Neil Marshall Tax and Business Advice Pty Ltd is a CPA practice
The transfer balance cap was introduced as part of the reforms to superannuation in the 2016 Federal Budget and will commence on 1 July 2017. The cap applies to the total amount of super that has been transferred into the retirement phase. The cap will start at $1.6 million, and will be indexed periodically in…
Tax rates for working holiday makers who are in Australia on a 417 or 462 visa have changed. From 1 January 2017, employers who employ a working holiday maker in Australia on a 417 or 462 visa: – Must withhold 15 per cent from every dollar earned up to $37,000 with foreign resident tax rates…
Exposure to risk is a big part of investing and although individuals cannot eliminate risk completely, they can implement strategies to manage risk and achieve their financial goals. Managing investment risk is particularly beneficial in times of increased volatility and unfavourable economic conditions as well as ensuring investors meet their long-term investment goals. Here are…
Hiring entry-level employees is a difficult yet unavoidable task for many employers. Entry-level employees are often essential to fill junior positions in a business and can provide businesses with an opportunity to grow. However, hiring a person with lack of experience and professional referees can often be quite challenging. Here are three tips to consider…
SMSF trustees have until 31 January 2017 to review their limited recourse borrowing arrangements (LRBAs) to ensure they are consistent with an arm’s length dealing, or alternatively brought to an end if they are not. The Tax Office recently provided further guidance to SMSF trustees on when the non-arm’s length income (NALI) provisions apply to…
The ATO have introduced a simpler BAS to take effect from 1 July 2017 to help reduce GST compliance costs for small businesses. From 1 July 2017, small businesses will only need to report GST on sales (1A); GST on purchases (1B) and Total sales (G1) on their BAS. Businesses will no longer need to…
When carried out effectively, formalised performance reviews can be beneficial for both you and your employees. It is an opportunity for you to demonstrate how much you appreciate your employees’ contributions and undertake collaborative reflection on potential business improvements. However, there are a lot of potential pitfalls that can undermine the effectiveness of performance reviews,…
Contributing extra to your superannuation is a good way to boost your retirement funds. One of the ways you can add more to your super is through salary sacrificing. Salary sacrifice is an arrangement with your employer to forego part of your salary or wages in return for your employer providing benefits of a similar…
Giving to charity this Christmas is a great way to give to those less fortunate while receiving some extra tax perks. Charitable donations are tax deductible which only adds to the incentive to be generous this holiday season. Here are some tips for maximising your tax breaks on charitable donations: The charity must be registeredMake…
Freeing up working capital can help businesses fund growth, reduce debt levels and lower costs. One way to improve working capital is by managing your accounts receivable. Many businesses fall into the trap of poor accounts receivable management – from extending credit to customers to ignoring payment terms to guarantee a new sale, these types…