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
Monday, August 24, 2009
ATO’S PROGRAM ON CASH BUSINESSES
ATO is conducting a program that focuses on industries with cash transactions as a way of addressing the problems posed by the cash economy.
The ATO uses a range of indicators to identify businesses for reviews and audits including:
· identifying businesses with the opportunity for cash economy activity
· comparing business turnover and tax return information to other similar businesses in your industry
· using information from organizations such as Centrelink, business suppliers and banks, and
· reviewing information provided by the community.
For businesses that have been selected for the program, ATO will write to them and monitor their activity statements and/or income tax returns during the next six months and may conduct an audit on the business if required.
The program reinforces the need for accurate recording and reporting of all business transactions. If you need any assistance in or advice on your record keeping please do not hesitate to contact us. Our team is more than happy to discuss with you any issues you may have
The ATO uses a range of indicators to identify businesses for reviews and audits including:
· identifying businesses with the opportunity for cash economy activity
· comparing business turnover and tax return information to other similar businesses in your industry
· using information from organizations such as Centrelink, business suppliers and banks, and
· reviewing information provided by the community.
For businesses that have been selected for the program, ATO will write to them and monitor their activity statements and/or income tax returns during the next six months and may conduct an audit on the business if required.
The program reinforces the need for accurate recording and reporting of all business transactions. If you need any assistance in or advice on your record keeping please do not hesitate to contact us. Our team is more than happy to discuss with you any issues you may have
Tuesday, August 11, 2009
ATO 2009-2010 Compliance Program
ATO has issued the 2009-2010 Compliance Program. If you are interested, please send us an email and we shall forward a copy to you by email.
Friday, July 3, 2009
A better pension bet
From Sydney Morning Herald 01/07/09
Reverse mortgages get a lot of attention because they are marketed by financial institutions and sold mostly by advisers on commissions. They are equity-release products where those aged over 60 take out a loan against the equity in their home. The loan is repaid when they sell the home to go into a retirement home, or repaid from the estate when they die. As no repayments are made on the loan, the interest capitalises.
The Australian Securities and Investments Commission has published a booklet on using equity in the home. According to its calculations, someone taking out a $50,000 loan at 60 could owe $232,000 in 15 years' time and more than $1 million in 30 years.
Despite all of the warnings about how quickly the debt can grow, there is no doubt reverse mortgages have a role to play. We have too much of our wealth in the family home and want to maintain our lifestyle in retirement. So it's inevitable reverse mortgages are going to be big business, particularly as commission-driven salespeople are pushing them..................................
Full Article :
http://www.smh.com.au/news/business/money/investment/a-better-pension-bet/2009/06/29/1246127475361.html
Reverse mortgages get a lot of attention because they are marketed by financial institutions and sold mostly by advisers on commissions. They are equity-release products where those aged over 60 take out a loan against the equity in their home. The loan is repaid when they sell the home to go into a retirement home, or repaid from the estate when they die. As no repayments are made on the loan, the interest capitalises.
The Australian Securities and Investments Commission has published a booklet on using equity in the home. According to its calculations, someone taking out a $50,000 loan at 60 could owe $232,000 in 15 years' time and more than $1 million in 30 years.
Despite all of the warnings about how quickly the debt can grow, there is no doubt reverse mortgages have a role to play. We have too much of our wealth in the family home and want to maintain our lifestyle in retirement. So it's inevitable reverse mortgages are going to be big business, particularly as commission-driven salespeople are pushing them..................................
Full Article :
http://www.smh.com.au/news/business/money/investment/a-better-pension-bet/2009/06/29/1246127475361.html
Thursday, July 2, 2009
Scammers pose as Australian Tax Office
from news.com.au (01/07/09)
CYBER criminals purporting to be the Australian Taxation Office are using an email scam to fleece consumers.
The fake ATO email, which promises a $250 bonus on top of a tax return, links the taxpayer to an online form that asks for personal details including ATM PIN, credit card details and tax file number. Instead of submitting the form online, the website asks for a printed version to be mailed to an address. Symantec Australia and New Zealand managing director Craig Scroggie said cyber criminals captured the details when the print button was pressed, allowing access to the accounts. "They are targeting a named brand and a trusted brand," he said. The ATO has warned that several similar email scams are in operation, and said people who receive the email should delete it immediately.
Meanwhile, tax cuts of $300-$1500 a year for millions of workers and higher benefits for low-income earners, carers and pensioners begin to flow from today. Pensioners, carers and disability support pensioners will also be able to earn more income and hold more assets without suffering penalty, though their income will not rise until September 1. Low-paid workers will now effectively be able to earn up to $15,000 a year tax-free, under a higher low-income tax offset
CYBER criminals purporting to be the Australian Taxation Office are using an email scam to fleece consumers.
