People often perceive asking for help as a weakness, but sometimes, asking for help demonstrates strength. It shows self-awareness and a willingness to learn and grow. If you find yourself in the following situations, you should consider asking for assistance: You don’t know what you’re doing This sounds straightforward, but if you’ve been given a…
An Australia-wide survey asked employees what benefits they would most want from their employers. The following are the top 10 benefits: Flexible working Discounts on electricity, gas and water Continued education options Petrol discounts Free meals Supermarket discounts Mental wellness initiatives Subsidised massages, yoga, and gym memberships Special company deals on loans, mortgages, health insurance…
Many Australians ignore the decision of choosing investments for their super and often end up in the ‘default’ option as they make no effort to choose otherwise. Default options that aim for ‘balanced’ or ‘growth’ investments tend to have 60-80% of funds invested in shares and property. This approach for investment is based on the…
Amounts which are not classified as income are split into 3 categories. Exempt income This is income that you do not pay tax on, although, some exempt income may be taken into account when determining: Tax losses of earlier income years that you can deduct Adjusted taxable income of dependants Some examples include certain Government…
The Australian weather can be unpredictable, resulting in intense weather conditions. Bushfires, severe storms or floods can cause personal properties and assets a lot of damage. In the case that this does occur, individuals need to determine the tax treatment of any insurance payouts or relief payments that they may receive. Usually, individuals are unlikely…
There are three types of partnerships. The partnership type you choose will depend on what best suits the partners involved. General Partnership (GP) All partners involved will be equally responsible for the management of the business. Each member has unlimited liability (personally liable) for the debts and obligations that the business incurs. Limited Partnership (LP)…
Implementing these customer service strategies will help your business avoid liability lawsuits Conduct follow-ups during the project During a project, both you and the client can get busy with running the business and making sure everything goes to plan. This means that your client may not have the time to contact you when an issue…
SMSF funds can provide pension or lump sum benefits during retirement. Retirement is a condition of super release if you have reached your preservation age. Depending on your date of birth, your preservation age will be between 55 and 60. The benefits from your super are tax-free once you are over the age of 60.…
Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts are also able to apply for an Australian business number (ABN) on the condition that the trust is carrying on an enterprise. If a trustee applies for a TFN or ABN, then this is in the capacity of…
Calculating how much super you will need will help you decide whether you should be contributing more to your super. You can utilise salary sacrifice schemes to increase contributions, especially if you are not using your entire salary. There are two main factors that impact the amount of super you will need when you retire:…