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Resilient Business Conference Coming Up In May 2018

Event: Resilient Business Conference coming up in May 2018

Category : Events

Resilient Business Conference on the Sunshine Coast

The Resilient Business Conference is a must for all small to medium enterprises looking for future prosperity and develop the resilience to weather the changing nature of business.

For today’s business owners to succeed they need to be knowledgeable about areas such as:

  • HR & Payroll
  • Changing Legislation
  • Business Planning & Strategy
  • Marketing
  • Social Media
  • Finance
  • OHS&E

These areas are crucial to the operations of your business!

 

Join us for a two-day seminar which will refresh your knowledge and invigorate your passion for your business and its future. This conference will provide you with the confidence to drive your business into the future and give you the skills to be a leader of success.

 

When, where and how much?

Dates: Thursday 10th May from 8:30am to 4:30pm

Friday 11th May from 8:30am to 12:30pm

Location: Alexandra Heads Surf Life Saving Club (SLSC)

Address: 167 Alexandra Parade, Alexandra Headland

Cost: $400

 

The Social Element

Networking: 4:30pm drinks (cash bar) to meet with delegates at the Bluff Bar.

Dinner: Thursday night from 7 to 9:30pm

Bluff Bar Function Room, Alexandra Heads SLSC
With Guest Speaker Lars Halvorsen

 

Accommodation

Grand Palais Beachside Resort

Cost: $200 for 1 night, enquire about shared accommodation if you are bringing a friend.

 

RSVP

By email to Kvercoe@thehrpeople.com.au or call Karen Vercoe on 0408 008 678

 

Your personal invitation

Please click here to download your personal invitation.

 


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Wage subsidies for Jobactive candidates

Category : Financial Advice

Under the new ‘employer focused’ Jobactive model there is now a vast pool of job ready candidates who attract a wage subsidy. Gone are the days of wage subsidies being reserved for only the very disadvantaged job-seekers. Today, the majority of Jobactive candidates attract a generous wage subsidy:

  • Over 50s ($10,000)
  • Youth 15 - 29 ($6,500 - $10,000)
  • Indigenous ($6,500)
  • Parents returning to work ($6,500) and
  • The longer-term unemployed ($6,500)

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Tax consequences of Christmas parties and gifts

Category : Financial Advice

Tax consequences of Christmas parties and gifts

Merry Christmas,

Thought I’d give you the following gift – everything you need to know about the tax consequences of Christmas parties and gifts.

Gifts to customers, suppliers and their associates

Gifts such as hampers, beer, wine, spirits, food, flowers, perfume, pens, typical promo and marketing gifts (coolers, bags, BBQ sets) and gift vouchers (generally) are deductible and the GST is claimable. These items are generally coded to ‘Advertising and promotion’ or ‘Donations and gifts’.

Entertainment gifts to customers, suppliers and their associates

Tickets to football games, movies, theatre/live performances, theme / amusement parks, circuses and airlines are non-deductible, and the GST isn’t claimable. These items are generally coded to ‘Entertainment – Non-deductible’.

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Changes To Casual Employment

Category : Financial Advice

Changes to casual employment

On 6 July 2017, the Fair Work Commission determined that regular casual employees have the right to convert to permanent employment. The determination applies to casual employees that work regular and systematic hours for at least 12 months. There are exceptions where the shift would require a significant change to the employees’ hours or it’s reasonable the number of hours will change or reduce in the next 12 months. A clause relating to this issue should be included in a casual employee’s employment contract.

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Research & Development Rebate

Category : Financial Advice

Research & Development (R & D) Rebate

The R & D rebate is an excellent incentive for businesses engaged in research & development. The biggest issue I find with the R & D rebate is that businesses are unaware of the rebate or unaware of what constitutes R & D. This is further compounded as it is quite hard for me to tell when reviewing the financial records of a business if they are undertaking R & D.

The R & D rebate provides a 43.5% tax offset for eligible expenditure in excess of $20,000 for entities with a turnover of less than $20M (38.5% if greater and is non-refundable). It’s important to understand that the R & D expenses are denied as tax deductions, so the benefit is really 15% for the business entity; that is, 15% of money back on R & D expenditure. Also, only the depreciation on plant & equipment qualifies for the rebate in each year, not the full capital cost.

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2017/2018 Budget reminders

Category : Financial Advice

Budget reminders

Here is just a small list of budget reminders. From 1 July 2017, the ‘rich’ are off the hook from the temporary budget repair levy being removed for taxpayers with a taxable income of greater than $180,000.