The fake ATO email, which promises a $250 bonus on top of a tax return, links the taxpayer to an online form that asks for personal details including ATM PIN, credit card details and tax file number. Instead of submitting the form online, the website asks for a printed version to be mailed to an address. Symantec Australia and New Zealand managing director Craig Scroggie said cyber criminals captured the details when the print button was pressed, allowing access to the accounts. "They are targeting a named brand and a trusted brand," he said. The ATO has warned that several similar email scams are in operation, and said people who receive the email should delete it immediately.
Meanwhile, tax cuts of $300-$1500 a year for millions of workers and higher benefits for low-income earners, carers and pensioners begin to flow from today. Pensioners, carers and disability support pensioners will also be able to earn more income and hold more assets without suffering penalty, though their income will not rise until September 1. Low-paid workers will now effectively be able to earn up to $15,000 a year tax-free, under a higher low-income tax offset
Wednesday, July 1, 2009
How your life changes from today !
From news.com.au (01/07/2009)
YOU may not have won the $106 million lottery last night but from today you will still receive a (small) share of the Government's $3.4 billion tax cut jackpot.
The new financial year means that the 30 per cent income threshold is increased from $34,000 to $35,000 and the 40 per cent tax rate is reduced to 38 per cent.
An individual on $40,000 a year will get an extra $2.88 a week, while someone on $100,000 a year will get an extra $10.58 a week.
It's not much - even Division 7 in yesterday's lotto draw was worth $13.20 - but it is better than nothing.
The Government is also raising the low income offset from $1200 to $1350.
This means low-paid workers will now effectively be able to earn up to $15,000 a year tax-free.
More assistance for families
In a boost for families, Family Tax Benefit A will rise by $5.60 a fortnight for each child 12 and under and by $7.28 a fortnight for teens aged 13-15.
The baby bonus will increase by $185 to $5185, while childcare benefits for one child using full-time care will increase by $6.50 a week to $180.
The maximum childcare rebate will rise by $278 to $7778 per child per annum.
The Government is also set to decrease superannuation benefits with the contribution cap halved - from $50,000 to $25,000 for those under 50 and from $100,000 to $50,000 for those older than 50.
Another change is that from today the Government will recognise people in same-sex de facto relationships as a couple for social security and family assistance purposes.
These couples will now be required to advise Centrelink of their relationship status and some customers may be shifted from the single to the partnered rate of payment.
Changes have also been made to employee share scheme concessions and the way Australian residents working overseas have to pay tax.
New workplace laws in place
The replacement for Work Choices, the Fair Work Act, becomes operational today, with unions preparing to lodge submissions for pay rises of between four and six per cent.
The Pharmaceutical Benefits Scheme will also see a number of new drugs approved for subsidy, including medication for HIV, malaria, chemotherapy side effects, and osteoporosis.
Bowel cancer patients will also get access to the highly expensive new treatment Avastin for just $33.90, or $5.30 if they are pensioners, The Daily Telegraph reports.
NSW residents to pay more for parking
In New South Wales, the parking space levy is set to increase from today.
In Sydney, North Sydney and Milsons Point the levy will increase from $950 to $2000 a year for each off-street, non-residential parking space.
The levy will rise from $470 to $710 a year in St Leonards, Chatswood, Parramatta and Bondi Junction.
Private car park owners have warned this will add to Sydney's already high parking costs.
It will be illegal to smoke with children under 16 in the car in NSW from today. The penalty for any drivers or passengers breaking this law will be a fine of $250.
In better news, the NSW Government will cut duty by 50 per cent for people buying newly built properties with a value not exceeding $600,000 from July 1.
Victorian first homebuyers get even more cash
From today, first homebuyers in Victoria are eligible for up to $36,500 in grants.
The Victorian Government will provide up to $22,500 for those buying new houses in regional areas and $18,000 for those buying in metropolitan areas. This is in addition to the $14,000 Federal grant.
But water will cost more, with the 50 per cent water concession increased from $189.70 to $216.60. Fees and fines will also become be indexed automatically at three per cent per annum.
Petrol to cost more for Queenslanders
In the Sunshine State, motorists will no longer have their beloved 8.354c-a-litre fuel subsidy.
Rates are also set to soar in south-east Queensland. They will jump 8.7 per cent in Redland, 5.4 per cent in Moreton Bay, 6.45 per cent in Brisbane, 7.5 per cent in the Sunshine Coast and 6.9 per cent in Logan.
Payroll Tax relief in Western Australia
An ongoing payroll tax exemption for wages paid to workers for parental leave and volunteer
emergency services work will commence from today in Western Australia.
A water shortage in Perth has prompted the WA State Government to impose a ban on sprinklers for two months from today.
In addition, its State Government will spend $100 million on a one-off tax rebate for small to medium businesses.
Stamp duty phased out in South Australia
In South Australia stamp duty will be eliminated for mortgages and rentals in a move set to cost its State Government $183 million over four years.
Rate changes in the nation's capital
Residents in the Australian Capital Territory will find their Fire and Emergency Services Levy has increased from $91.20 to $94.60.
In addition, the fixed charges on residential properties in the ACT will rise from $487 to $509 and the fixed charges on commercial properties will rise from $939 to $1040.
