Avoiding common mistakes The ATO has identified some common mistakes being made in claiming rental property agent fees and commissions. What are property agent fees and commissions? These are fees such as regular management fees or commissions paid to a property agent or real estate agent for managing, inspecting or collecting rent on behalf of […]
How serious is your organisation about staff retention? Just a few years ago staff retention was all about providing challenging work opportunities and regular feedback to employees. While these are vital in a post-GFC era they are givens, employees are looking for more. Employers need to understand the drivers of staff retention and the things […]
Research shows that owners of most Australian small to medium enterprises (SMEs) and family businesses perceive the ‘fair value’ of their businesses to be much greater than the true market value. There are two main reasons for this: 1. Few owners make their business sale-ready by taking the time or trouble to invest in resources, or undertake […]
The last few years has seen a growing list of GST court cases; many between the ATO and the taxpayer. However, many cases have been between the parties to a contract. After more than nine years of GST, it is surprising how often there are disputes about the wording of GST clauses in contracts and […]
As business owners get older and contemplate slowing down the question they often ask is ‘who is going to buy my business?’ However, selling the business is not the only succession strategy that should be considered. We often find that when we inform clients of the real value of their business they then realise that […]
The recent Reserve Bank increases to interest rates naturally create anxiety for those with home and investment loans. For quite some time, interest rates have been at unprecedented lows due to the Global Financial Crisis and the need to stimulate the economy. Inevitably, however, they must return to more natural levels. The last two rate […]
One of the most talked about aspects of the Fair Work Act is the unfair dismissal changes. They apply to all businesses although some concessions are made for small businesses. Unfair dismissal claims may include the circumstance where the dismissal was for reasons of performance related (poor performance) issues. Complying with the law The law […]
When purchasing a business, it is not unusual for the purchaser to be well into the acquisition before realising that there are key issues which were not contemplated either: during the early stages of their decision to acquire the business or around the time the business is transferred. The implications of such ‘surprises’ can range […]
Transition to Retirement Income Streams (TRIS) A TRIS is available to anyone who has reached their preservation age. Currently a member aged 55 or over can access their superannuation benefits while still working via a TRIS. If you were born before 1 July 1960 your preservation age is 55 and rises to 60 for those […]
Whilst always important, reviewing the investment strategy of your SMSF in these turbulent times, is even more critical so that the best possible investment choices can be made. Trustees need to prepare and implement an investment strategy that is centred on the requirements of the fund and its members. The strategy should enable the trustees […]
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