Since employee morale can quickly build or hinder a business’s success, business owners increasingly need to focus on keeping employees motivated and engaged. As low morale is often the cause of increased turnover and low productivity it pays to be proactive when it comes to managing employee satisfaction. Here are some strategies to improve employee…
An investment strategy is fundamental when it comes to self-managed super funds. Not only is having one a statutory requirement, but it also helps SMSF trustees know what to invest in to meet the fund’s investment goal. Above all, an SMSF investment strategy must be designed to help trustees reach their retirement goal. To do…
A quick scan of the average taxpayer’s wallet of receipts or documents in the home office can result in quite a few expenses they can claim as tax deductions. However, some of the most obvious get forgotten on a regular basis. While not all available tax deductions will apply for every individual (since claimable items…
Staying on top of your records all year round can save time, prevent unnecessary stress and help maximise a small business’s tax return. Although record-keeping can seem like a monotonous job, it is an essential part of running a business. Good recordkeeping makes it easier to meet your tax obligations, manage cash flow and make…
The Australian Tax Office has its sight set on an emerging tax avoidance tactic being taken up by a number of self-managed superannuation funds. The ATO has warned trustees not to use a strategy known as personal services income (PSI) through their SMSF to pay little or no tax. Even though only a handful of…
One of the top considerations new business owners face when preparing where to operate is location. Location is one of the most critical decisions as it can determine whether customers will enter your store or shop with your competitors. There are many factors to consider when determining location such as demographics, visibility, supply chain, competition,…
Changes announced in the 2016 Federal Budget will see the shutdown or conversion of tens of thousands of transition to retirement pensions (TTRPs) into full pensions. An estimated 550,000 TTRPs are currently in place around Australia, used mainly by taxpayers in their late 50s and early 60s who are reducing their work hours, or by…
Tougher superannuation rules may create an unintended spike in risky property borrowing by those with a self-managed super fund, with experts suggesting that the changes will force SMSFs to load up on debt in an attempt to increase returns. While there are still incentives for people to wanting to own property within their SMSF, under…
