- Pre-mixed investment options
Super funds make investments depending on the different levels of risk chosen. There are 5 types of pre-set investment options which you can choose for your superfund. Remember that if you want more control and flexibility, opting for a SMSF option might be ideal for you. Growth 85% shares or property and 15% fixed interest or cash (can also be 100% shares or property) Expect higher average returns (with risk of higher losses) Balanced 70% shares or property and 30% fixed interest or cash (can also be 50-50) Expect reasonable returns with reduced risk compared to ‘Growth’ Conservative 30% shares or property and 70% fixed interest or cash Expect lower returns due to much lower risk Cash 100% in deposits with Australian deposit-taking institutions Expect accumulation of interest over the years – no losses incurred Ethical Invest only in ethical.. The post Pre-mixed investment options first appeared on Scott Associates Updates.
- What you can salary package
Salary packaging allows you to create a ‘package’ of income and benefits. In your salary package, you can include benefits that you would usually pay for with your income after-tax. These include fringe benefits, exempt benefits, and super. What you can include in your salary package depends on your employer and there may be tax that you need to pay. Fringe benefits Salary sacrifice for a car Health insurance Loans School fees Childcare fees Other personal expenses Exempt benefits Portable electronic devices (laptops, phones, etc.) Computer software Protective clothing Tools of the trade While your employer will pay fringe benefit tax (FBT) on the fringe benefits, they will not be required to do so for exempt benefits. Super You are able to put funds from your pre-tax income into your super fund account. This has benefits for you as well.. The post What you can salary package first appeared on Scott Associates Updates.
- What isn’t covered in a will?
If you are thinking about writing a will, it can be helpful to know what not to include as much as it is to know what you do need to include. The following are things which you should not include in your will: Wishes: Conveying your wishes is of course important, however, they should not be included in your will. If you have any specific wishes that you would like to be passed to your family members upon your death, you will need to do so outside of your will. Conditions: You should not include conditions in your will. For example, you cannot state that your daughter needs to be married before she receives what you have allocated to her. Gifts for pets: Your pets are surely important to you, but unfortunately, as much as you would like to leave.. The post What isn’t covered in a will? first appeared on Scott Associates Updates.
- How to respond to difficult employees
Every now and then, you might come across an employee who is particularly difficult to handle. A difficult employee could be one who is incompetent, doesn’t follow instructions, behaves rudely in the office or some other behaviour alogether. However, as a business owner or manager, you must maintain professionalism when responding to such an employee. The first thing you should do is try, once again, to listen to what your employee has to say. Once we have decided that an employee can be troublesome or difficult to handle, we might fail to make a genuine effort to listen to what they have to say. However, listening will allow you to understand how you might be able to improve the situation. You will be able to gain an understanding of the situation the employee may be in and figure out potential.. The post How to respond to difficult employees first appeared on Scott Associates Updates.
- What you need to know about luxury car tax
Luxury car tax or LCT is a 33% tax on cars that have a value (including GST) above the set threshold. However, the tax is only on the value which is above the threshold. Businesses and individuals that sell or import luxury cars are required to pay LCT. You can make LCT payments in instalments or annually. If you choose to report your payments in instalments, they will be included in your GST instalments. If you choose to pay GST annually, then you don’t need to worry about reporting monthly or your quarterly BAS. You may be able to defer paying LCT by quoting your ABN. You are able to do this if you are only going to be using your car to: Hold it for trading stock (doesn’t include holding it for hire or lease) Carry out research and.. The post What you need to know about luxury car tax first appeared on Scott Associates Updates.
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Level 2, Suite 203, 379-383 Pitt Street
Sydney NSW 2000
PO Box 20739
World Square NSW 2002
+61 2 9286 3088