Remote teams versus virtual teams
Remote teams versus virtual teams
As the majority of the workforce transitions to working from home and we rely on the digital world to connect with our colleagues – employers and employees alike – we should consider the future possibilities for recruitment and a digital workplace. A few terms like “remote team” and “virtual team” are constantly being thrown around […]
Increasing workplace flexibility
Businesses now working from home can take the opportunity for employers to learn from the experience and consider new work structures coming out of COVID-19. This could mean increased flexibility for employees when it comes to working remotely. Here’s why you should consider flexible work arrangements with your employees. Increase productivity Flexible work arrangements can […]
What happens if your SMSF is non compliant?
While there are benefits to running an SMSF, they do not come without their compliance responsibilities. This includes lodging your fund’s annual return on time, attending to reporting obligations, and having an investment strategy. SMSFs who do not meet their obligations are subject to penalties by the ATO through the following measures. Education direction An […]
JobKeeper GST turnover test released
The ATO has published a ruling on the decline in turnover test for businesses applying for the JobKeeper scheme as part of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020. This turnover test requires businesses to calculate their ‘current GST turnover’ and ‘projected GST turnover’, subject to modifications to the definitions outlined in […]
Protecting your staff from phishing scams
Businesses with employees working remotely must consider digital security measures to protect their business assets and the safety of their employees. Phishing scams are a particularly prominent security issue, especially for employees working with their personal devices and networks that may be insecure. Phishing scams are designed to steal information through mediums such as emails […]
Managing money on a low income
Increasing living expenses and commitments can make it challenging to manage and save money, especially for low income earners. Here are some tips that may help you reduce financial pressures on a low income… Prioritise high-interest debts:If you have a lot of different debts to pay off, prioritise them by their interest rates. Paying off […]
What should you do when contracts, sales or purchases are cancelled?
Contracts, sales or purchases are bound to be cancelled with financial uncertainty plaguing the economy as a result of COVID-19. To help you get through this, the ATO recommends making a goods and services tax (GST) adjustment when cancellations do occur. In the event of contracts, sales or purchase cancellation, you can make a GST […]
Things to know about the First Home Super Saver Scheme
Individuals looking to buy their first home may claim up to $30,000 of their super contributions through the First Home Super Saver (FHSS) Scheme, which aims to reduce pressure on housing affordability. The scheme allows first home buyers to save money within their superannuation fund and accumulate faster savings with the concessional tax treatment of […]
What you need to know about lodgement deferral dates
Due to COVID-19 and unforeseen financial circumstances, the ATO has announced a series of lodgement deferral dates available for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns, PAYG summary annual reports and taxable payment annual reports. Lodgement deferrals extend the due date for lodgement of a document without incurring a […]
Communicating effectively with your remote team
Communication is a huge part of business productivity, however, businesses who have made a recent shift from face-to-face work to working remotely can find it difficult to adapt and maintain effective communication. But just because you no longer see your staff face-to-face doesn’t mean that your communication has to suffer. Have a communication plan Whether […]