Posted on February 18, 2021 by admin
When you own a rental property, keeping records is important. These will help you meet tax obligations. Generally, only individuals with their name on the title deed declare income and claim expenses. Remember that the records must be kept in English or should be easily translatable into English, and kept for a minimum period of 5 years. The records you need to keep include: Dates and costs of buying the property: These will help work out any capital gain or loss when the property is disposed of – the date entered into the contact is the purchase date, not the settlement date. Any rent and rent-related income: This will be required to report tax return. Expenses associated with the property: These are important to claim deductions you may be entitled to. These records should include the name of the supplier, the amount of the expense, nature of the goods or services, the date the expense was incurred, date of the document Significant changes: These include repairs or improvements or partial or all sale of the property – the cost of repairs and improvements should be kept separate from depreciation costs so that deductions and capital gains and losses can be […]
Posted on February 15, 2021 by admin
Webinars are online conferences that have become much easier to host with technological advances. They are also cheaper and, if used correctly, can be beneficial for your business. Build brand authority and trust Giving potential and current customers the opportunity to speak directly to you allows for transparency which can improve trust. During the seminar you can demonstrate your products and discuss your services and explain why they are better than competitors. Your customer interactions during these seminars will allow customers to ask questions to which you can provide insightful information and show your commitment to the business. Improve search engine rankings Hosting webinars boosts your search engine rankings. Improving your rankings on a search engine can benefit your business as the higher you are ranked the more trusted you are perceived. Not to mention, you are seen by more people and this increases the likelihood of gaining customers. Generate more leads Webinars can help you get into direct contact with potential customers. Asking those who join your webinar to leave behind their email addresses if they want to work with you is a chance to form a community. Launch new products Thanks to the development in technology, webinars can […]
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People often perceive asking for help as a weakness, but sometimes, asking for help demonstrates strength. It shows self-awareness and a willingness to learn and grow. If you find yourself in the following situations, you should consider asking for assistance: You don’t know what you’re doing This sounds straightforward, but if you’ve been given a task that you haven’t done before and you’re struggling, it is worthwhile to approach someone for assistance. You could ask your manager for clarification about the task, or some support in completing the task. There is no point in trying to repeatedly re-attempt the task if you have no idea what you are trying to achieve. This is not an effective way to spend your time, and you will end up stressing yourself out more than anything else. When there is too much work Although well-intentioned, being overly enthusiastic about your work practices can cause trouble. Having too much work on your hands will prevent you from completing it to the best standard and leave you overwhelmed. In this scenario, asking coworkers to help you can seem as though you are shirking responsibilities that you chose to take, but it is more likely that people […]
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n Australia-wide survey asked employees what benefits they would most want from their employers. The following are the top 10 benefits: Flexible working Discounts on electricity, gas and water Continued education options Petrol discounts Free meals Supermarket discounts Mental wellness initiatives Subsidised massages, yoga, and gym memberships Special company deals on loans, mortgages, health insurance Discounts on mobile phones and data services Many of these benefits are difficult to arrange and may be costly. However, the top benefit desired by employees is flexible working, which small businesses can also adopt easily. Further, due to COVID-19, there are many more resources available to facilitate flexible working and it has become more normalised than ever. Offering flexible working will make your workplace more attractive to potential employees and increase the loyalty of current employees as they can work according to times that suit them. Employers should also consider providing other benefits that are accessible to them – this will improve employee satisfaction and inevitably contribute to productivity in the workplace.
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Many Australians ignore the decision of choosing investments for their super and often end up in the ‘default’ option as they make no effort to choose otherwise. Default options that aim for ‘balanced’ or ‘growth’ investments tend to have 60-80% of funds invested in shares and property. This approach for investment is based on the best-suited strategy for a large number of members across the years they will be investing. However, the default options may not be the best for your financial circumstances and risk profile. Understanding different investment options and how risk assessments work will help you choose better investment options. Further, aim to change investment options over time rather than sticking to the same one. For example, you could consider changing options once you begin receiving a pension.
