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In boardrooms and offices across the country, we’ve seen it time and again, business owners and managers burdened by the invisible weight of assumed knowledge. You're expected to understand financials, directorship obligations, and workplace safety regulations and so much more, often without ever having been taught. Asking questions might feel...
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What is a Trust? A trust is NOT a separate legal entity; it is a relationship. It does not pay taxes (however, DOES require lodgement of a separate income tax return) nor can it hold title over any assets. It is a vehicle in which assets are held by a...
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What is Superannuation? Superannuation is cash set aside over your lifetime to assist in funding your retirement. It generally cannot be accessed until you reach an eligible age, however hardship provisions may allow early access. What are Superannuation Funds? There are two types – public offer (e.g. industry funds) and...
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What is PAYG? Pay-As-You-Go requires tax payments as income is earned (not just on lodgement of an income tax return); imposed as Withholding and Instalments. PAYGW is withheld by the payer and they remit it to the ATO (e.g. employers remit on behalf of employees; banks remit on behalf of...
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What is Fringe Benefits Tax (FBT)? FBT is a tax that ‘catches’ benefits provided to employees that don’t have tax withheld from them the way wages normally would. Why was FBT imposed by the ATO? Employees got ‘cute’ about saying to their employer: “Rather than pay me wages, which you...
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What is Division 7A (Div7a)?Div7a is legislation introduced by the ATO to stop business owners drawing cash out of their companies without paying tax on it. Why was Div7a introduced by the ATO?Business owners were drawing cash out of their business as a ‘loan’ (with no real intention of ever...
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What is a Dividend? A dividend is the payment of profits by a company (or limited partnership) to a shareholder. Why are dividends “franked”? The current company tax rate is 30% (with lower rates for some eligible smaller companies). A company will generally have already paid tax on some or...
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Chasing signatures is one of those insidious ‘ugh’ tasks often not considered,
taking way more time than it should. With Annature, that frustration
disappears - saving time and transforming the way businesses operate.
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It feels so unfair that as a Manager, Owner or Decision-Maker, you’re burdened with a bunch of ‘assumed knowledge’ that you may not even know you don’t know. Whether you’re an owner who started your business to do what you’re good at and love to do – and now find...
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It’s a very common misconception that putting a logo on a piece of clothing makes it a deductible / FBT exempt uniform – and this is NOT the case. If your uniform isn’t registered, as an employee you are being denied tax deductions, whether for purchase or laundering expenses. And...
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No, I haven’t made a faux pas in the title. I didn’t mean to say “working parents”, and no, I’m not remiss in that. Because it frustrates me when gender pay gaps make the news without being called what they very often really are: a gender representation issue. So, I’d...
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Ever wondered why 'finance and accounting stuff' is treated like assumed knowledge - especially if you're in business, or a management position, or just curious even; and haven't done a commerce / finance / accounting (or similar) degree? Ever felt a little in the deep end; or maybe had a...
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Everyone knows the ‘go-to’ individuals that seem to be across everything. Their job description doesn’t go close to capturing what they do in the business; they’re the expert, the superstar and often happy to lend a hand, explain, train and in the heat of a busy moment say, “Don’t worry...
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Take 5 has shown the team at PKF that there are a lot of things that we may not know about someone, even if we work with them everyday! So we took 5 minutes to chat with 2021 Mark Lonnon Employee of the Year and Commercial Manager, Stacie Shaw, to...