As the holiday season approaches, the workplace often gets more relaxed as things wrap up. However, closing the business for the holidays usually isn’t as simple as turning the lights off and heading home for a few weeks. There is often a lot of preparation and work that needs to be done before everyone leaves…
Individuals can claim tax deductions when giving gifts or donations to organisations that have the status of deductible gift recipients (DGR). To be eligible to claim a tax deduction for a gift, the ATO stipulates that it must meet the following four conditions: The gift must “truly be a gift”; that is, a voluntary transfer…
Currently, people aged 65 to 74 can only make voluntary superannuation contributions if they meet the ‘work test.’ This means they must report themselves to be working a minimum of 40 hours over a 30 day period within the financial year to qualify. The government has proposed that from 1 July 2020, individuals aged 65…
Market research is key to developing relevant and effective business strategies as it helps you understand your industry, customers, competitors and market trends. Undertaking both primary and secondary market research can allow you to boost your business’ success if you utilise the information to improve your product/service and marketing strategies. There are a variety of…
A Binding Financial Agreement (BFA) is the Australian equivalent of a prenup. It is used to agree in advance on how a couple’s property and other assets would be distributed should their marriage or de facto relationship break down. The Agreement can cover financial settlement, spousal maintenance and any other incidental issues. BFA’s can be…
The interest you earn from term deposits is subject to tax, just like your regular income. You have to declare investment income on your tax return, including interest in the year it was credited or received. The amount of tax you need to pay depends on the amount of interest you earn on your term…
Changes have been made to the Pension Loan Scheme (PLS) under the federal government that came into effect 1 July 2019. The updates aimed to improve the previous scheme and help more retirees boost their retirement income and pay for extra expenses such as home care. The key features of the new Pension Loan Scheme…
With so many eager school-leavers looking for employment opportunities, hiring an intern can seem like a good way to offer work experience to someone without the risks of a long-term commitment of a regular employee. However, you should consider whether hiring an intern would be the best move for your business. Here are some pros…
The national rental affordability scheme (NRAS) started on 1 July 2008, encouraging large-scale investment in affordable housing. It offers tax and cash incentives to providers of new dwellings for 10 years, granted they are rented to low and moderate income households at 20% below market rates. Though the NRAS is no longer taking new investments,…
If you have a self-managed super fund (SMSF), then you need to meet the sole purpose test to be eligible for the tax concessions that are normally available to super funds. The sole purpose test aims to ensure that SMSFs are maintained for the purpose of providing benefits to members upon retirement or for beneficiaries…