Watch out for the personal services income (PSI) rules which aim to tax business profits in the name of the person doing the work. They can often apply to contractors, consultants and professionals. Do they apply to you? If you are running a business it is important to establish if the PSI rules apply. PSI is […]
Selling a property as part of a business? You may be able to apply the margin scheme to reduce the GST payable on the supply of the property. The margin scheme is a method of determining the GST payable when property is sold as part of a business. The margin scheme only applies where the […]
Superannuation Guarantee (SG) is the official term for the compulsory super contributions that employers must make for their employees. The rate was previously 9.25%. As of the 1 July 2014, the new minimum SG contributions rate is 9.5%. When does an employer have to pay SG? Employers have to pay SG for full time and […]
At the end of each year, every business undergoes a procedure with regards to payroll. There’s nothing to fear about the process and things will run smoothly if you go through these steps. Step 1 – Process final pay runs. Ensure all pay runs are complete for the financial year. Step 2 – Reconcile end of […]
It is very important to not exceed your concessional contribution caps in your super fund. Concessional contributions represent pre-tax contributions to your super fund. These include your employer mandated contribution, salary sacrifice contributions and any member contribution where you are claiming a tax deduction for it. The contributions are recorded when they are received and […]
Francis A Jones
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