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How does your superannuation diversification strategy stack up?
The Australian Taxation Office recently announced that they would be writing to trustees of self managed superannuation funds that they believe could have an investment strategy that does not meet the diversification requirements under regulation 4.09 of the Superannuation Industry (Supervision) Act (SISA).
It is expected that the trustees of approximately 18,000 SMSFs will receive this letter.
It is expected that the trustees of approximately 18,000 SMSFs will receive this letter.
5 Steps to improve business outcomes
Business improvement is a mindset, an overlay on all our activities and many of us need to schedule time to ensure the process gets due attention.
Social Media Policy – a shield and a sword
It’s vital to have a Social Media Policy in place and ensure your employees understand what it means, with social media becoming such an integral part of running a business. Media stories about employees putting their employment at risk through their social media posts seem to have increased in recent months.
How to put more money in your pocket when selling a business
As a business owner contemplating the sale of your business, one of the most important things you need to consider is the tax implications surrounding the transaction.
Up to $50,000 Grant Now available to Small Businesses
The Department of Employment, Small Business and Training has opened the Small Business - Business Growth Fund to help businesses grow and transition from small to medium sized, support and accelerate employment generating activities and improve the sustainability of businesses in general.
So what is a ‘Small’ Business?
Are you confused about the various ‘Small’ Business thresholds, rates and reporting requirements?
It’s little wonder. The Federal Government has created various definitions of what is a small business and that’s just in the tax law! No doubt a myriad of legislation exists around various Governments throughout Australia.
It’s little wonder. The Federal Government has created various definitions of what is a small business and that’s just in the tax law! No doubt a myriad of legislation exists around various Governments throughout Australia.
Lease Changes Impacting Financial Statements
THE ESSENTIALS
Effective from 1 January 2019, a new Accounting Standard “AASB 16 Leases” brings current non-cancellable operating lease commitments into account for financial statement purposes with the exception of low value and short term leases.
The new standard no longer distinguishes between finance and operating leases with both to be recognised as a ‘right-of-use’ asset (ROU) and impacting a lease liability onto the Statement of Financial Position as well.
These changes are likely to impact almost every business to some extent therefore it is important businesses take proactive steps to assess any issues that may arise from the new standard.
Effective from 1 January 2019, a new Accounting Standard “AASB 16 Leases” brings current non-cancellable operating lease commitments into account for financial statement purposes with the exception of low value and short term leases.
The new standard no longer distinguishes between finance and operating leases with both to be recognised as a ‘right-of-use’ asset (ROU) and impacting a lease liability onto the Statement of Financial Position as well.
These changes are likely to impact almost every business to some extent therefore it is important businesses take proactive steps to assess any issues that may arise from the new standard.
Celebrity status no excuse for underpayment of wages
Following an investigation by the Fair Work Ombudsman (FWO), Made Establishment, celebrity chef George Calombaris’ hospitality empire, has been found to have underpaid more than 500 employees.
7 myths about business cash flow
Setting up and running a business can be an exciting time, but it comes with its fair share of stress. Planning and monitoring business cash flow is crucial in all stages of a business lifecycle to ensure you can fund growth, ride out the tough times and invest wisely in the good times.
Here we dispel seven common myths about business cash flow:
Here we dispel seven common myths about business cash flow:
Government approves increased tax relief for Low and Middle Income earners
Following the Federal Budget handed down in April this year, the Government has now approved an increase to the Low and Middle Income Tax Offset of originally $530 to become a maximum of $1080. The Government has also agreed to increase the eligible income threshold from $125,333 to $126,001.