Contracting is becoming more popular as an alternative to the traditional employment relationship. As contracting and employee mobility become more popular, the difference between an employee and a contractor becomes less clear. However, there are dangers in engaging a worker as a “contractor” without having a proper understanding of the various employer obligations.
This month, Australia and New Zealand, along with nine other Asia-Pacific nations signed one of the largest and most progressive free trade agreements in history. The agreement opens up new trade opportunities for Aussie and Kiwi exporters and businesses, covering a market of 495 million people, or 6.8 per cent of world population.
The concessional contributions cap for 2017-18 is $25,000 per individual per financial year.
From 1 July 2017 there is only one cap that applies to individuals of any age.
There are only two certainties in life; death and taxes.
While we all do (or should do) our taxes every year, we rarely spend any time planning how we would like our assets distributed upon our passing.
While regulated entities have been legally obligated to take reasonable steps to maintain the security of personal information held, there was previously no obligation to notify individuals if their personal information was compromised. A lack of awareness around data breaches and the regulations around data reporting has hindered individuals from taking preventative action against crimes and identity theft by, for instance, cancelling credit cards or changing passwords.
A travel allowance is a payment made to an employee to cover expenses when he or she travels for work.
When you receive a travel allowance there are two things you need to consider; whether the allowance is assessable income and if so, how much of a tax deduction can you claim against it.
If you, your business partner or a key employee suffers one of these events then you may be at risk.
Every business owner, partner or company director should review their insurance position with a licensed adviser.
The pursuit of a hobby by an individual may be to supplement wages, create income after having lost a job, test the waters for a new commercial venture or simply follow a passion. The pursuit of a hobby is not the same as carrying on a business for taxation purposes, which means that money derived from a hobby is not income and therefore is not assessable. Conversely, hobby expenditure is not tax deductible.
We would all prefer not to think about illness, injury or death. However, putting in place the appropriate insurance can provide you and your family with peace of mind and help protect against the 'what ifs.'
In Norse mythology, the story of Idunn stands out as a tale of really bad asset-management by the gods. Some consider it never a good idea to store your most critical and valuable possessions in a single asset for too long. “Don’t keep all your eggs in the same basket” is a truism for a good reason.
We can arguably say that following the 2017/18 Federal Budget there was speculation that first home buyers had no hope, particularly in the Sydney property market.
According to the latest data from Australian Bureau of Statistics (ABS), stamp duty incentives in New South Wales and Victoria have supported jumps of 55 per cent and 35 per cent respectively in the value of first home buyer commitments in just two months.
The demand for mortgage broker services has continued to rise over the last couple of years with now well over 50% of residential mortgages being written through the third-party channel. That number is even higher when it comes to property investors, due to the ongoing regulatory changes and tightening of credit regarding investor lending.
With fire season upon us, it is important to make sure your insurance cover is up to date and that you are not underinsured.
There was a time when cyber security was a term familiar only to technology professionals. That time has long gone. Today, cyber security is a real issue for everyone, regardless of whether you are an individual or a large multi-national company. Alarmingly, experience is telling us that cybercrime will continue to be a permanent risk to our personal security and looks to be a long term issue facing modern society.
It can seem like a daunting task when you begin the process of putting a proper insurance protection strategy in place for your family. With information coming from so many different sources about personal insurance – the TV, super funds, your well-meaning friends and family - it can be confusing to know where to start and what information you should listen to.
I met with Steve and Tracey in 2010 to review their personal insurance policies. They were existing Business Services clients at the time. They operated a business in the civil and construction industry, which was going through an expansion phase, launching interstate.
There have been numerous destructive weather events around the country this year, and this has once again put the spotlight on the insurance industry. While the media has criticised some insurers for their slow response and lack of care, there is one thing that many policyholders are thankful for – their broker.
In a surprise announcement earlier this year, the Federal Government extended Australia’s foreign resident capital gains tax (CGT) regime by denying foreign and temporary tax residents access to the CGT main residence exemption.
The vesting date is defined in the trust deed as the date on which the trust will conclude, and the entitlements to trust capital and the income therefrom will crystalise.
For a household’s main income earner, having children is the number one catalyst for purchasing a life insurance policy. The reasons are clear; without their main income stream, how would the family feed the children, pay the mortgage or pay off the car?