We have recently come across a Workers Compensation claim case and would like to share with you some useful information.
1. If a worker is injured at work, the employer must notify their Scheme Agent within 2 working days to avoid paying an excess payment equals to 1 week wage.
2. The scheme agent will only pay a limit of benefit for a provision claim before a full claim is lodged.
3. For full claim the employer must submit an Employer Injury Claim Report and the employee injured must submit a Worker’s Injury Claim Form.
4. If there is no relevant award to apply to the employee injured the scheme agent may only pay a % of the wage rate not the full wage rate.
5. An occupational rehabilitation plan must be worked out for the employee injured to return to work.
6. Claim Number must be provided to the hospital if the employee injured is hospitalized and any medical practitioners who attend and provide follow up consultations to the employee injured. The employee injured does not need to make any payments and GIO will reimburse them with the expenses.
Note: Different scheme agents have different polices on workers compensation claims. Please refer to your scheme agent for details should you require to make a claim.
Thursday, October 8, 2009
Commerical Property
In the recent reading from few article about the retail property rental market, we sum up the following points we discuss.
According the big landlords like AMP, Westfield, Centro, they do have 125 leases expire annually & for retail property renew on contact the following items can be aware & do make a favorable lease for business owners.
1) Rental cost not actually goes down , instead bouns & free rent period does offer, so bargain for it
2) Retail sales not fully recover, landlord will offer financial assistance for tenants.
3) Disucss your new lease contact with your landlord 9 months before the old expired, this may get a better result
4) Try to set down the contract for the next couple of year while rent are cheap now.
According the big landlords like AMP, Westfield, Centro, they do have 125 leases expire annually & for retail property renew on contact the following items can be aware & do make a favorable lease for business owners.
1) Rental cost not actually goes down , instead bouns & free rent period does offer, so bargain for it
2) Retail sales not fully recover, landlord will offer financial assistance for tenants.
3) Disucss your new lease contact with your landlord 9 months before the old expired, this may get a better result
4) Try to set down the contract for the next couple of year while rent are cheap now.
Friday, October 2, 2009
Home Seeking - Day 2 Service providers
Seeking a property may require services and advices from different types of professionals such as accountants, real estate agents, mortgage brokers, solicitors etc. According to my personal experience, accountants would be my first point of contact who would advise me on my financial position, tax implications and entitlements to government benefits, if any, and provide a general knowledge for the steps in my property purchase planning; and / or refer me to reliable real estate agents, mortgage brokers / banks and solicitors etc.
While looking for my dream home through real estate agents, my next step would be meeting with mortgage brokers / banks to have assessment on my capability in borrowing; and compare terms and interest rates that are most favorable to me and suit my needs. It is important to know the amount of mortgage that I can get and serve before committing in buying a property. This would help me to find the property that I like and within my budget.
Quotes:
Seeking your dream home within your capability
While looking for my dream home through real estate agents, my next step would be meeting with mortgage brokers / banks to have assessment on my capability in borrowing; and compare terms and interest rates that are most favorable to me and suit my needs. It is important to know the amount of mortgage that I can get and serve before committing in buying a property. This would help me to find the property that I like and within my budget.
Quotes:
Seeking your dream home within your capability
Wednesday, September 30, 2009
Changes to the exemption rules for foreign employment income
From 1 July 2009, income earned by Australian residents who are engaged in foreign services for a continuous period of 91 days or more will no longer be exempt from income tax, unless those foreign services are related to certain development projects, and charitable or government activities.
Foreign earnings that are subject to income tax will need to be included in your employee’s income tax return as assessable income and be subjected to 'pay as you go' (PAYG) withholding requirements. The tax withheld should be calculated as the amount that would normally be withheld in Australia under the relevant PAYG withholding tax table minus the equivalent Australian dollar amount of tax already paid to the foreign country
Foreign earnings that are subject to income tax will need to be included in your employee’s income tax return as assessable income and be subjected to 'pay as you go' (PAYG) withholding requirements. The tax withheld should be calculated as the amount that would normally be withheld in Australia under the relevant PAYG withholding tax table minus the equivalent Australian dollar amount of tax already paid to the foreign country
Monday, September 28, 2009
ABN
In recent, I received 2 enquiry phone calls from 2 different clients in these 2 days.
They are both retired and have some investment income: dividend, interest and residential property rental income.
They both consider buying another property for investment. Since they cannot pay 100% from their capital, or they want some tax benefit on interest, they approached the bank or the broker.
They were told to apply for ABN and then their loan will be approved.
As I told them that they don’t have business and they are not eligible to apply for ABN. The broker or bank officer wanted to get their loan applications approved via “low doc” rather than “full doc” as they do not have enough taxable income to pass the serviceability test. I explained to them that they are liable to ATO and the bank if they made false declaration on applying ABN and the loan.
They are both retired and have some investment income: dividend, interest and residential property rental income.
They both consider buying another property for investment. Since they cannot pay 100% from their capital, or they want some tax benefit on interest, they approached the bank or the broker.
They were told to apply for ABN and then their loan will be approved.
As I told them that they don’t have business and they are not eligible to apply for ABN. The broker or bank officer wanted to get their loan applications approved via “low doc” rather than “full doc” as they do not have enough taxable income to pass the serviceability test. I explained to them that they are liable to ATO and the bank if they made false declaration on applying ABN and the loan.
Tuesday, September 22, 2009
Home Seeking - Day 1
“I believe most people like me experienced excitement and joy when looking for a property for the first time in their lives. However it may become the most painful thing, after months of searching and inspecting, when we have to make decision on committing in this investment, probably the most expensive decision / investment we ever make in our lives.
Looking for a property that suits our needs, budget and timeframe is not easy at all. There are so many different types of properties that we can choose from, such as apartment, duplex, semi detached, townhouse, villa and house etc; different locations and price ranges.
When I decided to look for my first property in Sydney I searched and browsed on the web and went to open inspections almost every weekend. I was lucky enough to have found my dream home quickly. However after I committed to it I found that it’s actually over my budget. I started to realize that I would be a lot more organized if I had sought professional advice and worked out a plan before my house hunting and commitment. (to be continued)”
Quote
Buying a home will probably be the most expensive investment you ever do in your lives. So it’s important to understand the buying process and be well informed about the property market
Looking for a property that suits our needs, budget and timeframe is not easy at all. There are so many different types of properties that we can choose from, such as apartment, duplex, semi detached, townhouse, villa and house etc; different locations and price ranges.
When I decided to look for my first property in Sydney I searched and browsed on the web and went to open inspections almost every weekend. I was lucky enough to have found my dream home quickly. However after I committed to it I found that it’s actually over my budget. I started to realize that I would be a lot more organized if I had sought professional advice and worked out a plan before my house hunting and commitment. (to be continued)”
Quote
Buying a home will probably be the most expensive investment you ever do in your lives. So it’s important to understand the buying process and be well informed about the property market
First Aid Kit
Recalling a discussion last week about safety issue, first aid box is a must in office. You don’t know when you will need it sometimes when emergency does happen.
But by what size you should get?
As follow:
1-10 employees: First Aid Box Kit C
10-100 employees: First Aid Box Kit B
100-200 employees: First Aid Box Kit A
For Additional information, can go to St. John NSW website:
https://secure.stjohn.org.au/nswshop/product-list.asp?pc=2
But by what size you should get?
As follow:
1-10 employees: First Aid Box Kit C
10-100 employees: First Aid Box Kit B
100-200 employees: First Aid Box Kit A
For Additional information, can go to St. John NSW website:
https://secure.stjohn.org.au/nswshop/product-list.asp?pc=2
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