for entrepreneurs, it is the route to the pursuit of happiness.However, while some started their companies to be independent, many may have lost that freedom along the way. If you allowed yourself to become subject to the petty demands of your business, it…
Those living in households where one spouse has a much lower super balance may want to start considering their options as to how to even up the superannuation imbalance. In Australia, many couples and families have at least one member with limited finances due to taking time off work to raise a family. But there…
Fringe benefits tax (FBT) is a tax an employer pays on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. Fringe benefits tax is separate to income tax and is calculated on the taxable value…
