Fresh news
In this section we will keep our clients informed on our take of what’s happening in the news, legislative changes and any major announcements at Smith Feutrill.
Positive work environment increases productivity
Recognising the importance of a positive work environment is crucial to creating high levels of productivity, as well as employee retention rates, issues which become costly if ignored.
If negativity has crept into the workplace, it is important to address the issue so that the negativity does not become wide spread.
Regular communication between managers and employees is seen as the key to staff maintaining motivation and a high level of performance. This may include regular meetings, as well as team discussions and activities.
Compliant SMSF Insurance
A new court ruling has clarified the requirements of SMSF in relation to assets insurance. The SMSF must be the listed beneficiary for all assets, such as collectables, jewellery, antiques and more.
If these items are not clearly listed the SMSF runs the risk of being non-compliant.
A separate policy for each item is not required, as a ‘group’ policy will cover the items if they are individually listed.The ruling is put in place immediately, although the funds have until July 2016 to update policies.
Unemployment rate drops to 1 year low
Australia continues to defy international trends in the unemployment sector by posting a 4.9% unemployment rate for April.
The rate has dropped from 5.2% in March, matching the lowest level since December 2008. Lower interest rates and the strong Australian Dollar are seen as the catalysts for the strong job figures.
PAYG Crackdown
The ATO recently announced a new scheme to investigate PAYG instalment amounts from SME’s after revealing it receives up to 18,000 complaints about unpaid super per year. Almost 70% of the complaints were regarding SME’s.
The standout issue are common, often avoidable errors relating to statement preparation and not paying super on time. All businesses that fail to pay employees their super in a timely manner risk having to pay interest on the amounts owing.
Super changes for over 50’s
New superannuation laws announced in the 2012 Federal Budget will effect high income earners who are over 50 years old.
From 1 July 2012 individuals with income exceeding $300,000 will have the tax concession on their contributions reduced from 30% to 15% .This means that taxpayers may face an increase in tax of up to $3,750, which may cause some Baby Boomers to rethink their retirement plans. To further complicate matters, increased contributions may now lead to cap breaches.For further information contact us to discuss how these changes may effect your super.
10 highlights from the 2012 Federal Budget
- No Company Tax Cut as previously promised
- Family Tax benefit A increases payments to families and individuals on welfare
- No standard deduction on company tax for small businesses
- New Schoolkids bonus scheme for education expenses
- Super high contributor’s tax for over 50’s earning greater than $300,000 per year
- Funding for GST additional compliance extended
- Deferral of contributions cap increase for over 50’s with low super
- No 50% discount on interest income
- Company loss carry-back scheme to receive refund on tax paid in prior year
- New Income support supplement for workers with children
SuperStream deadline looms
With the deadline for SuperStream projects looming, the ATO is urging superannuation funds to act now to ensure compliance before the June 2013 cut-off date.
SuperStream is a set of standards implemented by the government which intend to improve the process of everyday superannuation transactions.
Funds are urged to start bringing reform plans forward to ensure compliance with the June 2013 deadline.
The new measures would improve fund processes, including fund-to-fund rollovers which will be required in an electronic format.
Theft tops economic crime list
Theft has risen to the top of the list as the number one economic crime impacting Australian businesses, a recent survey has revealed.
The theft of assets and funds was the largest economic crime committed against organisations, with cybercrime following closely behind.
In the last 12 months almost half of Australian businesses were the victim of at least one incident of economic crime.
Economic crime included asset misappropriation, employee expense fraud and fraudulent invoicing.
According to the Global Economic Crime Survey, conducted by PwC, cybercrime was emerging as the biggest growing threat to businesses with its low costs, high rewards and anonymity broadly appealing.
SuperStream deadline looms
With the deadline for SuperStream projects looming, the ATO is urging superannuation funds to act now to ensure compliance before the June 2013 cut-off date.
SuperStream is a set of standards implemented by the government which intend to improve the process of everyday superannuation transactions.
Funds are urged to start bringing reform plans forward to ensure compliance with the June 2013 deadline.
The new measures would improve fund processes, including fund-to-fund rollovers which will be required in an electronic format.
Theft tops economic crime list
Theft has risen to the top of the list as the number one economic crime impacting Australian businesses, a recent survey has revealed.
The theft of assets and funds was the largest economic crime committed against organisations, with cybercrime following closely behind.
In the last 12 months almost half of Australian businesses were the victim of at least one incident of economic crime.
Economic crime included asset misappropriation, employee expense fraud and fraudulent invoicing.
According to the Global Economic Crime Survey, conducted by PwC, cybercrime was emerging as the biggest growing threat to businesses with its low costs, high rewards and anonymity broadly appealing.
