What is SuperStream and How to Become SuperStream Compliant

The Australian government is definitely on a mission to stimulate the economy as it unveils SuperStream, which has the function of providing consistent and reliable electronic transactions for superannuation obligations.

What is SuperStream? SuperStream is the government’s solution to the persistent cases of lost superannuation accounts and unclaimed money. Aside from this apparent problem, it is also the Australian government’s goal to improve the overall efficiency of the superannuation system via on-time processing of contributions and rollovers by requiring employers make super contributions in behalf of their employees. Continue reading

Prepare Your Business for End Of Financial Year and Tax Time

Doing the taxes for your small business or speaking to your accountant may not give a rush of pleasure at all, but it can save you for a lot of pressure in the future. By being tax-smart, you can get through the end of financial year stress-free. With the right preparation, you can minimise your tax bill, maximise the benefits from the Tax Office, and put yourself in a better position for the next financial year.

Be the best small business owner you can be! Now, let’s make every day count by using the following strategies. Continue reading

Double Dipping: 4 Ways How the Changes in Paid Parental Leave Could Affect Your Business

One of the controversial proposals in the Federal Budget 2015 of the Australian government is the revision of paid parental leave. Previously, employees could get their paid parental leave from their employers and the government, which led to the moniker, “Double Dipping”.
This proposed Federal Budget 2015 revision focuses on limiting the paid parental leave employees receive from the government, and increasing the government funds, by forcing them to select only the one with the better paid parental leave scheme.
The Double Dipping provision requires employees to select only the larger paid parental leave incentive from the two, significantly cutting the expected paid parental leave incentives of the working parents in Australia. Continue reading

Advantages Of A Self Managed Super Fund

SMSF

Australian citizens in the past have not been known for their tendency to save significant amounts of money for their retirement, which is why the government established a compulsory superannuation program where the employer that sets aside a percentage of the employee’s earnings for their own retirement. Generally, employers have deposited these funds on the employee’s behalf into industry regulated Superannuation Funds. Continue reading

Advantages of Salary Sacrifice

Source: Flickr

Sometimes being an employee seems to offer minimal tax breaks and limited rewards compared to individuals who operate a business to derive their income – enter salary sacrificing. Let’s take a look at the advantages of salary sacrifice.

Salary sacrifice is a practice carried out by employers in agreement with employees where the employers reduce the amount of take-home pay which employees are entitled to in return for the employer to pay a nominated amount towards what the employee has specified. Continue reading

Fringe Benefits Tax: What You Need To Know

Tax

Source: Flickr

There are times when fringe benefits are considered significant forms of compensation for employees, but they can actually get employees and their employers into tax trouble if they are reported and taxed inappropriately. So it is important that employers are aware of the federal laws governing fringe benefits so employers are aware of when they are applicable. Ignorance is never accepted as an excuse by the Australian tax office. Continue reading