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Legalities of reaching settlement with the ATO

Posted on September 20, 2017 by admin

If you find yourself in a position where you need to come to a settlement with the ATO, it is critical you understand the legalities behind the said settlement. Firstly, understand what a settlement is; an agreement between two parties, for instance, yourself or your business and the ATO. The purpose of the agreement is to resolve a dispute where one or more parties make concessions on what they consider is the legally correct position. There are a number of scenarios in which settlement between an employer or employee and the ATO may occur, such as: tax liability, entitlement or debt; superannuation liability, entitlement or debt; decision under a tax or superannuation law. Examples of a disputed liability or entitlement specific to the ATO may include: Tax – tax, levy, charge, duty or excise imposed under a law Penalties (exclusive of penalties issued by a court) Payments – offset, grant or benefit under a law Franking credits and debits and foreign tax credits General interest charge and shortfall interest charge and interest Notional tax on losses Credits and refunds of indirect taxes When negotiating a course of action, settlement can occur at any stage, i.e., before or after the position […]

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Interview tips for any industry

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Interviews can be daunting and nerve-racking. You may be perfect for a specific role but unable to land a job because your interview skills aren’t that great. Consider the following to make a lasting, positive impact on the interviewer: Adequately prepared Being prepared is quite an obvious tip, but so many interviewees don’t understand what being prepared entails. To adequately prepare, you should research: – The history of the company including when it was developed, changes in business owners and why this occurred – How many employees there are, how this has grown throughout the years, and the nature of employment, i.e., working remotely, working in various offices, etc. – The core values, mission and philosophy of the business – The story behind why the company was developed – How the business has grown in terms of success over the years – The skills needed to bring the company further profit. Flexibility and adaptability Being flexible and adaptable is an invaluable skill for all employees. If you are flexible and adaptable, it shows that even if your skillset does not meet the job requirements, you will be able and willing to learn and expand on your skillset to be able […]

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Choosing the best loan

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Getting a good loan can save you thousands of dollars in fees and interest, so it is important to shop around for the best deal. There are many considerations when choosing a loan. After you have decided on the amount you need to borrow, the features you need and the time frame to pay it back you should consider the following: Interest rates The interest rate is most likely the first thing you will want to know when searching for a loan. You will need to decide on whether you prefer a variable or fixed rate. If you decide on a variable rate, account for potential interest rate rises. Some lenders offer ‘honeymoon’ rates for the first 1 or 2 years of your loan where the rates are low then rise after the ‘honeymoon’ period ends. If you take this option, make sure you will be able to make repayments at the higher rates. The comparison rate The comparison rate is the interest rate plus all the fees and charges you will pay on the loan. Comparison rates help you work out the true cost of a loan and can assist you in comparing the cost of different loans. In […]

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Digital marketing flaws to avoid

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One of the best ways to market your brand in today’s business climate is digitally. However, without understanding the online environment, you can lose business. Consider the following flaws to avoid: Not setting goals Failing to set goals can leave your marketing strategy without any real drive or direction. Setting goals are necessary, not only for appreciating the direction in which your marketing strategy is headed but also for understanding if you and your team are meeting the marketing goals that have been set out. Without clear goals in place, evaluating success in your marketing plan will be virtually impossible and it is difficult to allocate responsibility for how effective or ineffective the marketing strategy is. Failing to review Analysing how effective the marketing strategy is extremely important; without doing so, understanding what is working best to drive business becomes difficult. Reviewing analytics in particular for digital marketing is one of the most efficient ways to discover how strong the marketing strategy is. Platforms such as Facebook and Instagram provide business pages with an analytics tool that gives valuable information about the content you are sharing. Google Analytics is another tool that can be used to analyse how many clicks […]

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How does the super guarantee charge work?

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Employers who do not pay the minimum amount of super guarantee for their employee(s) by the due date may have to pay the super guarantee charge (SGC). The charge is made up of super guarantee shortfall amounts including any choice liability calculated on your employee’s salary or wages, interest on those amounts (currently 10 per cent) and an administration fee ($20 per employee, per quarter). Employers must report and rectify the missing payment by lodging an SGC statement by the due date and paying the SGC to the ATO. Employers may be able to use a late payment to reduce the amount of SGC, however, they must still lodge an SGC statement and pay the balance of the SGC to the ATO. The ATO prioritises the collection of unpaid SGC debts. If an employee reports an employer for unpaid super, the ATO will investigate on their behalf. Employers must lodge their SGC statement and pay the charge by the due date. Quarter Period Due date 1 1 July – 30 September 28 November 2 1 October – 31 December 28 February 3 1 January – 31 March 28 May 4 1 April – 30 June 28 August If a due […]

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Ride sourcing – Claiming car expenses

