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Claiming your tax deductions

Posted on November 12, 2020 by admin


There are different types of deductions which individuals can claim to reduce their taxable income. Work-related expenses In order to claim work-related tax deductions, the expenses must have to meet three criteria. Firstly, all the expenses have to be paid by the individual, without being reimbursed by the employer. Secondly, they must be directly related to earning your income. Finally, there must be a record of the expenses (i.e. a receipt). There are various different expenses which can fall under this category. Vehicle and travel expenses: Commuting between different locations but not usual travel between home and work Clothing, laundry and dry-cleaning expenses: Cost of work uniform which is distinct and unique (i.e. has a specific logo) Self-education expenses: Any courses or study associated with employees current role, such as textbooks Tools and other equipment: If you purchase tools or equipment, then a deduction for some or all the cost could be claimed Investment expenses The cost of earning interest, dividends or other investment income can also be claimed. This can include: Interest charged on money borrowed to invest Investment property ex[enses Investing magazines and subscriptions Money you paid for investment advice Home office expenses A portion of the costs […]


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Using your tax return wisely

Posted on July 8, 2019 by admin


Getting your tax refund back is exciting, but as tempting as it is to splurge, consider other ways you can put that money to good use. It is easy to get caught treating your return as extra money when you shouldn’t see it any differently than your regular paycheck. Give the money a purpose by thinking about your personal financial situation and determining your needs. Emergency fund: An emergency fund can make all the difference if a difficult financial situation comes up, acting as a backup in the case of an emergency such as losing your job or medical costs. Building an emergency fund with enough money to cover at least three months worth of expenses is a good starting point. Make sure the money is added to a high-interest savings account to utilise compound interest. If you are contributing regularly to this fund, adding money from your tax return can boost it above schedule. Make debt repayments: With a bit more money at your disposal, now is the time to make repayments on debts you may have. Start with the higher interest debts and work down, your interest repayments will drop when you lower your outstanding balance. These debts […]


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Budget 2018: living stronger

Posted on May 9, 2018 by admin


The Government is focused on encouraging older Australians to better grow and secure their personal retirement funds. Retirees exempt from work test An exemption from the work test will be established to allow retired Australians aged between 65-74 who have total super balances below $300,000 in their first year that they do not meet the work test criteria, to make voluntary payments into their superannuation funds. Retirement income strategy Superannuation trustees will now be required to produce a retirement income strategy for their superannuation fund members. This is due to new amendments to the Superannuation Industry (Supervision) Act 1993. The Government is also set to revise the Corporations Act 2001 to ensure providers of retirement income products will supply standardised and simplified reporting to assist with more informed decision making. Pension Work Bonus Increase in funding to the Pension Work Bonus will mean that pensioners can now receive up to $300 per fortnight before their pension payments are affected. The Bonus will also cover self-employed individuals, who will be entitled to receive up to $7,800 per year without reducing their pension payments. Funding for older workers program Additional funding will be provided over four years to form the Skills Checkpoint […]


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Chatbots as a business growth strategy

Posted on April 12, 2017 by admin


Looking for a competitive advantage that will help continue to grow your business? Look no further than chatbots. When used effectively, chatbots provide a number of advantages that can help boost your business. Chatbots are invaluable when it comes to customer service. They allow you to publish content directly to your audience. For customers, communicating (with a well designed) bot is practical; it is fast and it removes the process of calling up and sitting on hold. Chatbots are ideal for sharing links to new content and new products as well. Using chatbots provides businesses with data. Analytics such as purchase tracking, page clicks and navigational trends are all available through chatbots. Once this data is analysed, improvements and adjustments can be introduced to make the audience experience more enjoyable and more meaningful; optimising the opportunity for success in your business. Instant messaging is taking over. Recent trends show that messenger apps are becoming more and more popular, with retention rates higher than that of other mobile apps. To improve customer experience and conversion rates, your company should not avoid this opportunity. Integrating chatbots into your business is extremely resourceful. It helps improve sales, draw in new customers, strengthen existing […]


