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FBT Year-End is Fast Approaching

FBT Year-End is Fast Approaching

23 January 2013

Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee or the employee's associate in place of salary or wages. 

If an employer provides fringe benefits to employees during the year, they typically must pay fringe benefits tax (FBT) and lodge an FBT return with the Australian Taxation Office (ATO) unless all benefits are being “cashed out”. 

The fringe benefits tax (FBT) year ends 31 March 2013; the FBT return declares fringe benefits provided during the period 1 April 2012 to this date. FBT returns must generally be lodged and associated payments made by 28 May 2013. 

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HR | Exit versus Stay Interviews

HR | Exit versus Stay Interviews

23 January 2013

There is debate within human resource circles about the value of exit interviews to a business or organisation and whether it may in fact be better to schedule regular “stay interviews” with your employees. 

Exit interviews are usually conducted on an employee’s last day on the job when their mind is probably more focused on the farewell lunch or drinks after work, and the employer is either frantically sourcing a replacement or busy training a new employee. The standard forms are completed, the resignation is signed off and everyone moves on. 

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New National Business Names Register

23 January 2013

A new national business names registration service commenced on 28 May 2012, replacing the state and territory services. Businesses now only need to register or renew their name once with the single national register and pay a single fee. 

The new national business names registration service is administered and managed by the Australian Securities and Investments Commission (ASIC). 

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Prepare for Super Changes

Prepare for Super Changes

23 January 2013

The Superannuation Guarantee (SG) is a compulsory system of superannuation support for Australian employees, paid for by employers. The system was introduced in 1992. 

In 2010 the Federal Government announced that the compulsory super guarantee rate will gradually increase from the current rate of 9% to 12% with the first incremental increase to begin on 1 July 2013. 

Super Guarantee to increase to 9.25%

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Protecting Your Family's Financial Well-being

Protecting Your Family's Financial Well-being

23 January 2013

It has been argued that even if insurance was free, there would still be an underinsurance problem in this country. 

Insurance is not a topic that engages people. It should though, because it is about protecting your family’s financial position in the event of unforseen occurrences or tragedies. 

The recent catastrophic bushfires should be a poignant reminder to us all of how such events can change our lives and the financial impact they leave behind. However, it needn’t be an event on such a grand scale that causes us to stop and reflect; circumstances such as the main family bread-winner becoming ill or dying can have a similarly devastating effect on a family’s financial well-being. 

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