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How Super For Contractors Can Work

Posted on May 5, 2021 by admin

Contractors who run their own business and sell their services to others have different obligations to their super than what employees in a business may usually have. A contractor (also known as an independent contractor, a subcontractor, or a subbie) who is paid wholly or principally for their labour is considered to be an employee for super purposes, and may be entitled to super guarantee contributions under the same rules as other employees. A contract may be considered ‘wholly or principally for labour’ if: You’re paid wholly or principally for your personal labour and skills You perform the contract work personally You’re paid for hours worked, rather than to achieve a result If hiring a contractor to perform solely their labor for a fee, the employer may also have to pay super contributions on their behalf. In this sense, if you are a contractor who is being contracted to an outside business than your own to perform your usual work or labour, your employer must contribute to your super the same way they would any other employee. This could be seen in an example of an electrician who runs their own small business, or is employed by a small business […]

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What You Need To Know About Company Takeovers

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Did you know that Australia prides itself on maintaining a competitive business market? It does this through the use of specific legislation that limits the effect that some mergers or acquisitions of businesses may have on market competition. By maintaining a diverse market of businesses for services, products and goods, competition is improved and the flourishing economy is supported fiscally speaking. A merger is a legal consolidation of two business entities into one, whereas an acquisition occurs when one entity takes ownership of another entity’s stock, equity interests or assets. They may be completed to expand a company’s reach or gain market share in an attempt to create shareholder value. Generally speaking, the distinction between the two becomes a little less clear as both types of transactions may result in consolidation of business (and thus a shrinkage in market availability of diversity) but both are legally defined and structured to do different things. They may also have different requirements to be adhered to when it comes to legal compliance. General Regulations To ensure that there is not total market domination with regard to ownership of the primary businesses, Australia’s Competition and Consumer Act (CCA) prohibits those mergers that would diminish […]

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What Are The Consequences Of Improperly Lodged Tax Returns?

Posted on May 4, 2021 by admin

With tax return season approaching quickly this year, you may have already started looking into lodging your income tax return. Ensuring that your details are correct and that any information about your earned income from the year is lodged is the responsibility of the taxpayer and their tax agent. However, if during this income tax return process the tax obligations of the taxpayer fail to be complied with, the Australian Taxation Office has severe penalties that they can enforce. Australian taxation laws authorise the ATO with the ability to impose administrative penalties for failing to comply with the tax obligations that taxpayers inherently possess. As an example, taxpayers may be liable to penalties for making false or misleading statements, failing to lodge tax returns or taking a tax position that is not reasonably arguable. False or misleading statements have different consequences if the statement given results in a shortfall amount or not. In both cases, the penalty will not be imposed if the taxpayer took reasonable care in making the statement (though they may still be subject to another penalty provision) or the statement of the taxpayer is in accordance with the ATO’s advice, published statements or general administrative practices […]

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Keeping Business Costs Down Without Sacrificing Your Goals

Posted on May 3, 2021 by admin

If a business cuts costs, it’s usually to save on the money that is being spent. However, cutting costs too deeply may actually impact employee and customer satisfaction, and overall harm the success of the business that has been built thus far. In saying that, if cost-cutting measures aren’t employed enough, that can also be a threat to the business’s very viability. There are a number of ways through which businesses can attempt to optimise and achieve a balance in their cost-cutting strategies, without sacrificing or reducing their overall success. When beginning the cost-cutting process, align with what the business strategy actually needs to be cut. Rather than approaching the budget with a hacksaw method of reducing the most expensive items, consider optimising the cost against what the business strategy requires from it, and consider the inherent value of what could be cut. Is it something that adds value to the business, despite the cost? Will this cost return on investment against what the strategy purports? Similarly, do not simply approach cost-cutting with a reduction in staff as a solution to the issue. Reducing staff is merely a short-term approach to cost-cutting that may have a long-term impact on the […]

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Why You Need An Online Portfolio On Your Website

Posted on April 22, 2021 by admin

Online portfolios are a simple way of creating a digital presentation of skills or examples of projects that can be displayed by a professional. They’re an easy way to demonstrate (particularly in more creative/visual based fields) the skills and knowledge that an individual possesses in a more tangible way than dot points on a resume might convey. It’s also an effective and simple method to add additional content and promotable material into a website, without detracting from the site’s key messaging. A good online portfolio is more than a showcase of past work. It is an experience that will stay with visitors to the website as a result of the impression it has left on them. Much like how websites should be engaging and dynamic with their design, a portfolio should demonstrate your capabilities and skills in its presentation and content. Elements of a portfolio that should be considered in the design process include: A portfolio should not have to be started from scratch every time. Build a portfolio that is accessible for updates and revisions, durable, designed for the long term and only needs to be updated with fresh content and styles to reflect creative development. Content for the […]

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How Does A No Interest Loan Work?

