From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications?Recently enacted laws increased the maximum number of allowable members in an SMSF and small APRA fund from four ...
Read More6 Member SMSFs – the issues and opportunities
Tuesday, July 13, 2021
Business in a post pandemic environment
Tuesday, July 13, 2021
Countries that have experienced the worst of the pandemic give Australian businesses an insight into what to expect in a post-lockdown environment.Australia, like New Zealand, has managed COVID-19 on an elimination basis. That is, lockdowns and border closures to keep the virus out. And, it has w...
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Countries that have experienced the worst of the pandemic give Australian businesses an insight into what to expect in a post-lockdown environment.Australia, like New Zealand, has managed COVID-19 on an elimination basis. That is, lockdowns and border closures to keep the virus out. And, it has w...
Read MoreLock-downs: What help is available
Tuesday, July 13, 2021
The highly infectious Delta COVID variant is triggering lock-downs across the country. We look at what help is available and how you can get it. For youCOVID-19 disaster paymentThe COVID-19 disaster payment is available to eligible workers who can’t attend work or who have lost income becaus...
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The highly infectious Delta COVID variant is triggering lock-downs across the country. We look at what help is available and how you can get it. For youCOVID-19 disaster paymentThe COVID-19 disaster payment is available to eligible workers who can’t attend work or who have lost income becaus...
Read MoreNew laws target sharing economy platforms
Tuesday, July 13, 2021
In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms.Traditional employment models have shifted in favour of more flexible options including contracting, self-employment and use of ...
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In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms.Traditional employment models have shifted in favour of more flexible options including contracting, self-employment and use of ...
Read MoreAm I taxed on an insurance payout?
Monday, June 21, 2021
Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income ass...
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Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income ass...
Read MoreWhat changes on 1 July 2021?
Monday, June 21, 2021
Super guarantee rate increase to 10%On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% - the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025.The 0.5% increase does not mean that everyone gets an automatic pay incre...
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Super guarantee rate increase to 10%On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% - the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025.The 0.5% increase does not mean that everyone gets an automatic pay incre...
Read MoreWork from home expenses under scrutiny & the perils of browsing Facebook
Monday, June 21, 2021
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.The ATO has stated that it is looking very closely at work rel...
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If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.The ATO has stated that it is looking very closely at work rel...
Read MoreTax exemption for ‘granny flat’ arrangements
Monday, June 07, 2021
To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some sort of consideration (often title to property or ...
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To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some sort of consideration (often title to property or ...
Read MoreThe New Lifetime Director IDs
Monday, June 07, 2021
Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be...
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Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be...
Read MoreThe top 8 reasons why staff leave
Monday, June 07, 2021
Australia is facing a shortage of skilled labour. When the supply of staff dry up the focus often turns to retention. But the first step is to understand why people you want to stay, choose to move on?Very few people will reveal the whole truth about why they leave an employer. Partly they don’t ...
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Australia is facing a shortage of skilled labour. When the supply of staff dry up the focus often turns to retention. But the first step is to understand why people you want to stay, choose to move on?Very few people will reveal the whole truth about why they leave an employer. Partly they don’t ...
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