From 1 July 2018, purchasers of newly constructed residential properties or new subdivisions must pay the related GST directly to the ATOas part of the settlement. The ATO says property transactions of new residential premises or potential residential land that involve GST to be paid directly to the ATO on or before settlement will require purchasers or their representatives to use the following online forms:
- Form one, GST property settlement withholding notification, is used to advise the ATO that a contract has been entered into for new residential premises or potential residential land that requires a withholding amount. This form can be submitted any time after a contract has been entered into and prior to the settlement date.
- Form two, GST property settlement date confirmation, is used to confirm the settlement date and can be submitted at the time of settlement and when the payment has been made to the ATO.
Depending on which state or territory the property is acquired in, the purchaser’s representative can include a conveyancer or a solicitor.
The legislation to enact the Government’s seven-year personal income tax reform plan, as announced in the 2018 Federal Budget, passed Parliament on 21 June 2018.
Under the plan, a new non-refundable Low and Middle Income Tax Offset (LMITO) will be available from 2018–2019 to 2021–2022, providing tax relief of up to $530 to low-income individuals for each of those years. The new offset will be in addition to the existing low income tax offset (LITO). The top threshold of the 32.5% tax bracket will increase from $87,000 to $90,000 from 1 July 2018.
In 2022–2023, the top threshold of the 19% bracket will increase from $37,000 to $41,000 and the LITO will also increase.
The top threshold of the 32.5% bracket will then increase from $90,000 to $120,000 from 1 July 2022.
The legislation passed without amendments, although some had been raised in the Senate that would have prevented increasing the top threshold of the 32.5% bracket from $120,000 to $200,000 from 1 July 2024, removing the 37% tax bracket completely. This third step of the seven-year plan will now go ahead under the new tax law. And finally, taxpayers will pay the top marginal tax rate of 45% for taxable income exceeding $200,000.
If you have any questions in relation to personal income tax reform plan, contact your Harris Black team member today.
Burnout can be detrimental to your employees’ wellbeing and the overall productivity and performance of your team.
Despite the consequences associated with burnout, many workplaces do not have effective strategies in place to prevent it from occurring. The key for many employers is to keep employees engaged, satisfied and harmonious.
Here are three factors that can influence employee burnout:
Expecting staff to be available at all hours of the day is unreasonable for most jobs. If staff are expected to check their emails after work hours or on weekends and paid leave, you may want to consider the type of culture you are instilling in your team. Furthermore, when staff work overtime and through their lunch break, there is limited time for relaxation which can impede creativity and problem solving. Overworking your staff can result in exhaustion and mental fatigue, both of which play a large role in burnout.
There is no sure-fire way to prevent burnout but paying your staff adequately can help reduce some of the stress associated with the role.
Competitive salaries and “work perks” can give staff motivation to continually strive for the best results. On top of a decent salary, rewarding great performance by providing bonuses, promotions and awards can help to ensure staff feel appreciated and recognised for their hard work.
Staff need to feel valued and responsible for their work. Give staff autonomy and ownership of their work by setting clear tasks, providing them with the right resources, and ultimately, avoiding micromanaging. It is also important to be supportive and realistic when staff members make a mistake. Trusting your staff to recover from a blunder gives them the confidence to overcome it with more ease.
Hiring a new employee with the longest experience or the best qualifications may seem like the ideal choice for a business, but what is often left unconsidered is their personality.
An employee’s personality matters. How they will interact with your clients and how well they will work with your current team is going to affect their performance in your business.
Always remember that you can build your employees’ knowledge and skill base on the job, but you cannot alter their personality. Picking a candidate who has the longest experience but no enthusiasm for the role may not be the wisest choice. Be open to motivated and passionate candidates who are willing to learn as these employees can usually be moulded into the best team players.
Consider these qualities whenever you are hiring a new employee:
Adding enthusiastic employees to your team can change the overall energy in the workplace, creating a more enjoyable environment for all. Energetic employees will always put more focus and effort into each task they complete.
Confidence goes hand in hand with a positive outlook. A confident employee will be comfortable in their role and more willing to take on challenges. They have the self-assurance to convince your clients that they are the best candidate to take on their work.
Do not be wary of employees who are inexperienced but looking to take action or form innovative ideas in their role. Though not every decision they make is likely to be successful, they have more potential to grow your business than an employee who stays inside the box.
Employees who pay attention to the finer details are more likely to avoid making silly errors that might seriously jeopardise your business.
A long history of experience is useful, but to maintain and protect your business’ reputation, always look to employ candidates who are honest and genuine.
Those employees dedicated to growing their careers are always looking for ways they can perform their role more efficiently to move up the ladder.
Digital technology provides great opportunities to amplify the impact of your business activities and practices.
Gone are the days where you need to do everything manually within your practice like ordering, logistics, payments and receipts, marketing, HR, motor vehicle log book and so many more.
Every month, Harris Black will showcase a digital tool that will improve awareness, knowledge management, communication, and productivity within your business practice.
In this month’s issue, we give you TripIt.
Managing your travel arrangements isn’t easy as 1, 2 and 3.
TripIt instantly organises all your travel plans in one place. By simply forwarding your bookings or travel confirmation to TripIt, the app will automatically create master itinerary for each of your trips. You can also opt to allow TripIt to auto import travel plans from your email account or Google Apps so you don’t have to forward your bookings and travel confirmation.
The best thing is, you can access your travel plans on your smartphone, tablet, computer or any wearable device anytime, anywhere.
TripIt – Instantly Organize Travel Plans with TripIt
Source: TripIt YouTube
With TripIt, all your travel plans, in one place!
Working with unreasonable people is inevitable for most individuals at some point in their careers. Whether it is an unhappy customer, difficult colleague or uncompromising community member – chances are you will encounter at least one of these situations.
Unfortunately, there is no crash course in dealing with difficult people, but by applying some basic principles of communication, you can manoeuvre through these situations with ease.
Here are three ways to improve your communication with difficult people:
When dealing with a difficult person, it can be easy to fall into the trap of not listening to them and instead concentrating on what is bothering you. Switch your focus to understanding the other person’s viewpoint. Try to understand the underlying motivation behind the person’s behaviour, ie., they may feel unheard or unappreciated.
Communication is a two-way street – you need to be able to listen effectively and express your interests in a clear manner. Think about your communication style. Analyse your strengths and focus on improving your weaknesses. Do you use healthy body language to boost your verbal message? Are you quick to interrupt when someone else is talking? Do you get to the point or use vague language? When the other person doesn’t understand your message, you need to improve communication through feedback, ie., verbal and non-verbal cues.
When you are emotionally activated, it can be difficult to stay neutral. Be aware of your self-talk and if it is fuelling negative thoughts of the other person. Look at your situation from an outsider’s view and remain objective. If you are providing feedback, make sure it is constructive and not a personal attack. If you are struggling to take a neutral position, get some perspective from external parties that have dealt with similar situations. They may assist in helping you to see your own situation in a different light.