Articles

ATO action on overdue SMSF annual returns

The Australian Tax Office (ATO) is cracking down on self-managed super funds (SMSFs) that have overdue SMSF annual returns, particularly those with two or more returns overdue. As part of its compliance action, the ATO is currently: – Cancelling approximately 9,000...

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Celebrating Christmas in your office

Christmas can be a very exciting time for many, and it can also be the dreaded season for others. Consider the following tips for celebrating Christmas in style, to ensure that all your staff get the most out of this period. Office Christmas party Holding a work...

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Nailing social media marketing in 2018

As the New Year lingers just around the corner, brushing up and revising your social media marketing strategy is important. Technology and the way we use it is always morphing, which means, in order to remain relevant and competitive, you need to adapt the way you...

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Self-Managed Super Fund (SMSF) Insurance

It’s a legal requirement for trustees to consider taking out insurance coverage for their self-managed super fund (SMSF) members. This is part of developing the investment strategy when the fund is set up. While it is not compulsory for self-managed super funds to...

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Self-Managed Super Fund (SMSF) Pensions

There are two types of pensions for self-managed super funds (SMSFs): An account-based pension. A transition-to-retirement income stream (TRIS). How does an account-based pension work for a self-managed super fund (SMSF)? You can have unlimited access to your SMSF...

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Self-Managed Super Funds (SMSF) for the Self-Employed

If you’re self-employed, you can set up and make contributions to a self-managed super fund (SMSF). You’ll be able to claim a tax deduction for your super contributions through your business. This will reduce your taxable income and the amount of tax you need to pay....

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Self-Managed Super Fund (SMSF) Trustees

A self-managed super fund (SMSF) must have a trustee structure. A trustee is a legal term that refers to an individual or corporation who manages assets that are held in a trust. A trust is another legal term that refers to an arrangement where trustees hold assets on...

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Self-Managed Super Fund (SMSF) Investment Strategy

It’s a legal requirement for self-managed super funds to have an investment strategy. Your fund’s compliance with this strategy is one of the things that is checked as part of your annual SMSF audit. It’s the responsibility of the trustees to develop an investment...

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Creating a strategy for Instagram

Instagram is no longer a social platform that can be ignored. The platform’s power to reach audiences and engage with customers is proving as a valuable marketing opportunity. Unlike other social media platforms, Instagram is heavily image-focused – hence requiring a...

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Decision making red flags

Part of any business is making decisions; regarding your product, growth, staff, clients, etc. It is important to pick up on signs your business, for whatever reason, may not be the most profitable. The following are red flags that your decision making may not be what...

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Building rapport with customers

Building rapport is a necessity in forming strong, healthy relationships. This is no different from the relationships you develop with your customers. Customers need to trust you to do business with you. Establishing rapport from early on is one of the best ways to...

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How to Set Up a Self-Managed Super Fund (SMSF)

A self-managed super fund allows you to control your investments for retirement. If you’re considering whether to set up your own SMSF, you need to ensure that it is compliant with superannuation legislation. It’s important to get professional advice. An SMSF needs to...

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Self-Managed Super Fund (SMSF) Audits

Self-managed super fund rules are very strict when it comes to administration. It is a legal requirement that your SMSF be audited each year, even if no contributions or payments have been made. The audit must happen at least 45 days prior to the date you need to...

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SMSF preparations for 2018

As the new year fast approaches, there are a number of considerations SMSF trustees should be aware of leading into 2018. Before the end of the year, take time to address the following: Assess your investment strategy – consider the risk, diversity, liquidity and your...

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Hiring for the holiday season

The holiday season is a busy time of year for many businesses and it is not uncommon to hire staff particularly for this period. If your business is one with an influx of sales during this time and you plan on hiring more employees to keep up with demands, make sure...

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Income tax rates

Individual (tax resident of Australia) The following rates for 2017/18 apply from 1 July 2017. Taxable income Tax on this income 0 – $18,200 Nil $18,201 – $37,000 19c for each $1 over $18,200 $37,001 – $87,000 $3,572 plus 32.5c for each $1 over $37,000 $87,001 –...

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Self-Managed Super Fund (SMSF) Property Investment

Did you know that you can borrow to buy residential or commercial investment property with a self-managed super fund? That’s an investment option that’s not available to most public industry and retail superannuation funds. Why invest in property with your SMSF?...

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Boosting employee engagement

Ensuring employees are engaged and committed to their work will ensure they are making a valuable and profitable contribution to the business. While daily tasks will vary based on the type of business and industry, there are universal strategies employers and managers...

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Time wasters to avoid

Understanding what behaviours and factors which cause employees to waste time is important. Only when you understand why time is not being used efficiently can you implement strategies to overcome this. Consider the following: Technology Technology helps us do things...

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SMSFs warned of risky retirement planning

The ATO is warning self-managed super fund (SMSF) trustees about the risks of some emerging retirement planning arrangements. Retirees or SMSF trustees who are involved in any illegal arrangement, even by accident, may face severe penalties, risk losing their...

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Strategies for growing your online following

Developing strategies for growing your online following is an effective aspect of an online marketing plan. By using strategies to ensure you make the most out of the social media platforms available to you, you will see your social media followers increase, creating...

