2018 was a great year for us and the following articles barely scratch the surface of what we published. Yes we know, we publish A LOT of content!
So, what’s everyone been reading on the Marsh & Partners blog? From number 10 to the top spot, discover our most-read articles of 2018…
10. Transforming your business through innovation
Businesses best positioned to survive and thrive through the highs and lows of economic cycles are those that continue to innovate. Whether driven by the need to solve a problem or by the desire to seize an opportunity, innovation is about more than simply having a good idea. It’s about using new ideas and concepts to create value – whether that’s commercial, social or organisational.
Read the full article here.
9. Guide to hiring an employee for the first time
In every start-up business there comes a transition point when you will need to increase your workforce. The good news is that getting to that point provides validation for the hard work you’ve put in so far and may mark the start of a growth phase for your business.
Before hiring an employee for the first time, you’ll need to work through a few things: from clarifying the kind of position you are offering, to working out the entitlements and wages you’ll need to provide, as well as meeting the legal requirements of being an employer.
Read the full article here.
8. Common myths about wills, powers of attorney and super
If you’re like most people, thinking about Wills, Powers of Attorney, and your own mortality, is about as pleasant as root canal treatment. Yet making a Will or Estate Plan needn’t be a stressful or morbid experience. In fact, once you have everything in place, we guarantee you’ll feel relieved and confident that you’ve taken steps to protect your family.
Find out the most common misconceptions (and avoidance tactics) we come across when discussing Wills, Powers of Attorney and Superannuation with clients.
Read the full article here.
7. Is unpaid work legal?
For many young people internships, work experience and unpaid trials can provide valuable experience and a stepping stone to their chosen career.
Employers need to be aware that, depending on the nature of the arrangement, the person doing the unpaid work may be considered an employee under the Fair Work Act 2009 and therefore be entitled to the legal minimum rate of pay and entitlements for the type of work they’re doing.
In our article we look at the Fair Work position on unpaid internships and work experience and the factors that determine an employer/employee relationship.
Read the full article here.
6. Six reasons why you need to stay on top of your ATO obligations
When cash is tight ATO compliance is often the first casualty. In the past the ATO has been quite agreeable to negotiating payment arrangements, however, they have recently toughened their stance on outstanding tax debts. We recently wrote an article on an increase in ATO enforcement activity with the key takeaway being that the ATO is a very powerful creditor, and therefore requires careful handling. Further to this, here are 6 more reasons why it’s important to keep your tax lodgements up to date.
Read the full article here.
5. Labour hire licensing – are you affected?
After 15 June 2018 in Queensland, if you engage a labour hire provider, or if you provide labour hire, you will need to operate within the new licensing scheme.
You will need to review your arrangements and determine whether you, or the providers you use, are required to register as a labour hire provider.
Strong penalties apply to BOTH parties, the users of unregistered labour hire, as well as the unregistered provider of labour hire.
Read the full article here.
4. Do you work for yourself? PSI rules may apply
Do you work for yourself and earn income mainly from your skills and efforts as an individual? Personal Services Income rules may apply.
If you fall into the scope of the PSI rules, the ATO looks past whatever business structure you have in place and treats you as an individual for tax purposes. Find out if the rules apply to you and what it means for your tax and deductions.
Read the full article here.
3. Do I need to pay superannuation for contractors?
This is a common question we get asked and one that it is important both for the businesses hiring contractors and for contractors themselves. The answer is…it’s complicated. While superannuation is an entitlement typically associated with employees, there are circumstances where it should be paid to contractors too. Several factors are taken into account to determine whether the obligation falls on the employer or the contractor.
Read the full article here.
2. Section 100A: Additional complications for trusts
Section 100A is a section of the Tax Act that has been in place for over 30 years but has not been enforced in the area of trust distributions until very recently.
Under Section 100A, if a beneficiary is entitled to a distribution and has not received the “benefit” of this distribution, the transaction falls under the scope of reimbursement agreement provisions – with particularly harsh tax consequences.
Read the full article here.
1. Business Growth Series
Business growth seemed to be on a lot of people’s minds last year and our growth series were the most read articles on our website. Over three articles we looked at how there are basically three ways to create a more profitable and valuable business:
- Increase the number of customers
- Increase the lifetime value of your customers
- Increase the effectiveness of your business processes
While it may seem simplistic, these three fundamental strategies will help you win more customers, motivate them to come back to you more often, prompt them to spend more when they do and improve your business to ensure you can manage that growth.
If you’d like to revisit these tips you can find links to the three articles below:
Article 1 – 9 ways to find new customers
Article 2 – Increasing customer lifetime value
Article 3 – Fine tuning your processes
What’s in store for 2019?
As we ease into 2019 (our 30th year in business!) we remain very grateful to everyone who reads our articles, engages with us on social media, attends our events, subscribes to our newsletter and recommends us to your friends.
Stay tuned for even more helpful articles on the Marsh & Partners blog and feel free to let us know what you’d like to read about in the coming year. You can drop us a line on (07) 3023 4800 or at mail@marshpartners.com.au.
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