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Fair Work introduces new app

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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Investing in shares vs property in SMSFs

March 19, 2020

Shares and property are two popular investment options for those with a self-managed super fund (SMSF). However, they both have very different attributes and choosing the one that will achieve the best outcome for an SMSF depends on your personal goals and situation.

While the price of shares can vary drastically, property is a relatively stable asset, making it appealing to those who want more security and predictability. Property prices are also negotiable unlike shares, and you can generally borrow money at a lower rate for property purchases.

It may seem hard to find the perfect investment property, but older and undercapitalised properties can be renovated for profit. However, returns from property rentals can be dented due to factors such as land tax, utilities and rates, maintenance and tenancy vacancies.

Shares are more dynamic and volatile than property. One advantage is the accessibility of investing in shares, as you can enter the share market with a few thousand dollars – much less than what you need to invest in a property.

Maintaining a portfolio of quality shares that pay tax-effective dividends may be a good way to fund retirement. With the right portfolio allocation, shares also have the potential to provide a better, stronger income than property rentals, as long as that income is sustainable and increasing.

Property can generally be used as a wealth-creation tool, while shares can create a reliable retirement income. For those who can afford to put more money into investments, it may be a good idea to consider investing and diversifying in both. If you’re unsure about which investment option is right for you, seeking financial advice may be the best option.