RBA rate cuts
Westpac Chief Econimist believes that the interest rate will stay firm in February how will this affect your business?
More depth for ATO compliance audits
The ATO has announced that it will be performing more comprehensive audits as part of its compliance program for the 2013/14 Financial Year. They will specifically be concentrating on loans, related party transactions and exempt current pension incomes.
Super subject to ATO garnishee
The ATO is turning to issuing garnishee notices on individuals’ superannuation savings as a means of recovering money owed to them and has already made an unsuccessful attempt to do so.
Over 7,000 auditor registrations recorded
ASIC has revealed that the total number of people that have become registered SMSF auditors has more than quadrupled since April increasing from 1,500 to 7,035. This is a great benefit to SMSF trustees.
Lodging your 2012/13 SMSF Annual Return
When SMSF trustees are lodging their 2012/13 Annual Returns they should take note of the following changes:
– Assets should be valued at market value
– The appointed auditor needs to be registered with ASIC
– The SMSF levy has increased to $321 and is in transition to being paid during the relevant year
The SMSF market
The SMSF market continues to grow with 509,362 funds at 30 June 2013 and $500 billion in assets. This results in an average fund balance of $1 million. The mix of members is 41.5% under 55 and 58.5% over 55.
How to survive the leadership spotlight
Here are three key tips to ensure that you survive the leadership spotlight:
1. No triangles. Go direct to the source.
2. Manage your small issues. Issues that appear small and irrelevant that grate on people can build and become distractions and affect productivity. Ensure you find out what is behind it and resolve it.
3. Be mindful of your words and actions. You are ALWAYS being watched. Choose your words carefully and maintain a positive and optimistic outlook.
Employers Occupational Health & Safety Obligations
To satisfy OHS obligations employers need to ensure the following:
1. Before the party conduct a risk assessment of the venue
2. Implement a HR policy that covers harassment and other issues arising from a party.
3. Ensure alcohol is served responsibly
4. Make arrangements to get employees home safely.
Hitting the treadmill
More and more workplaces are looking at introducing height adjustable or stand up desks. However, workplaces need to assess and educate their workers before they introduce them. Using stand up meetings or meetings conducted while walking on treadmills are other options that could be implemented.
The evidence stands
Research shows that taking breaks and working standing up improves employee performance. Taking a 2 minute standing break every 20 minutes significantly improves performance.
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