Challenges Galore In 2015
There are certainly a lot of challenges for 2015, including: Digital Disruption – Two years ago, Deloitte Chartered Accountants produced a report, “Digital disruption – short-fuse, big bang?” This report predicted that six different industry groups, comprising:...
Family Trusts & Insolvency – Are Your Assets Really Protected?
It is said that the holy trinity of financial planning is wealth creation, wealth distribution and wealth preservation. We spend our working lives creating what we have. We carefully plan who we may pass that wealth to. But what have you done about preserving the...
Pension deeming rates to be lowered
The social security deeming rates* will be lowered from 20 March 2015 as follows: The ‘lower deeming rate’ will decrease from 2% to 1.75% for financial investments up to $48,000 for single pensioners and allowees, $79,600 for pensioner couples and $39,800 for each...
Time limits for family assistance payments
The ATO has reminded taxpayers who want to claim family assistance payments for the 2014 financial year that they must lodge a claim with the Department of Human Services (Centrelink) by 30 June 2015 to be eligible. This deadline applies to taxpayers who intend to...
ATO data matching programs
The ATO is carrying out two new data matching programs to identify non-compliance with registration, lodgement, reporting and payment obligations, i.e., looking for tax avoiders. Motor Vehicles The ATO has announced a new “Motor Vehicle data matching program” to...
ATO focus on super obligations – child care, pubs and cleaning
Each year, the ATO identifies industries where employers are at a greater risk of not making super contributions for their eligible employees. This year its focus is on: Child care services; Pubs, bars and taverns; and Industrial cleaning industries. Furthermore, the...
Construction industry annual payments report
The ATO is writing to businesses in the building and construction industry that have not lodged their ‘Taxable Payments Annual Report’, which was due to be lodged by 21 July 2014. Each year, businesses in the building and construction industry must complete the...
Good Recordkeeping for Small Businesses
The Australian Taxation Office (ATO) is continually focusing on small businesses operating in the cash economy and through the Small Business Benchmarks is able to identify those businesses that may not be reporting all of their income. Where the business is found to...
Small Gains Are Important
Most business people learn that it’s better to target for small gains each week and continue to work in a proactive, positive manner, to ensure those gains are achieved and that they’re retained. The term ‘overnight success’ is normally significantly overrated. People...
Characteristics of a Well Run Business – Part 3
Stock Control To improve stock control, utilise a stock analysis chart so your team members understand the financial contribution that is potentially available from each item or section of stock. Think about bonuses and other incentives to generate a desire from your...