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The margin scheme is a way of working out the GST you must pay when selling property as part of your business. The amount of GST normally paid on a property sale is equal to one-eleventh of the total sale price. If the margin scheme is used, the GST is calculated on the difference between the sale price and your purchase price of the property... more
When making an employment termination payment (ETP), employers should be aware of the tax implications for different circumstances.
An ETP is a lump sum payment you make:
- to an employee when their employment is terminated (referred to as a 'Life benefit' ETP)
- to an employee’s estate because
At the end of the day, it is every company's goal to find success in some capacity. Often that achievement is multi-pronged; businesses want both clients and employees to be happy, while also meeting their own financial objectives.
Operating an organisation is not an easy feat, however, and there's a fair amount of insight companies... more
Every business thinks it's running efficiently until it hits a snag. Big or small, the issues organisations face are tough to foresee. Luckily, there is a solution: management reporting.
Management reports offer business leaders an analytical perspective of their internal personnel and processes. Using key performance indicators (KPIs)... more
During the rush of planning holiday travel, we can often forget to organise what could potentially affect our lives and loved ones the most, estate planning documents.
Estate planning is about future proofing - it is not just about when you pass away, but also about protecting your children and assets if you are unable to do so. If... more
The end of year period is a busy time for everyone, not just at work but preparing for the holidays and the New Year.
For retailers, a large portion of their yearly sales may come from this period and service businesses can be equally overwhelmed. For other industries, the year end can be one of the slowest times of the year. Clients might... more
Conflicts of interest are often a trigger for workplace tension and gossip, reducing productivity and damaging employee relations.
Common examples of conflicts of interest in business include:
- Recommending a friend or family member for a job position.
- Employers not disclosing that a candidate being considered
Throwing a Christmas party for your employees can be a great way to show appreciation and have some fun, but tax implications of a party can be surprising and costly.
Before hosting a staff Christmas party, employers should be aware that the majority of the time, a party would be considered ‘entertainment’ and is... more
The holiday season often brings about many emotions and pressures that can add extra stress to you and your employees during the rush.
Managing this busy period efficiently can reduce the emotional strain on your staff and keep spirits high. Keeping the holidays as something your employees can still look forward to can be achieved... more
To qualify for small business CGT concessions, an asset must meet the conditions of the Active Asset Test.
An asset is considered active when you own it and it is used or held ready for use in relation to a business. You can also have an intangible active asset if it is inherently connected with a business you carry on.
An active... more