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Those who participate in ride-sourcing (i.e., Uber, GoCatch) as a driver can access a number of tax deductions come tax time. You may be able to claim expenses such as: – Parking fees – Road tolls – Mobile phone costs – Fees or commissions charged the facilitator – Other expenses – to the extent that they relate to work-related travel. Under the logbook method (the business-use percentage of car expenses) include: – Petrol – Depreciation of your car – General vehicle running costs such as insurance, car rego and repairs – Maintenance. Expenses you cannot claim include: – Fines, such as parking and speeding fines – Fuel tax credits – The cost of getting and maintaining a standard driving licence – Costs of a capital nature, such as car purchase price – Personal or private expenses, such as the private use of a car used for ride-sourcing activities. If you use your car for both personal and work-related use, you will need to apportion your car expenses appropriately. If the owner of the car is a spouse or de-facto partner, you can still claim deductions for the car as it is considered a joint asset. You may be eligible for […]

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Turning negative customer feedback around

Posted on September 14, 2017 by admin

In a perfect world, every customer your business works with will be pleased with how the transaction went and will want to return to you for future business. In reality, this isn’t always the case. It is human nature that people make mistakes and there will always be circumstances outside of your control that can lead to a customer not feeling they received what they paid for. Consider the following tips for handling negative customer feedback. Be responsiveWhen people feel they have received poor or inadequate service, they can be quick to complain, which they are entitled to do. One thing that can be extremely damaging and can make that person feel even more negatively towards your business is to ignore them. Being unresponsive can come across as arrogant, which can seriously tarnish the reputation of your business. Once a customer has complained, the best thing you can do is to work to rectify and resolve their issue. Doing nothing and failing to respond casts a negative light on the business, particularly with the nature of negative feedback being received on social media platforms where there is an audience. Apologise and offer a solutionOne of the worst actions you can […]

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New measures to crack down on super non-compliance

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The Australian Taxation Office (ATO) will receive additional funding for a Superannuation Guarantee Taskforce to crack down on non-compliance by employers. The Government has announced a package of reforms to close a legal loophole used by dishonest employers that short-change employees who make salary-sacrifice contributions to super. Funding for the Taskforce coincides with new data released by the ATO reporting a significant estimated Super Guarantee gap. This gap is the difference between the theoretical amount payable by employers to be fully compliant and actual contributions received by funds. The ATO estimates the net SG gap as 5.2 per cent or $2.85 billion of the total estimated $54.78 billion in SG payments that employers were required to pay in 2014-15. The gap exists because some employers are not meeting their super guarantee obligations either by not paying enough or not paying at all. Employers who deliberately are not paying their workers’ super entitlements are robbing their workers of their wages. The new package aims to take action on this so employers cannot hide from their legal obligation. Some of the measures included in the package involve: A requirement for superannuation funds to report contributions received more frequently (at least monthly) to […]

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Sharing economy and tax

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The ATO is reminding those who work in the sharing economy to be aware of their tax obligations. The sharing economy connects buyers (users) and sellers (providers) through a facilitator who usually operates an app or a website. Some popular examples include Airbnb, Stayz, Uber, Deliveroo, Airtasker and so on. Different rules apply, depending on what type of sharing economy activities are undertaken by an individual. Those who rent out part or all of their home are reminded to: – declare what they earn in their tax return; – apportion related expenses as appropriate before claiming deductions and – understand it may affect their capital gains tax if they sell their home in the future. Individuals who participate in ride-sourcing activities need an ABN, to register for GST from the day they start, to pay GST on the full amount of every fare and to keep records of income and expenses for both GST and income tax purposes. GST credits associated with your ride-sourcing enterprise are deductible. Those providing other goods and services through the sharing economy need to remember to declare what they earn and apportion related expenses.

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Taking initiative in the workplace

Posted on September 7, 2017 by admin

Initiative is a desirable trait in employees. Showing initiative demonstrates a willingness to innovate, develop and improve. It shows you’re a self-starter and have no problem with taking action. Here are a few ways to take initiative in the workplace: Look for opportunities Have you spotted a business opportunity that has not been recognised by senior leaders? Act upon it. Suggest ways of improving business processes, products, services or even customer experience to your manager. Be on the lookout constantly for new ways of improving business, reducing unnecessary costs, opportunities for growth and better systems and processes. Be outstanding Do more than what is required of you. If a task is not technically listed under your job description but is a great opportunity to learn and grow, then it would be wise to do it anyway. Not only does this increase your skill set but it can improve your confidence and self-worth and prove you are dedicated to the business. Take action Initiative goes hand-in-hand with action. Showing initiative means you are able to think on your feet and do not need to wait around to be told what to do. Examples of taking initiative may include helping a colleague, […]

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