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Fair Work introduces new app

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The Fair Work Ombudsman has released a new app called “Record My Hours,” to help reduce the amount of disputes regarding underpayments between employees and employers. The app assists employees in recording the hours they work and other information about their employment for circumstances where issues about their pay arises. Employees can export the data via email and share it with their employer or the Fair Work Commission if they have a question about their entitlements. “Record My Hours” enables the location services function on the user’s device to allow users to set their workplace location and automatically record when they commence and finish work, determined by their location. The app also adds rosters to a calendar, allows the user to receive notifications about upcoming shifts, and take photos of information that belong to them, i.e. pay slips. It also has the ability to record information about piecework arrangements and backs up information collected to iCloud or Dropbox. While most small business employers do the right thing, the app is designed to address underpayments of young and migrant workers and to act as a backup in the event of a discrepancy or dispute.


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Consolidating your super

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Chances are, if you have had more than one job, you will most likely have multiple super accounts. Having multiple super accounts means more fees and less savings. Consolidating all your super accounts into one account can help you to keep track of your super, reduce unnecessary paperwork, and most importantly, save on costs. The first step in consolidating your super is selecting a fund to move all of your super savings into. When comparing funds, consider funds with lower fees; suitable investment options; extra benefits; funds which have performed well over the last 5 years; and provide appropriate insurance cover for your needs. Once you have selected a new super fund, you may need to open an account with the fund and provide your employer with the new details. You will then need to rollover super to your chosen fund either online through myGov or you can transfer your super by using a form and sending it to your chosen fund. Some funds have an online process too. Before consolidating your super, be sure to check the impact on your retirement benefit if you are in a defined benefit fund. It is also good practice to check that you […]


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New measure to combat franked distributions funded by capital raisings

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The Government has announced a new measure in the 2016-17 Mid-Year Economic and Fiscal Outlook to prevent the distribution of franking credits where a distribution to shareholders is funded by particular capital raising activities. This new measure is intended to address issues raised by the Tax Office’s Taxpayer Alert 2015/2 regarding arrangements used by companies for the purpose of, or for purposes which include, releasing franking credits or streaming dividends to shareholders. The ATO have been reviewing arrangements with all or most of the following features: A company with a significant franking credit balance raises new capital from existing or new shareholders, i.e., issuing renounceable rights to shareholders. Shareholders may include large institutional superannuation funds. The company makes franked distributions to its shareholders, at a similar time to the capital raising and a similar amount of capital is raised. This may occur as a special dividend or through an off-market buy-back of shares, where the dividend forms part of the purchase price of the shares. Overall, there is minimal net cash inflow to or outflow from the company; the net asset position of the company remains essentially unchanged but their franking account is significantly reduced, and there is minimal impact […]


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Protecting your staff from workplace bullying

Posted on April 4, 2017 by admin


Protecting your staff from workplace bullying is necessary in this day and age; just as is protecting your business from potential lawsuits as a result of workplace bullying. According to the Fair Work Ombudsman, workplace bullying is defined as any repeated behaviour towards an individual or individuals by another individual or individuals that is unreasonable and causes any risk to health or safety. Understanding the difference between reasonable and unreasonable behaviour is important; not all workplace discrepancies are classified as bullying. Examples of reasonable behaviour according to Safe Work Australia include: – Transferring a team member to another department – Reviewing employee performance – Discussing unreasonable behaviour conducted by an employee with said employee in a private setting – Setting clear and reasonable employment goals Unreasonable behaviour includes: – Any abusive, derogatory, insulting comments or remarks – Deliberate and obvious exclusion of an employee/s – Creating unrealistic and unachievable performance goals and deadlines – Discrimination and sexual harassment – Physical violence Your business should consist of appropriate reporting channels should any incidents of workplace bullying arise to protect those involved and your business. An established procedure should be developed to follow in all instances of bullying. The procedure ought to […]


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How to deal with negative people, positively