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Is your company culture hit or miss?

Once upon a time, people found a job and stayed in it for their working lifetime. In many cases, it was unheard of to change career or to go back to study. However, nowadays, with online studying and such a great emphasis on mental health and overall well being, gone...

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Sexual harassment and the workplace

In a perfect world, sexual harassment would never occur, let alone in the workplace, but unfortunately, that is not the case. Sexual harassment, while it has reduced over the past decade due to a number of factors, still occurs in many workplaces. It is damaging to...

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How to ensure your branding is consistent

Consistent branding is a big factor in your business’ marketing strategy – it can help build loyal customers, improve recognition and trustworthiness. Businesses that adopt consistent branding techniques gain a competitive advantage by differentiating their products...

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SMSF annual return for pension phase trustees

Self-managed super fund (SMSF) trustees who are in pension phase must lodge their SMSF annual returns if they remain active, or choose to wind up the fund. The ATO is warning SMSF trustees about their regulatory obligations and is paying close attention to those SMSFs...

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Using the margin scheme for property sales

Those selling property as part of a business sale may be eligible for the margin scheme. The margin scheme is a way of working out the GST you must pay on the property that you are selling as part of your business. The scheme is only applicable if the sale of a...

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The importance of employee recognition

Recognising the efforts and hard work of staff not only encourages them to work hard, it also indirectly increases business profits. Consider the following: Promotes positive morale When employers recognise and express gratitude for the work their staff contribute to...

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3 things to avoid when posting on social media

To keep your social media game strong, there are certain things to avoid. Consider the following: Making it personal The business social media platforms should be reserved for posts reflecting the business. While there is a place for posting non-compliant, funny or...

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SMSFs: Stats

The Australian Tax Office (ATO) has released its June 2017 quarterly SMSF statistical report detailing key SMSF figures. As of June 2017, the number of SMSFs increased to 596,516. The number of SMSF members in Australia is 1,124,453. The estimated value of total...

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Changes to GST on low-value imported goods

Australian goods and services tax (GST) will be implemented on sales of low-value goods imported into Australia by consumers as of 1 July 2018. According to the ATO, business will have to register for GST, change GST on sales of low-value imported goods and lodge...

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Internships and unpaid work

Hiring an intern can bring about mutual benefits for the intern and your business, but you could be supporting an unlawful business relationship if you aren’t careful. According to Fair Work Australia, if an intern is performing certain roles, it could classify their...

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Improving role clarity

In today’s business landscape, many businesses are evolving to keep up with modern day demands. This is resulting in an environment where job roles and responsibilities are ever-changing. Many businesses assume employees will embrace these changes and new...

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Managing your staff (professionally)

Business owners and managers have a duty to manage their staff in the utmost professional manner at all times, regardless of the situation. However, many business owners have not grasped the basic skills of managing people. Poor management of staff is detrimental to a...

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Grow your mail list with social media

Growing your mailing list is a strong marketing strategy, but not all of us know how. Consider the three tips below: Insert a sign-up button Although many businesses have a Facebook page, they fail to make it easy for visitors to visit their page to sign up to the...

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Lower House passes first home super scheme

While many Australian’s sit firmly on either side of the first home super scheme debate, the Lower House has passed the scheme. The scheme was proposed in the Budget released in May 2017, and was only just passed by the Lower House. The Government has notioned that...

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How to boost morale

From time to time, it is normal for employee morale to take a plunge. Whether it is a stressful time at work or a major workplace change is occurring, employees may respond unfavourably. However, if employee morale is low over substantial periods of time, it may point...

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Standing out online

With more and more businesses turning to online marketing avenues, businesses need to have a strong strategy for standing out amongst the crowd. Here are three tactics to help your business stand out online: Showcase personality Your website, email marketing campaigns...

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Super co-contributions

Individuals may be eligible for a Government super co-contribution. A Government co-contribution means the Government adds to your super. You may be eligible for the super co-contribution, low-income super contribution (LISC) from the 2012-13 to 2016-17 financial...

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Motivating your staff

The ability to motivate your staff should be a key priority for all employers. Understanding people and what motivates them can see your business thrive. Consider the following tips for motivating your staff: Recognise a job well done There is no reason not to take...

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How to save time and boost efficiency

Many business owners are looking for ways to squeeze more into their cramped work schedules. But unfortunately, this may mean spending more time on unimportant tasks and not prioritising what really needs to get done. Rather than multi-tasking or spending late nights...

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Selling your home and CGT

When it comes time to sell your home, you may be wondering if you will need to pay capital gains tax (CGT). Generally, if you live in the home you are selling you will not have to pay CGT under the main residence exemption. The ATO considers a dwelling as your main...

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Essential social media management skills

With the rise of social media use, it is becoming more important than ever to manage your business’ social media accounts quickly, properly and professionally. Here are three necessary skills for managing multiple social media accounts: Creative Like traditional...

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Why real-time bookkeeping makes a difference

Keeping business records up to date and in order isn’t necessarily a habit that comes naturally to all business owners. With owners needing to be on top of essentials like expenses, cash flow and invoices at all times, having access to real-time information can make...

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