Stamp duty changes in the NT
From today all charities in the Northern Territory will be exempt from stamp duty, while non-motorised trailers that weigh no more than 4.5 tonnes will be exempt from motor vehicle registration stamp duty
YOU may not have won the $106 million lottery last night but from today you will still receive a (small) share of the Government's $3.4 billion tax cut jackpot.
The new financial year means that the 30 per cent income threshold is increased from $34,000 to $35,000 and the 40 per cent tax rate is reduced to 38 per cent.
An individual on $40,000 a year will get an extra $2.88 a week, while someone on $100,000 a year will get an extra $10.58 a week.
It's not much - even Division 7 in yesterday's lotto draw was worth $13.20 - but it is better than nothing.
The Government is also raising the low income offset from $1200 to $1350.
This means low-paid workers will now effectively be able to earn up to $15,000 a year tax-free.
More assistance for families
In a boost for families, Family Tax Benefit A will rise by $5.60 a fortnight for each child 12 and under and by $7.28 a fortnight for teens aged 13-15.
The baby bonus will increase by $185 to $5185, while childcare benefits for one child using full-time care will increase by $6.50 a week to $180.
The maximum childcare rebate will rise by $278 to $7778 per child per annum.
The Government is also set to decrease superannuation benefits with the contribution cap halved - from $50,000 to $25,000 for those under 50 and from $100,000 to $50,000 for those older than 50.
Another change is that from today the Government will recognise people in same-sex de facto relationships as a couple for social security and family assistance purposes.
These couples will now be required to advise Centrelink of their relationship status and some customers may be shifted from the single to the partnered rate of payment.
Changes have also been made to employee share scheme concessions and the way Australian residents working overseas have to pay tax.
New workplace laws in place
The replacement for Work Choices, the Fair Work Act, becomes operational today, with unions preparing to lodge submissions for pay rises of between four and six per cent.
The Pharmaceutical Benefits Scheme will also see a number of new drugs approved for subsidy, including medication for HIV, malaria, chemotherapy side effects, and osteoporosis.
Bowel cancer patients will also get access to the highly expensive new treatment Avastin for just $33.90, or $5.30 if they are pensioners, The Daily Telegraph reports.
NSW residents to pay more for parking
In New South Wales, the parking space levy is set to increase from today.
In Sydney, North Sydney and Milsons Point the levy will increase from $950 to $2000 a year for each off-street, non-residential parking space.
The levy will rise from $470 to $710 a year in St Leonards, Chatswood, Parramatta and Bondi Junction.
Private car park owners have warned this will add to Sydney's already high parking costs.
It will be illegal to smoke with children under 16 in the car in NSW from today. The penalty for any drivers or passengers breaking this law will be a fine of $250.
In better news, the NSW Government will cut duty by 50 per cent for people buying newly built properties with a value not exceeding $600,000 from July 1.
Victorian first homebuyers get even more cash
From today, first homebuyers in Victoria are eligible for up to $36,500 in grants.
The Victorian Government will provide up to $22,500 for those buying new houses in regional areas and $18,000 for those buying in metropolitan areas. This is in addition to the $14,000 Federal grant.
But water will cost more, with the 50 per cent water concession increased from $189.70 to $216.60. Fees and fines will also become be indexed automatically at three per cent per annum.
Petrol to cost more for Queenslanders
In the Sunshine State, motorists will no longer have their beloved 8.354c-a-litre fuel subsidy.
Rates are also set to soar in south-east Queensland. They will jump 8.7 per cent in Redland, 5.4 per cent in Moreton Bay, 6.45 per cent in Brisbane, 7.5 per cent in the Sunshine Coast and 6.9 per cent in Logan.
Payroll Tax relief in Western Australia
An ongoing payroll tax exemption for wages paid to workers for parental leave and volunteer
emergency services work will commence from today in Western Australia.
A water shortage in Perth has prompted the WA State Government to impose a ban on sprinklers for two months from today.
In addition, its State Government will spend $100 million on a one-off tax rebate for small to medium businesses.
Stamp duty phased out in South Australia
In South Australia stamp duty will be eliminated for mortgages and rentals in a move set to cost its State Government $183 million over four years.
Rate changes in the nation's capital
Residents in the Australian Capital Territory will find their Fire and Emergency Services Levy has increased from $91.20 to $94.60.
In addition, the fixed charges on residential properties in the ACT will rise from $487 to $509 and the fixed charges on commercial properties will rise from $939 to $1040.
Stamp duty changes in the NT
From today all charities in the Northern Territory will be exempt from stamp duty, while non-motorised trailers that weigh no more than 4.5 tonnes will be exempt from motor vehicle registration stamp duty
Welcome All ~ Chats new communication channel.
Today is the first day this blog get in service, hope in the near future our blog can bring you guys with updated news & information in a casual and informative way.
Please do feel free to visit & stay CONNECTED with US! Most important is to leave messages & feedback to us in order to stregthen.
Please do feel free to visit & stay CONNECTED with US! Most important is to leave messages & feedback to us in order to stregthen.
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