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Amounts which are not classified as income are split into 3 categories. Exempt income This is income that you do not pay tax on, although, some exempt income may be taken into account when determining: Tax losses of earlier income years that you can deduct Adjusted taxable income of dependants Some examples include certain Government pensions, certain Government allowances, certain overseas pay, some scholarships, etc. Non-assessable, non-exempt income This is also income that you don’t pay tax on – it does not affect your tax losses. Some examples include the tax-free component of an employment termination payment (ETP), genuine redundancy payments, super co-contributions, etc. Other amounts There are also other amounts that are not taxable. Some examples include: Rewards or gifts received on special occasions, prizes won in ordinary lotteries, child support and spouse maintenance payments, etc.
Posted on February 4, 2021 by admin
There are four types of partnerships. The partnership type you choose will depend on what best suits the partners involved. General Partnership (GP) All partners involved will be equally responsible for the management of the business. Each member has unlimited liability (personally liable) for the debts and obligations that the business incurs. Limited Partnership (LP) Liability of partners is limited to the amount of money they contributed to the partnership. Limited partners tend to be ‘passive’ investors who don’t play a role in the day to day management of the business. Incorporated Limited Partnership (ILP) ILP partners have limited liability for the debts of the business. However, there must be at least one partner with unlimited liability. If the business is failing to meet its obligations, then the general partner (or partners) will become personally liable. Choose a business by discussing what and how each partner can contribute. Based on this, choose a structure which accommodates these differences.
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Implementing these customer service strategies will help your business avoid liability lawsuits Conduct follow-ups during the project During a project, both you and the client can get busy with running the business and making sure everything goes to plan. This means that your client may not have the time to contact you when an issue arises. Setting time aside that is allocated to checking in with them and verify that things are running smoothly will be beneficial in the long run. It will let you address any problems earlier rather than later so that you can take the right steps to avoid a lawsuit down the line. Keep clients updated about their project Keeping your client in the loop helps build trust and means that you might have some leeway if something goes wrong. For example, consider a scenario where you have done all the work but one of your suppliers is late and prevents you from meeting a deadline. If your client has been kept up to date and knows that you have taken all the necessary steps, then not being able to meet a deadline is likely to be received better than abruptly telling them you’ll be late […]
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SMSF funds can provide pension or lump sum benefits during retirement. Retirement is a condition of super release if you have reached your preservation age. Depending on your date of birth, your preservation age will be between 55 and 60. The benefits from your super are tax-free once you are over the age of 60. If you plan to start a super pension income stream, then the funds from your accumulation account need to be transferred to your retirement account to fund your pension. Your retirement account has a cap of $1.6 million, so you can transfer that amount as a lump sum but no more. The earnings on these funds are tax-free. Each year, you need to withdraw a minimum percentage of your account balance from the retirement fund. This minimum percentage will depend on your age. Alternatively, you can start your Transition-to-retirement pension if you have reached your preservation age but you are still working. However, unlike the funds that support your super pension once you begin retirement, these are taxed at 15%.
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The Australian weather can be unpredictable, resulting in intense weather conditions. Bushfires, severe storms or floods can cause personal properties and assets a lot of damage. In the case that this does occur, individuals need to determine the tax treatment of any insurance payouts or relief payments that they may receive. Usually, individuals are unlikely to experience tax consequences for payments for personal property or assets. Personal property or assets include your home and household assets. On the other hand, if an individual’s income-producing assets incur damage, then they will need to determine the proper tax treatment of the payouts or relief payments that they receive and the costs involved in repairing or replacing the assets. If you have been working from home and using personal assets to produce income (such as a personal laptop you are repurposing) then determining which tax treatment applies could get complicated. You may have to talk to the ATO or an advisor to clarify the specificities of your situation.
