As the majority of the workforce transitions to working from home and we rely on the digital world to connect with our colleagues – employers and employees alike – we should consider the future possibilities for recruitment and a digital workplace. A few terms like “remote team” and “virtual team” are constantly being thrown around…
Businesses now working from home can take the opportunity for employers to learn from the experience and consider new work structures coming out of COVID-19. This could mean increased flexibility for employees when it comes to working remotely. Here’s why you should consider flexible work arrangements with your employees. Increase productivity Flexible work arrangements can…
While there are benefits to running an SMSF, they do not come without their compliance responsibilities. This includes lodging your fund’s annual return on time, attending to reporting obligations, and having an investment strategy. SMSFs who do not meet their obligations are subject to penalties by the ATO through the following measures. Education direction An…
The ATO has published a ruling on the decline in turnover test for businesses applying for the JobKeeper scheme as part of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020. This turnover test requires businesses to calculate their ‘current GST turnover’ and ‘projected GST turnover’, subject to modifications to the definitions outlined in…
Businesses with employees working remotely must consider digital security measures to protect their business assets and the safety of their employees. Phishing scams are a particularly prominent security issue, especially for employees working with their personal devices and networks that may be insecure. Phishing scams are designed to steal information through mediums such as emails…
Increasing living expenses and commitments can make it challenging to manage and save money, especially for low income earners. Here are some tips that may help you reduce financial pressures on a low income… Prioritise high-interest debts:If you have a lot of different debts to pay off, prioritise them by their interest rates. Paying off…
Contracts, sales or purchases are bound to be cancelled with financial uncertainty plaguing the economy as a result of COVID-19. To help you get through this, the ATO recommends making a goods and services tax (GST) adjustment when cancellations do occur. In the event of contracts, sales or purchase cancellation, you can make a GST…
Individuals looking to buy their first home may claim up to $30,000 of their super contributions through the First Home Super Saver (FHSS) Scheme, which aims to reduce pressure on housing affordability. The scheme allows first home buyers to save money within their superannuation fund and accumulate faster savings with the concessional tax treatment of…