The small business instant asset write off for assets costing less than $20,000 has been extended to 30 June 2018.  Remember also the small business turnover threshold in the 2018 financial year is $10M.

BAS are getting easier, from July 1 small business entities only need to report G1 (sales), 1A (GST collected) and 1B (GST Paid).

All vendors in real estate sales where the price exceeds $750,000 must get a clearance certificate from the purchaser or withhold 12.5% of the sale proceeds.

In a great change, individuals (well most under 75) can claim a deduction for personal super contributions without needing to pass the 10% test.  The ‘10% test’ in the past largely meant only self-employed individuals could claim personal super contributions.

Finally in a not so great change, concessional contribution caps have been reduced to $25,000 and are no longer age based.

For more information about the budget or if you have any questions, please feel free to contact us.


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Federal Budget 2017 – 2018 Part II

Category : Financial Advice

 

RESIDENTIAL RENTAL PROPERTIES – BUDGET LEAKAGE MEASURES

Travel expenses related to inspecting, maintaining or collecting rent for a residential rental property will be disallowed from 1 July 2017.

From 1 July 2017, the Government will limit “plant and equipment” depreciation deductions to outlays actually incurred by investors in residential real estate properties.

 

HELP REPAYMENT – BUDGET LEAKAGE MEASURES

The 2017-18 Budget confirmed the setting of the minimum repayment threshold at $42,000 from 1 July 2018 with a lower 1% repayment rate, and a maximum threshold of $119,882 with a repayment rate of 10% – see table below.

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End of Year Payment Summaries

Category : Financial Advice

End of Year Payment Summaries

Hi, every year just after 30 June I get lots of emails and phone calls regarding payment summaries and payment summary preparation, so I’ve prepared a fairly comprehensive checklist to help you or your bookkeeper with the procedure.

Employers are required to provide their employees the payment summaries by 14 July and the payment summary statement needs to be supplied to the ATO by 14 August (unless subject to a variation).

The process can be streamlined whereby if you have compliant payroll software the payment summary statement is ‘uploaded’ to the ATO.

Leave entitlements
Although not part of the payment summary preparation process, 30 June provides a good time to check those entitlement balances are being accrued (when worked) and reduced (when taken) correctly throughout the year.

Fair Work Australia
Also not part of the payment summary preparation process but Fair Work Australia updates the relevant awards for employees on 1 July and this time presents a perfect opportunity to ensure the relevant employee pay rates are updated to reflect the increases.


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Federal Budget 2017-2018 Part I

Category : Financial Advice


SMALL BUSINESS INSTANT ASSET WRITE OFF

The Government will extend the current instant asset write-off ($20,000 threshold) for small business entities (SBEs) by 12 months to 30 June 2018.

A small business entity if a company in 2017/2018 is an entity with a turnover less than $25M or if a trust less than $5M (don’t get me started on the company versus trust anomaly).

 

MEDICARE LEVY

The Government will increase the Medicare levy to 2.5% from 1 July 2019 (up 0.5% from the current 2% Medicare levy) to ensure the National Disability Insurance Scheme (NDIS) is fully funded and to guarantee Medicare. Other tax rates that are linked to the top personal tax rate, such as the FBT rate, will also be increased – necessary.

For the 2016-17 income year, the Medicare levy low-income threshold for singles will be increased to $21,655 (up from $21,335 for 2015-16). For couples with no children, the family income threshold will be increased to $36,541 (up from $36,001 for 2015-16). The additional amount of threshold for each dependent child or student will be increased to $3,356 (up from $3,306) – hopefully you’re not in this category.

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Federal budget 2014 – 2015

Category : Financial Advice

Federal budget 2014 – 2015

Accelerated depreciation

Incredibly the budget introduced an immediate tax deduction for the purchase assets costing less than $20,000 for small business entities (SBEs) from 12 May 2015 to 30 June 2017. From 1 July 2017 the immediate tax deduction will revert back to $1,000 for small business entities. The write off also extends to allow the write off of any small business entity pool where the balance is less than $20,000 through to the end of 30 June 2017.

Small business tax reductions

The budget also included a reduction in the company rate of tax from 30% to 28.5% for SBEs. The change also allow the continutation of dividends to be franked at the 30% to pass on the tax saving to individuals (limited to the extent that tax was previously paid at the higher rate). Further the budget addressed tax cuts for non-incorporated SBEs (sole traders, partnerships and trusts – most business owers in Australian aren’t incorporated) with the SBE tax offset. This measure reduces the tax paid on SBE income by 5% but is capped at $1,000 per year.

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