ATO concern with lower cost SMSF Audits
ATO concern with lower cost SMSF Audits
ATO Commissioner Chris Jordan says following its investigation into lower-cost audits, which it defines as audits that charge less than $400, the tax office identified several problems with these audits. “No great surprise, we have found cases of concern where they’ve failed to conduct any sort of adequate audit that complies with any of the […]
Improving your social media content
Social media marketing is a powerful way to promote your business and establish a connection with your target market. Your content should closely relate to what you’re trying to sell or provide. A key to great content is that it must be consistent and regularly updated. This is important because it will keep the business […]
You can now opt-out of super guarantee as a high income earner
If you’ve unintentionally been going over your superannuation concessional contributions cap in past years, you may not have to worry about it from now on. As of 1 January 2020, eligible individuals with multiple jobs can apply to opt-out of receiving super guarantee (SG) from some of their employers. You may be eligible to apply […]
Will legislation changes affect the FBT you pay on staff parking?
Employers who provide staff parking spaces may be affected by the rewrite of the car parking fringe benefits Taxation Ruling. A draft ruling TR 2019/D5 was released on 13 November 2019, a rewrite of TR 96/26. The draft ruling states that from 1 April 2020, the ATO proposes to treat a car park that offers […]
Do you have to pay tax on super death benefits?
When someone dies, their superannuation usually gets transferred to their beneficiary as superannuation death benefits. Depending on who the beneficiary is, the benefits may be taxed in some circumstances. If you are a beneficiary, the amount of tax you pay depends on factors such as: If the benefit is paid as a lump sum or […]
Taking a super pension
Once you have met your preservation age (between 55 and 60 depending on when you were born), you can choose to take a super pension. There are six main types of super pension: Account-based pension: this is the most common type of pension. It is a regular income stream bought with money from your super […]
Training a new employee
Hiring a new employee can interrupt the daily workplace routine while they need a little extra attention and help and learn how things work. Here are some ways you can make the training period more successful… Onboard before the start dateIt is likely that new employees will feel more comfortable and perform better if they […]
Things to consider before rebranding your business
Rebranding your business can seem like a daunting task, as it can involve a range of arduous tasks such as changing designs, updating clients, retraining staff and changing your marketing strategies. However, rebranding can be an option for many businesses if: Your business is too similar to competitors. Your designs and values are updated. You […]
Can you claim deductions for employee training?
Employees of a small business may need to develop their expertise or skills in a particular area to better perform their duties. While training courses like seminars and one-day intensives can be a worthwhile investment, there are still a few things employers should consider from a tax point of view. Employers can generally claim deductions […]
When a trustee goes bankrupt…
SMSF members need to be aware of the rules that govern their fund, including what to do when one member becomes bankrupt. A requirement of an SMSF is that each individual trustee of the SMSF must be a member of the SMSF. In the case of corporate trustees, every member must be a director. This […]
Keeping your virtual team on track
Managing a virtual team can offer challenges that you won’t experience in-person teamwork. It can be harder to schedule meetings, show demonstrations and build connections. However, having a virtual team offers convenience, opportunity and freedom for the team members, so here are some tips to help you make it work… Define goals and rolesAt the […]