Every now and then, you might come across an employee who is particularly difficult to handle. A difficult employee could be one who is incompetent, doesn’t follow instructions, behaves rudely in the office or some other behaviour alogether. However, as a business owner or manager, you must maintain professionalism when responding to such an employee.…
Luxury car tax or LCT is a 33% tax on cars that have a value (including GST) above the set threshold. However, the tax is only on the value which is above the threshold. Businesses and individuals that sell or import luxury cars are required to pay LCT. You can make LCT payments in instalments…
Super (AU): Pros and cons of home reversion Home reversion is when you sell a share of the future value of your home whilst still living there. You receive a lump-sum payment and continue to own the remaining share of your home equity. Pros You are able to continue living in your home after you…
Now that businesses must have a better idea of the working conditions they will be adopting in 2021, it’s ideal to consider how employer liability changes. The health and safety of employees in the workplace is the responsibility of the employer. Employers must protect their employees’ well-being, by taking into consideration the risks involved on…
Buying an existing business can be a great entryway into being a business owner – but it does come with challenges. Following these steps might make it easier for you to make sure that the business you buy is right for you. Understanding if you are ready for business: This doesn’t just involve the financial…
When checking through your transactions, you might come across a transaction that doesn’t look right. If this is the case, you should get into contact with your bank as soon as possible. An unauthorised transaction: Money transferred from your account without your permission A mistaken transaction: Paying the wrong person by using the wrong details…
When you own a rental property, keeping records is important. These will help you meet tax obligations. Generally, only individuals with their names on the title deed declare income and claim expenses. Remember that the records must be kept in English or should be easily translatable into English, and kept for a minimum period of…
New COVID-19 cases resulted in Victoria going into a short lockdown. Although the lockdown itself wasn’t very long, the estimated damage to the economy was high. Experts are saying that the short lockdown could cost the state $1bn. Although there have been no new local cases since, some restrictions will stay in place. For example,…