As most businesses will be aware, from the first pay period commencing on or after 1 July 2016, the national minimum wage will increase to $672.60 per week, or $17.70 per hour. We discuss what this means for you as an employer.
A death benefit nomination is a written direction to SMSF trustees that instructs the trustee to pay a member’s entitlements to certain dependants and/or legal personal representatives (their estate) in the proportions the member wishes in the event of their death.
Cash is king, so the saying goes, and any business person will tell you this saying is as true today as ever. Managing it is like a high-wire balancing act.
It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company.
The ATO is focusing on claims that investment property owners make for repairs to residences that it deems to in fact be ‘improvements’.
An area where we see individuals getting it wrong as employees is in relation to claiming work-related travel expenses.
In the old days, tax officials could be seen driving around the ‘burbs looking for signs of opulence that didn’t match your income.