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We have all encountered an individual who – despite everything positive around them – insists on focusing on the negative. These people can make day to day life more stressful than it needs to be, particularly if it is in the workplace. Luckily, there are many strategies you can employ to avoid getting bogged down by these people: Active listening Most people who are exhibiting negative or irrational behaviour feel they have been done wrong by. Once they feel their emotions have been acknowledged, they can move past complaining and onto problem-solving. Listen to what they are saying, repeat back to them what they have told you and ask them questions about how to move forward. Deal in facts, not emotions Negative people are often very emotive. They focus on how a situation makes them feel and consider how a situation affects them personally. Avoid engaging in emotion-based interactions in the workplace; always come back to the facts. Do not take it personally Everyone has a personal life, and everyone responds to situations differently. If you have not done anything to warrant an unkind interaction with a co-worker or client, chances are their negativity does not have anything to do […]


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What investors will look for when funding a startup company

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Ultimately, every investor is different. However, when looking to invest in any startup company, there are a number of boxes you will need to check regardless of who decides to invest in you. You need to know the market. How big is the market? How populated is the market? Is your product or idea doing the same as every other product on the market? How does your product stand out in the existing market? What sets it apart? Having a strong business plan is essential. No one will want to back you if you do not have a solid plan for the future. Investors will want to hear numbers and forecasts. They do not want to hear you say that there are no risks involved, or hear you answer every question with certainty that no problems will arise because that is unrealistic. They will want to hear how you plan to tackle problems as they arise. Investors will need to believe in you. You need to be sincere. Are you positive? Are you flexible? Are you realistic yet ambitious? Can you talk to people? Are you a good leader? A good listener? Do people respect you? The team that you […]


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Choosing The Right Super Fund For Your Needs

March 14, 2024

Selecting the right superannuation fund is a crucial decision that can significantly impact your financial future in retirement.

With numerous options available, it’s essential to understand the key factors to consider when making this important choice.

Let’s examine the factors that should guide your decision-making process to ensure you choose a superannuation fund that aligns with your needs and goals.

  1. Investment Performance:

One of the primary considerations when choosing a superannuation fund is its investment performance. Look for funds that have consistently delivered strong returns over the long term, considering factors such as risk-adjusted performance and investment strategy. Review historical performance data and compare it to relevant benchmarks to assess the fund’s track record.

  1. Fees and Costs:

Fees and costs can significantly impact the growth of your superannuation savings over time. Consider the fund’s management fees, administration fees, and any other charges associated with investing in the fund. Look for funds that offer competitive fees while providing value for their services. Keep in mind that even seemingly small differences in fees can have a substantial impact on your retirement savings over time.

  1. Investment Options:

Evaluate the investment options available within the superannuation fund to ensure they align with your risk tolerance and investment objectives. Look for diversified investment options, including cash, bonds, equities, and alternative investments. Consider whether the fund offers pre-mixed investment options or the flexibility to build your investment portfolio according to your preferences.

  1. Insurance Coverage:

Many superannuation funds offer insurance coverage, including life insurance, total and permanent disability (TPD) insurance, and income protection insurance. Assess the insurance offerings each fund provides, including the coverage level, premiums, and any exclusions or limitations. Choose a fund that offers appropriate insurance coverage to protect yourself and your loved ones in the event of unforeseen circumstances.

  1. Member Services and Support:

Consider the level of member services and support offered by the superannuation fund, including online account management, educational resources, and access to financial advice. Evaluate the fund’s customer service reputation and responsiveness to member inquiries or concerns. Opt for a fund that prioritises member satisfaction and provides resources to help you make informed decisions about your retirement savings.

Choosing the right superannuation fund is a critical step in planning your retirement’s financial future.

By considering factors such as investment performance, fees and costs, investment options, insurance coverage, and member services, you can make an informed decision that aligns with your needs and goals.

Regularly review your superannuation fund’s performance and reassess your choices as your circumstances change to ensure you can achieve your retirement objectives.