The level of inventory you hold in your family business is often a great worry to the CEO and the family who own the business. Simply put – stock makes you money and it doesn’t. Often a family business owner will want a high level of stock as it simply means better service. If you… Continue reading How much stock should I be holding?
One of the greatest joys in being a parent is that your children cannot sack you and find another. You can repeatedly make mistakes time and time again and still keep the jobs of “Mum” or “Dad”. You’re there for life. Sadly you cannot sack your children – no matter how tempting that might be.… Continue reading Give your kids a job description
From 1 July 2017 employees will be able to claim superannuation deductions for contributions made to a superannuation fund. Currently the only contributions that could be claimed would be ones that were made by an employer or if the employee’s salary is a minor part of their overall income. For families who own businesses these… Continue reading Salary packaging super from 1 July 2017
By Westcourt Blogger Fringe benefits tax (FBT) is a tax an employer pays on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. Fringe benefits tax is separate to income tax and is calculated on… Continue reading ATO outlines common FBT mistakes
