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Don’t leave your career to chance
August 2014 Issue 96
Not many of us have a clear vision of what we want from our career at a very young age. However, somewhere along the way, we have to realise that unless we decide on our career goals and take action to achieve them, where we end up will be a matter of luck. Begin your career planning today with this...
When, where and what to buy…understanding the fundamentals
August 2014 Issue 96
Have you ever considered buying an investment property but have been daunted by the task and fear of getting it wrong? There are some fundamentals that you need to understand to be a successful property investor. This includes doing your research and finding a qualified property investment advisor who can help you through the process. You'll need to assess the...
Online video advertising on YouTube, thanks Google
August 2014 Issue 96
When Google purchased YouTube in 2006 for a reported US$1.65b, I wasn't really sure what they had in mind, other than controlling the universe, one cat video, at a time. But now YouTube should really feel like part of the AdWords family, as Google opens up a whole new world of advertising possibilities with "Online Video" campaign options in the...
IP protection in software and apps
August 2014 Issue 96
Intellectual Property (IP) may or may not be considered strategically important at the outset of developing new software or the latest smartphone application. However when it comes time to commercialise your products, get a 3 rd party to make amendments to code or graphics, or you need to register or confirm a clear chain of title to your IP, issues...
Changes to superannuation for the new financial year
August 2014 Issue 96
The new financial year brings in some changes to superannuation that everyone should be aware of. Superannuation guarantee For the 2014/15 year this has been increased from 9.25% to 9.5%. Both employers and employees should ensure this increase is being complied with. Concessional contributions Concessional contributions are those which are taxed at 15% upon entry into the fund. They encompass...
Superannuation splitting on separation: the basics
August 2014 Issue 96
What is superannuation splitting? The trustee of one spouse's superannuation fund can be required either by Court Order or by agreement to split some of that spouse's superannuation interest to the other spouse on separation. Both spouses then have separate interests in the superannuation fund, which they can access on their retirement. In some cases, an interest can be 'rolled...
Turning businesses into success stories
August 2014 Issue 96
I recently attended the Entrepeneur of the Year awards hosted by EY and was reminded of the incredible success stories continually occurring in the Canberra business community. While our daily papers are filled with tales of woe on the state of the economy and the budgetary impact on the ACT over the next few years, these businesses are continuing to...
What can a non-executive director add to your business?
August 2014 Issue 96
An organisation's board plays a critical role, and a good board can greatly increase an organisation's chance of success. The Board of Directors is charged with the responsibility of maintaining good corporate governance; it is the guardian of fairness; transparency and accountability in all of the major financial and business dealings of the company; and defending the interests of investors...
Genuine employer exemption: payroll tax changes
August 2014 Issue 96
On 5 June 2014 the ACT Government introduced the Payroll Tax Amendment Bill 2014 that will remove the "genuine employer" payroll tax exemption on wages paid to subcontractors by employment agents and payroll agencies (collectively ""agencies"). The bill was originally slated to commence on 1 July 2014, however the Commissioner for ACT Revenue acknowledged this date would have been challenging...
The ipso facto roadblock to recovery
August 2014 Issue 96
The recent Senate Economics References Committee enquiry into the performance of ASIC has made recommendations to government in relation to Australia's insolvency laws regarding corporate restructure and reorganisation. The Committee took the view that greater provision should be made for access to measures to 'encourage and facilitate corporate turnarounds'. Particular reference was made in submissions to the Committee to US...
Automation equals elimination
August 2014 Issue 96
In the previous article, I mentioned Receipt Bank, an online tool that has revolutionised the bookkeeping/accounting industry. Now, I will take this opportunity to go into detail about its full features which can help you to reduce your bookkeeping costs and achieve a paperless office. Traditionally, a bookkeeper was considered as one who performed monotonous tasks such as data entry...
An investment in peace of mind
August 2014 Issue 96
Thinking about buying or building a property? Building insurance is likely just one thing on your long 'To Do' list - but as it's so important, should you make it number one? Understanding the hidden costs Whether the property you're about to purchase is a home or an investment, if it's severely damaged or destroyed down the track, the costs...
Need help with ACT payroll taxation changes?
Accounting
With the start of the financial year we see the payroll tax threshold increase to $1.85m for the 2014/2015 financial year (up from $1.75m) in the ACT. Payroll tax is payable by an employer if its total taxable wages, or the total taxable wages of the group that it belongs to, exceed the threshold. This tax is levied at 6.85%...
5 years and counting Vincents is a growing success
August 2014 Issue 96
Vincents Chartered Accountants might not be a name you are familiar with, but a dedicated team of Canberra professionals is changing that. Going more commonly by their shortened name of simply 'Vincents' (the name of its founding and still current director Paul Vincent), the firm is a multi-BRW award winner and has captured the lion's share of the forensic and...
Running an effective competency based interview
August 2014 Issue 96
Executing an effective competency based interview is not straightforward, and involves careful forethought and planning, and sometimes even a little bit of practice. According to HorizonOne's David Harrington, not only is it important to be well prepared, but you need to tailor questions to the technical and behavioural competencies of the role, as well as the specific 'unknowns' you want...
SRC Solutions: working towards safer & healthier workplaces
August 2014 Issue 96
SRC Solutions is an injury prevention and injury management company based in Canberra. It offers workplace assessments, training to reduce the risk of injury in the workplace, case management services, work health and safety services and workplace rehabilitation advice. Its clients are mostly government-based. Louise Hughes, CEO of SRC Solutions, said, "SRC Solutions came into existence 17 years ago when...
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