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Sometimes there are a few unexpected expenses that can impact on our financial situations, and make things just a little more difficult to deal with. The refrigerator breaking down the same week that the car registration is due could be too much of a financial burden for many individuals. With many credit-providing schemes and dubious loans advertised to the public, there is a simpler way to solve your financial issue if you are applicable. The No Interest Loan Scheme is provided by the Australian government for individuals and families to have access to safe, affordable credit. No interest loans are designed to assist people in getting back on a more stable footing financially, allowing them to borrow up to $1,500 to pay for essentials. The term for this loan is between 12 and 18 months, with no credit checks, interest, fees or charges. Repayments for no interest loans are affordable as you are only paying for what is borrowed. To receive a no interest loan, you must: Have a Health Care Card, a Pensioner Concession Card or an income less than $45,000 Have lived at your current address for more than 3 months Show that you can repay the loan. […]

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What Is A Retirement Planning Scheme?

Posted on April 21, 2021 by admin

With a significant number of Australians approaching retirement and looking at the best ways to maximise their retirement assets and income from their super for it, retirement planning makes sense. Unfortunately, there are those who want to target people approaching and planning for their retirement with schemes designed to ‘help’ retirees and prospective retirees avoid paying tax by channelling their income through a self-managed super fund. Retirement planning schemes are designed to help people avoid paying tax on the income earned through their assets (often in an illegal manner). Those schemes may seem like a simple get-rich-quick solution in maximising assets and income for retirement but can put people’s entire retirement savings at risk. Anyone can fall prey to a retirement planning scheme. Anyone who is looking to put significant amounts of money into superannuation can be at risk of being ensnared, particularly those who are over 50, and who are: SMSF trustees Self-funded retirees Small business owners Professional service providers Individuals who are involved in property investment Checking for standard features of retirement planning schemes can be an excellent way to avoid becoming tangled in one. Retirement planning schemes usually: Are artificially contrived and complex, with SMSF members often […]

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Do You Maximise Or Satisfice When Making Your Decisions?

Posted on April 20, 2021 by admin

Critical decisions are often made in the workplace. It’s highly likely that at one point or another, a decision has had to be made by you to result in an outcome that could impact performance or some other aspect of the business. Generally there are two ways in which people make decisions. These are known as maximising or satisficing, and both have drastically different approaches and impacts for how individuals make decisions. Those who use maximising in their decision making process are more likely to weigh/compare choices to carefully assess which is the best one. When a decision is made by a maximiser, often it’s a well-informed one that could potentially lead to a better outcome overall. Their decisions may look the most logical or efficient as their time has been spent deliberating potential results and possibilities. A drawback to the maximiser process is that a lot of time can be wasted in the process of getting it right. Decision paralysis and regret is also a common occurrence for those who overthink their options. Satisficers are those who would prefer to make decisions quickly – the decision is made promptly, and is usually acceptable but not the best choice or […]

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Employing A Talent Acquisition Strategy For Your Business’s Employment Needs

Posted on April 19, 2021 by admin

It’s a daunting task, seeking someone who can fill a specific position that your business needs filled. It’s important that irrespective of how the economy is performing, the state of the workforce and what your business currently consists of, the employees that you hire are the best and most-talented people that you can get. Though often we think of recruitment as a valid strategy of employment, it often seeks to fill gaps or vacancies that might be caused by staff turnover or insufficiency. This is still a valid strategy for businesses that need immediate solutions to staff/skill shortages. However, hiring for your business shouldn’t just be about filling an immediate need – it’s about ensuring that your business attracts and retains talented employees for the long-term, to help your business grow to its full potential. A talent acquisition strategy should be put in place by your business to assist in addressing this issue. Essentially, a talent acquisition strategy should be tailored to reflect and suit your business goals over the course of the next five years. It’s important to consider how the business is going to expand in the future, and what employees you need to join you in journeying […]

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The Sharing Economy And Your Tax Return – How You Could Be Affected

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In Australia any income earned by a job may be considered to be taxable income. Those who receive their income via the sharing economy are no exception to the rule. In fact, there can be further complications that result from incorrect understandings of how the income tax and goods & services tax  may apply to those individuals. The sharing economy is a socio-economic system built around sharing resources, often through a digital platform like a website or an app that others can purchase the right to use for a fee. Popular sharing economy services and activities that could be subject to income tax include Being a Driver for popular ride-sharing/ride-sourcing services and obtaining fares for those services Renting out a room, whole house or a unit on a short term basis Sharing assets (such as cars, parking spaces, storage space or personal belongings) through platforms such as Camplify, Car Next Door, Spacer, Toolmates or Quipmo. Creative or professional services provided by individuals through online platforms to fill a need of others (also known as the gig economy) Here are some of the things you need to bear in mind about the income and goods & services tax for these popular […]

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