Minimum percentage factors for account based pensions are unrealistic

Account based pension statutory percentages are too high in these economic times where deposit interest rates offered by financial institutions are hovering at all-time lows.  When in pension mode, the drawdown amount, based on age and statutory percentages, can cause excessive erosion of fund balances that are made up of cash, term deposits and fixed

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Hired a “contractor” who is really an employee? There are consequences

If your business is looking to put on more staff, first of all: congratulations. But secondly, a warning. The engagement status of workers is an important distinction – whether they are employees or independent contractors – and has consequences that can get many employers into unforeseen hot water. Hired a “contractor” who is really an

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Should you allow your employees to salary package?

Salary packaging is one way for an organisation to increase the take-home pay of its employees — and if done correctly, at no extra cost. Should you allow your employees to salary package? Basically, an employee agrees with their employer to forego part of their future salary or wages in return for the employer providing

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Guide to finding an accountant or tax agent

Many Australians have moved to lodging their own tax returns. Recent data from the Australian Taxation Office shows that almost 30% of individual taxpayers are lodging their own tax returns online. This still leaves a large proportion of Australians who use an accountant of some description to assist them in determining the tax they owe

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Rejected super tax reforms could be back on the table

Reforms to superannuation taxes seem to be firmly back on the negotiating table after Prime Minister Malcolm Turnbull’s mini-summit last week. Business and community group participants were reportedly in near-unanimous agreement that tax concessions were in need of review in the reform process to ensure these were “fit for purpose” in Australia’s future tax landscape.

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