CALL US: (07) 3367 0999 | EMAIL US:

Keeping in touch with old staff members

Many employers will simply lose touch with an old employee once they have left the workplace.

And while individual staff members may stay in touch via social media sites, especially LinkedIn, it is communication from the business itself that will often be left wanting. By sending out alumni newsletters, holding annual events that ex-employees are invited to or just dropping the occasional email you can go a long way in maintaining relationship that may prove valuable down the track.

Ex-employees with whom your business is still on active and amicable terms are valuable assets.

They make up a unique network who can recommend potential future employees to you or might be willing to come back to work for you in the future. Additionally, many of your old staff members will have expertise about your business that can not be found anywhere else, making them an amazing knowledge pool.

Treating old staff members with ongoing respect and attention will also improve the image of your company to current staff members, potentially improving your retention rates.

Business
advice

taxation
planning

compliance
services

News

Your First Tax Return: What You Need To Know

June 15, 2021

Tax return season is quickly approaching for individuals. You may need to begin thinking about the process sooner rather than later to ensure that you have everything ready for your accountant. If you’ve never had to complete a tax return before (and it’s your first time) or are still uncertain about what you need to do, this process can feel a bit like a Mount Everest you need to climb.

Putting it simply, if you are earning or will earn more than $20,542 this year, you will need to lodge a tax return. However, if you haven’t made that amount but your employer has taken tax out of your pay, you should lodge a return anyway to receive some (if not most) of that money back.

How much money you receive back from the tax return will be affected by how much income you have earned. Some debts (such as HECS or HELP) will begin to take money out of your return after reaching a certain income threshold level (currently set at $46,620).

A tax return is where you report all of your income earned over the past financial year. It should include ATO-reported income (which you generally won’t have to worry about as we have access to it automatically) such as salary or non-ATO reported income. This income may be income that has not been sent to the ATO and could include tips, any income you’ve earned while working under an ABN or payments from a family trust. You need to work out all of the income that you have earned and report it to remain compliant with the ATO.

In a tax return, you will also be entitled to make tax deductions on certain items if they apply to your situation. This means that you may receive a greater amount in your tax refund.

You will be entitled to tax deductions on items such as:

If you want to make sure that you understand precisely what you need to do to lodge your tax return, keep this in mind:

For assistance during the lodgement of your tax return, you can seek advice from us. We’re here to help ensure you meet your tax obligations by reporting your income correctly for this financial year.