While hiring a group of people that work well in a team isn’t always easy, when you do, it can result in a more effective, productive and overall more successful workforce. To create a strong team of workers, some businesses turn to setting aside a day to undertake team building exercises to rally everyone together…
Tighter superannuation rules will apply from 1 July 2017 as part of the super reforms announced in last year’s Federal Budget. The new rules include the introduction of a $1.6 million super balance cap for after-tax contributions; a maximum of up to $25,000 for concessional contributions; and the removal of the current “bring-forward” rule allowing…
The Australian Taxation Office (ATO) has issued a ruling that clarifies the circumstances in which a deduction for bad debts is allowable. To obtain a bad debt deduction under section 63 of the Act, a debt must exist before it can be written off as bad. A debt exists for the purposes of section 63…
Socially responsible business is becoming highly sought after by customers, staff and communities alike. Building a socially responsible business helps to set your business apart from competitors, improves your reputation and, ultimately, ensures your business is acting in an ethical and moral manner. Here are three key benefits of running a socially conscious business: Attract…
Workers on the cusp of retirement who are short changed on their superannuation entitlements have nest eggs that are tens of thousands of dollars less than those who are paid correctly. Using the latest ATO data from 2013-14, the research from Industry Super Australia found that people aged 60 to 64 on salaries ranging from…
Business owners who make a car (leased or owned) available for employees to use for private travel may be subject to fringe benefits tax (FBT). If a car is garaged at or near your employee’s home, even if only for security reasons, it is considered by the ATO to be available for their private use…
Staying productive in the workplace can be challenging – whether it’s interruptions from colleagues, unnecessary meetings or simply distractions such as social media, it is hard to stay focused on the task at hand. Here are three ways to be more productive in your work day: Take more breaks Although taking more breaks sounds counterintuitive…
All businesses should now be SuperStream compliant. SuperStream is a standard for processing superannuation data and payments electronically. Employers must pay employee super contributions electronically (EFT or BPAY) and send the associated data electronically under SuperStream. SuperStream ensures the data is in a standard format so it can be transmitted consistently across the super system…
