Author Archives: Collins and Co
Moving your business online
In order to keep up with the growing demands of digital accessibility and convenience, many businesses decide to partially or completely move their business online. This can help with extending customer reach beyond the geographical boundaries of a physical business, offering customers easy access to your products or services, scaling and growth, and reducing costs […]
Approaching difficult conversations at work
Difficult conversations are apart of every aspect of life, including work. Employers and employees all face having to initiate difficult discussions at some point during their working life and avoiding these conversations can increase the potential for issues in the workplace or in extreme cases, legal claims. Sensitive topics may initially be uncomfortable to approach […]
Commutation authorities for SMSFs
Commutation authorities are issued by the ATO when a member of a SMSF has exceeded their transfer balance cap. A commutation authority will be issued after the member has received an excess transfer balance determination alerting them they have passed the cap. The transfer balance cap is currently $1.6 million and is applied to the […]
Limiting tax deductions for holding vacant land
On the 28 October 2019, The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No.1) Bill 2019 received royal assent. The new tax law creates limitations for deductions related to the expenses of holding vacant land from 1 July 2019. This is likely to affect those who acquire land for investment purposes and begin […]
How to create an effective social media calendar
Having a well-planned and engaging social media presence is nowadays a core aspect of marketing. With 77% of consumers more likely to buy from brands they follow on social media, it is important to plan your content ahead of posting to maintain a successful social media campaign, avoid any mistakes and ensure posts will help […]
Are you prone to emotional overspending?
Online shopping is available 24/7, making it easy to indulge in retail therapy whenever you’re feeling low. With many consumers using PayPal or saving their credit card details on Google, spending money is so easy that it may not feel like a big deal when clicking the ‘order’ button. While treating yourself every once in […]
The ATOs ABN cleanup
The ATO has announced that in October 2019, they will be focusing on the bulk Australian business number (ABN) cancellation program. This program will be cancelling ABNs that the ATO is confident are inactive in an attempt to create cohesion within the Australian Business Register (ABR). There are a few areas the ATO looks into […]
Travels with my SMSF
Travelling overseas for an extended period of time is an exciting adventure and a chance to have a break. However, SMSFs do not take a break when you do, which is why it is important to ensure everything remains in line while you are away. Trustees that travel or relocate overseas for an extended period […]
Amendment to Housing Affordability Measures introduced
The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 was re-introduced to parliament on 23 October 2019. This comes after it was first announced in the 2017-18 Federal Budget. The amendment introduces a new system where the government will provide up to an additional 10% capital gains tax (CGT) discount for resident […]
Do you need to pay superannuation for contractors?
A contractor can turn into an employee for legal and financial obligations, so when working with contractors, employers need to test whether they count as an employee or contractor for superannuation purposes according to the rules stated in the Superannuation Guarantee (SG). The ATO states that even if contractors quote an Australian Business Number (ABN), […]