The Basics of Payroll Tax and Grouping Provisions
Many businesses are required to pay Payroll Tax to the Office of State Revenue (OSR). Payroll Tax is a state-based tax imposed on wages that are paid or payable in the relevant state. Wages includes most payments for services made by an employer to employees, directors and contract workers who are deemed to be employees.
Recent ATO Tax Initiatives
The Australian Tax Office has a number of recent initiatives that may impact on your 2009-2010 Tax return. Please read the following list and consider whether they may benefit or affect your tax return or entitlements.
Setting Aside a Statutory Demand
A statutory demand is a written demand made against a debtor company to pay its debt to the issuing creditor. Section 459E of the Corporations Act 2001 provides that a creditor may serve a company with a statutory demand for a debt (or debts) due and payable (the total of which must exceed $2,000). It allows a creditor to exercise its right to demand payment without the need to commence legal proceedings.
Once a demand is served, the debtor has strictly 21 days to either pay the demand, reach a compromise with the creditor or make an application to have the demand set aside.
Bullying in the Workplace
Bullying is any type of behaviour, or series of behaviours, that unfairly or unreasonably puts down, belittles, undermines, controls, abuses, scares, intimidates, excludes, offends or embarrasses someone. It is often quietly withstood by the victim because they aren’t certain that the experience constitutes bullying, or they don’t know their legal rights. Some important facts to remember about workplace bullying are the following:
One Year on from the GFC – How SME Owners are Feeling
Small to medium enterprises (SMEs) were one of the hardest hit sectors during the Global Financial Crisis; and though there are signs of a solid return to growth and improved business performance, there is still a certain fragility attached to their confidence.
Recently a number of reports have been released regarding the state of SMEs and business confidence, and some of the significant findings include:
Telecommunications for SME’s More Choice – Lower Cost – More Complexity
There can be no disputing that over the past two decades the range of telecommunications services available to business has blossomed. At the same time, the cost of these services has plummeted. Whilst this is very good news for business, it also has its challenges. The complexity of the choices has grown and even one of the oldest forms of telecommunications– telephone lines – has a wide range of options available. The five major types of telephony service available are as follows:
Managing your Domain Name
When organising their online presence, many people can forget about the management of their domain name. Though the design and content of your website and web presence are crucial elements of any online marketing plan; there are some facets of domain management that are widely ignored and yet immensely important. Some essential pieces of advice include:
The Perfect Direct Mail Piece
While internet marketing has a lot to offer and is still new and exciting, it is important not to forget the tried and true traditional forms of marketing. Direct mail outs are a great form of advertising which can be personalised, making them much more appealing to individuals than a mass consumer piece. So, what can you do to create the perfect direct mail piece?
Headings with impact
Your heading needs to stand out and capture your market’s attention so they don’t just place your hard work and money straight into the bin. Try making your heading witty, personal or a direct question, such as “Do you know the value of direct mail outs?”
Body of the text
Don’t just talk about what you offer; talk about the benefits of what you are offering. It is also important to make the text easy to read and to the point.
Budgeting - Integral to the Success of your Business
One of the keys to business success is budgeting. A budget is used to provide a picture of money that is coming in and money that is going out of the business. Once these figures are determined you are able to put in place some forecasting and forward planning solutions that will help you to allocate resources where they are most needed. By monitoring your budget you should be able to cover any future expenses, if and when they arise.
The first step to creating budget is to work out the amount of income your business is likely to earn and spend within the budget period. It is very important to be realistic when creating a budget; if you overestimate your income (or underestimate your expenses) then you could run into some trouble later on.
Secure your Assets with Estate Planning
Estate planning is more than just making a plan to distribute certain assets to certain people. A complete estate plan will allow you to retain control of your assets and to determine who will make decisions on your behalf should you become unable or pass away, not to mention minimising the taxation liability for your beneficiaries or trustees. The term “estate” refers to all of the assets of a deceased person wherever they might be located.
