SMSF trustees have until 31 January 2017 to review their limited recourse borrowing arrangements (LRBAs) to ensure they are consistent with an arm’s length dealing, or alternatively brought to an end if they are not. The Tax Office recently provided further guidance to SMSF trustees on when the non-arm’s length income (NALI) provisions apply to…
The ATO have introduced a simpler BAS to take effect from 1 July 2017 to help reduce GST compliance costs for small businesses. From 1 July 2017, small businesses will only need to report GST on sales (1A); GST on purchases (1B) and Total sales (G1) on their BAS. Businesses will no longer need to…
When carried out effectively, formalised performance reviews can be beneficial for both you and your employees. It is an opportunity for you to demonstrate how much you appreciate your employees’ contributions and undertake collaborative reflection on potential business improvements. However, there are a lot of potential pitfalls that can undermine the effectiveness of performance reviews,…
Contributing extra to your superannuation is a good way to boost your retirement funds. One of the ways you can add more to your super is through salary sacrificing. Salary sacrifice is an arrangement with your employer to forego part of your salary or wages in return for your employer providing benefits of a similar…
Giving to charity this Christmas is a great way to give to those less fortunate while receiving some extra tax perks. Charitable donations are tax deductible which only adds to the incentive to be generous this holiday season. Here are some tips for maximising your tax breaks on charitable donations: The charity must be registeredMake…
Freeing up working capital can help businesses fund growth, reduce debt levels and lower costs. One way to improve working capital is by managing your accounts receivable. Many businesses fall into the trap of poor accounts receivable management – from extending credit to customers to ignoring payment terms to guarantee a new sale, these types…
Although flexible work spaces are not suitable for everyone or every business, there are significant benefits to offering flexible working arrangements. Businesses can deliver better results from allowing employees to work from where they need – whether it be home, a cafe or even on their daily commute. Flexible working can increase employee productivity as…
A new report has revealed around 2.4 million or almost one third of Australian workers are missing out on some or all of their super entitlements and little is being done about it. Under the Superannuation Guarantee (SG) employers must contribute 9.5 per cent into the super account of every worker over the age of…
