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Team building exercises

While hiring a group of people that work well in a team isn’t always easy, when you do, it can result in a more effective, productive and overall more successful workforce.

To create a strong team of workers, some businesses turn to setting aside a day to undertake team building exercises to rally everyone together and break down communication barriers, overcome shyness, build confidence in one another and overall unite everyone together.

Before engaging in team building exercises, businesses first need to establish the goal they wish to achieve from engaging in such activities. Many employers plan activities with no goal in mind, which often results in employees reverting back to their standard behaviour after the day of fun and games.

Examples of team building goals include overcoming conflict, improving communication, encouraging collaboration or even simply getting to know one another better.

Businesses also need to consider the type of team building exercises they would like to conduct to determine whether they need to set aside an entire day, half a day or even just a few hours to build a strong team of workers.

Location is also very important – is there enough space in the office to engage in team building exercises or will you need a larger area, like an outdoor field. Consider also whether you will need equipment and if employees will need to bring a spare change of clothes. Some employees may not be able to participate if they are wearing suits or heels.

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News

Tax on super death benefits for dependants vs non-dependants

July 9, 2020

A super death benefit is the super paid after a person’s death, usually to a nominated beneficiary. These benefits are subject to different tax treatments, depending on whether the beneficiaries are dependant or non-dependant.

Superannuation death benefits will generally be received tax-free by tax dependants, who are considered to be:

Dependants will not have to pay tax on the tax-free component of their super in the event that they:

However, they will be taxed at their marginal rate if they receive a capped benefit income stream and:

Not all super death benefits are subject to tax; for non-dependants, there is a taxable portion. This component is largely made up of after-tax super contributions that the deceased member has made.

Super death benefit payments are subject to tax when:

Non-dependants must calculate how much money in the super account is a:

The amount of tax non-dependants pay will be based on their marginal tax rate, however, this amount may be reduced by tax offsets. For the taxed element of the taxable component, the effective tax rate is your marginal tax rate of 17% (whichever is lower). For the untaxed element of the taxable component, the effective tax rate is 32% or your marginal tax rate (whichever is lower).