If the Government holds on to power, Dads will qualify for two weeks paid parental leave from 1 January 2013.
Like the existing paid parental leave scheme, the ‘Dads and Partner Pay’ is paid at the minimum wage – currently $589.40. The payment applies to Dads and partners sharing the care of a new born (including adopting parents and same sex couples).
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Tags: Paid parental leave
Posted in Business Insight, Infotelligence |
We are often asked whether it’s possible to offset a loss in one company against the profit in another. The answer is that there is no automatic way of offsetting losses and profits between your companies.
Most people try to manage a situation like this by putting through charges between the companies after year end (for example, a charge from the profit making company to the loss making company for ‘management fees’). This is not an effective strategy and creates a risk position for you.
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Tags: tax consolidation | Tax planning | Tax strategy and structuring
Posted in Business Insight, Infotelligence |
Did you know you can get a payroll tax rebate for employing more staff? A new scheme by the NSW Government gives employers a payroll tax rebate of up to $4,000 per employee (equivalent to the annual payroll tax bill for one employee on an average wage).
So, if you added five new team members in new jobs that could be $20,000 less to pay in payroll tax over the next two years. The rebate is paid on the first and second anniversary of the team member’s employment. But, as always, there are a few provisos:
Tags: Payroll tax | Tax & accounting compliance | tax rebate
Posted in Business Insight, Infotelligence, Sydney News & Events |
Focus on the customer experience.
What’s it really like dealing with your business? Do a blind test and see whether your business and your team really want customers and sales. For most businesses, you’re not delivering a product/ service, your delivering an experience.
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Tags: Business strategy
Posted in Business Insight, Infotelligence |
If you are finalising your end of financial year accounts and calculating your tax position, keep in mind that there are still options available to save you tax.
One of these options impacts on the valuation of your trading stock and if stock is a material asset in your business, you should most certainly consider it. This option provides you with different valuation methods that can be applied to your trading stock.
The majority of businesses value their trading stock at cost and in many cases this is the right valuation approach. However the Tax Act gives you the choice of valuing your stock at the lower of cost, market, or replacement value.
Tags: End of Year Reporting | stocktake | Tax & accounting compliance
Posted in Business Insight, Infotelligence |
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