Generational succession: Do your kids really want to take over your business? Generational succession - handing your business across to your kids or family – sounds simple enough. But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed [...]
Super Reform: What SMSFs Absolutely Need To Consider Before 30 June The wide-ranging superannuation reforms come into effect on 1 July 2017. With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund: Understand the value of assets at 30 June At [...]
When can I claim self-education expenses? Normally, if you undertake study that is connected to your work you can claim the costs of that study as a tax deduction - assuming your employer has not already picked up your expenses. There is also no limit to the value of the deduction you can claim. While [...]
State tax warning for Family Trusts Recent changes to State laws may trigger a surprise tax bill for family trusts (discretionary trusts). The problem for family trusts stems from recent legislative changes in New South Wales (NSW), Victoria (VIC) and Queensland (QLD) that impose a surcharge on foreigners purchasing residential land. While that might not [...]
Penalty rates and the impact of change The Fair Work Commission (FWC) has moved to cut Sunday and public holiday penalty rates. The changes to penalty rates are not yet in force – see When will the changes take effect? Flagged back in 2014, the review into penalty rates was part of the FWC’s four [...]
What employers need to know about FBT 2017 We know that no one likes to pay tax and certainly no more tax than they should. But very few people want to be on the wrong side of an Australian Taxation Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe [...]
Is A Contractor Really An Employee? There are so many myths about when a contractor really is an employee? Not understanding the differences could leave you in a lot of trouble with the ATO. Here’s a short video explaining more. There are a number of key determinants as to whether an employee is [...]
Christmas Party Fails Christmas….that time of year when the festivities not only bring joy but excessive expenses, potential harassment claims, and other employer headaches. As Phyllis Diller once said, “What I don't like about office Christmas parties is looking for a job the next day.” This month, we explore the top Christmas problem areas: Getting [...]
Parental leave. Where are we up to? How did paid parental leave get to be so contentious? The current debate is not about parental leave in general; the entitlement to 12 months with a potential for 24 months of unpaid leave with your job guaranteed (or an equivalent position) remains. It’s about who pays for [...]
