If you are a small business employer wishing to dismiss employees, you must do so according to the Small Businesses Fair Dismissal Code, as a breach of the code could result in legal action taken against you. If your business has less than 15 employees, it counts as a small business. Employees can apply for…
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…
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…
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…
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…
A financial dilemma that is becoming increasingly common is finding a way to fund a comfortable retirement lifestyle without having to sell the family home. One solution to this is a reverse mortgage; a loan that allows homeowners to convert part of the equity in their home into cash. Money from a reverse mortgage can…
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…
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…
