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When your business hires a new employee, the Choice of Fund form is used to identify where they want their superannuation to be directed. If the employee does not identify a fund, generally the employer directs their superannuation into a default fund.

Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.

Should your staff be contractors or employees? There are many factors to assess and it’s the business owner’s responsibility to get it right. Talk to us now and we’ll review your workers’ basis of engagement.

Do you want to understand more about PAYGI and PAYGW? If you’re new to business or going to employ people, you’ll need to withhold income tax payments for employees and plan for income tax payments for your business. Book a tax planning session today.

Succession Planning is about clarifying what you want for the future and defining the steps required to turn that vision into a reality, while taking into consideration business, personal and family expectations.

Most people would think that money provided by the Government to support people and business during a crisis would be tax free? Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it?