Breese Dynamics

At last a step in the right direction, though should consideration be given for this to be paid leave as oftentimes these are the people who need money the most?

Interesting outcome on how not to sack an employee! So it's okay for an employee to send a text message or email to say I've resigned yet not appropriate for an employer to do so. Under the circumstances (and bullying is a sackable offence) the employer made the right decision and criticism by the FWC shows it is totally out of touch.
https://www.smh.com.au/…/email-sacking- of-bullying-worker-u…

This is great news for NSW business and will be announced in the budget next week!

The world’s biggest retailer, Amazon, has slapped a blockade on Australian shoppers, locking them out of hundreds of millions of items and forcing them to use a slimmed-down version of the local site. Aussies only have 30 days left to shop at Amazon Global and save on the GST which comes into effect from July 1. #gst #amazon #onlineshopping

A great resource for Small Business - Fair Work has launched its Small Business Showcase, a virtual hub providing a wealth of resources for small business owners seeking information about their workplace rights and obligations. #smallbusiness #workplacerelations
https://www.fairwork.gov.au/small-busines s-showcase

Some interestings stats which reports the top SME's as Auto Repair, Building & Construction, Landscaping, Food & Glass/Glazing. The latter industry no doubt picking up all the work due to the NSW window legislation in hi-rise apartments. Go to show that tradies will be around forever!
https://www.smh.com.au/…/the-five-most- lucrative-industries…

An important message for cryptocurrency users - if you intend to operate using digital currency exchange (DCE) you must comply with anti-money laundering and counter-terrorism financing (AML-CTF) regulations. #cryptocurrency

Single Touch Payroll - Action required on April 1st!
Employers with 20 or more employees will be required to report to the ATO using Single Touch Payroll (‘STP’) from 1 July 2018.
To understand the changes you need to be aware of and to remain compliant in the new financial year please read important notice in the link below.
... http://breesedynamics.com/single-touch-pa yroll-ready/
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Find out what makes a valid tax invoice and the records businesses must keep to claim GST credits.

The ATO continue to get tough on companies that don't fulfil their super obligations. Director penalty notices and security deposits for superannuation and other tax-related liabilities will soon be enforced.... read on ...

Travel Claims disallowed for Investment Properties.
In case you missed the ruling as from 1 July 2017, travel expenses relating to inspecting, maintaining, or collecting rent for a residential rental property cannot be claimed as deductions by investors. This is a blanket ban on individuals to claim travel to inspect their residential properties and these changes are now law. The travel expenditure is also not recognised in the cost base of the property for CGT purposes.
...You can continue to deduct travel expenditure if: • the losses or outgoings are necessarily incurred in carrying on a business for the purposes of gaining or producing assessable income; or • you are an excluded class of entity.
An excluded class of entity is: • a corporate tax entity; • a superannuation plan that is not a self-managed superannuation fund; • a public unit trust; • a managed investment trust; or • a unit trust or a partnership, members of which are entities of a type listed above.
If you need further clarification please contact your accountant. #investmentproperty
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Thinking of recruiting new staff in 2018, watch this funny & clever video for tips on how to be prepared for the answers! https://vimeo.com/239050403

Understanding the definition of a small business can lead you into trouble as Naomi Simson has learned. There are different regulations & laws administered so best you understand them and beware the devil in the detail.
For example, ASIC defines a 'small proprietary company', which meet two out of these three characteristics:
Annual revenue of less than $25 million, fewer than 50 employees at the end of the financial year, and consolidated gross assets of less than $12.5 mi...llion at the end of the financial year.
The ATO defines a small business as one with annual revenue turnover (excl. GST) of less than $2 million. Fair Work Australia defines a small business as one that has less than 15 employees.
Despite these differences, many regulators have informally adopted the definition of ‘small business’ used by the Australian Bureau of Statistics (ABS), which is a business that employs fewer than 20 people.
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Another good reason why an external audit of company accounts should be conducted! Botox booked as first aid - that’s a good one!!