Today’s modern businesses face many challenges regarding their ability to attract and keep customers, provide products and services to a fickle public and remain competitive in an open marketplace. There is the challenge of recruiting competent staff, keeping up with ever-changing technology and complying with regulatory bodies. Managements must monitor continually changing markets, make key financial decisions and assess risks to their operations. Most management teams operate with well-tried systems delivering daily reports of all key aspects of their operations.
03/02/2017 by Lavina Webb There are a number of different taxes that people working or doing business in Australia are obligated to pay, the most well-known being income tax, GST (goods and services tax), PAYG withholding tax, CGT (capital gains tax), FBT (fringe benefits tax) and company tax. There are others that apply to smaller sections of the taxpaying public, but suffice to say that the ATO (Australian Taxation Office) has information about all tax obligations on their website for
02/12/2016 by Lavina Webb Managing a business has always been challenging, and with every decade it seems that, along with the ever-present issues of cash flow, staffing, budgets and sales, some new torment arises. In the past 20 years, we have had the introduction of a GST (goods and services tax), in 2008 it was the global financial crisis, and now climate change is set to impact the economy in ways we can’t imagine. Relieve Stress by Seeking Outside Help
Meeting the compliance requirements of a range of state and federal legislation is just one of the challenges facing the modern business owner. Health and safety legislation, industrial relations issues, employment discrimination and environmental requirements are just some of the issues that must be dealt with on a daily basis. Taxation legislation is a completely different challenge, and one that affects business owners is company tax. Background Knowledge Needed to Understand Company Tax This is an area of compliance that
The Australian Competition and Consumer Commission (ACCC) is urging Australians to hang up on and deleted tax scam emails after more than $1 million was reported lost to Scamwatch already this year, with over 300 people reporting that they lost money to tax scams in the first half of the year. These scams often use personal information found online and generally claim that you have underpaid you taxes and are required to repay the tax debt immediately or face frightening
The Fair Work Commission (FWC) has varied some awards with new or changed terms about taking annual leave. Most changes take effect from 29 July 2016. There are changes to rules about: Cashing out annual leave; Taking annual leave in advance; Managing large (‘excessive’) annual leave balances; Payment for annual leave. Here is a summary of the changes below. Cashing out annual leave Most awards now allow employees to cash out annual leave, if they: Have at least 4 weeks