ATO to target work-related expense claims
This year the ATO is paying particular attention to a range of industries and occupations including: Building and Construction Project Managers and Supervisors; Building and Construction Labourers; and Sales and Marketing Managers. The ATO says that it is also...
Update of issues affecting SMSFs
ATO Compliance At a compliance level, the ATO says that it is focusing on: Engaging with new Trustees to ensure they can operate their SMSF and are not seeking illegal early access to their retirement benefits; Ensuring that Trustees understand their...
Tax changes under the new Government
The new government has identified 92 announced but still unlegislated and unresolved tax and superannuation changes. Of these, the Government stated it will proceed with 18 initiatives, a further three initiatives will be significantly amended, and it will not...
Personal Property Securities Register (PPSR)
Even though certain aspects of the PPSR seem very unfair to the legitimate owner of goods, the two-year transition period ends on the 31st January 2014. Unfortunately, media reports would indicate that many SME operators have not familiarised themselves with the...
Setting Up an SMSF – Specialist Assistance Available
Establishing a self managed superannuation fund (SMSF) is a decision many Australians have decided to take, usually to have greater control over their investments than they have with an industry or retail fund. A SMSF is more suited to people with financial and...
DOES YOUR BUSINESS HAVE AN EXIT STRATEGY?
Many businesses, especially family businesses, invest so much time and intellectual capital in operational matters that they neglect to develop a succession plan and establish an exit strategy for the owners. This makes the business very vulnerable if a sudden sale or...
Succession Planning
Whilst this is an emotional issue, estate planning is an absolutely essential part of life. This has never been truer for the business owner. If a business owner happens to be in a partnership then it becomes even more imperative to ensure your estate is structured in...
Salary Packaging Aids Staff Retention
Many small businesses struggle to attract and retain skilled and competent staff, especially when they are unable to compete directly against larger organisations that can afford to pay higher salaries. There is a way to overcome this disadvantage, but small business...
Unfair Dismissal & Redundancy Issues for Small Business Employers
What is a ‘Small Business Employer’? Under the Fair Work Act 2009 (Cth), a ‘Small Business Employer’ is an employer which employs less than 15 regular employees. The number of employees should be calculated by a simple headcount of the regular employees (this includes...
Risks of both spouses acting as Company Directors
Introduction In this globalised age where a company is now a 24/7 enterprise rather than just a “nine to five” job, many couples are choosing to both live together and work together. Whilst there are many personal advantages to these family companies, the question...