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we care about your future
"{I} schedule holidays/block-out breaks in my planning calendar before scheduling work projects. Otherwise, it's too easy to simply keep on working.
And really, the best ideas don't happen when we are nose down at the grindstone." ~ Pinky McKay (Boobie Brands)~
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Fly out of any state capital, and one of the first things you'll notice on the ground below is the number of backyard swimming pools. This is especially the case in middle ring suburbs, where lot sizes tend to be generous compared to the 400 square metre average found in greenfield housing developments1. This isn't just about pool-spotting. As federal, state and local governments embrace the trend to urban consolidation2, it's becoming easier to subdivide big suburban blocks – selling off part of your land, and maybe retaining the now-smaller lot on which your home sits. If your home is on a large block, you could be sitting on a goldmine, but subdividing can lead to a minefield of tax issues. |
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What are they?
We look at some of the key factors to consider if you're thinking about subdividing the land that forms part of your home.
Many businesses are relatively relaxed about risk management. Yet, the COVID-19 pandemic demonstrates the apparent commercial advantages of managing risk.
If not, consider the following five steps before you start planning
Whether it's a significant flood, mice plague or a pandemic, businesses encounter risk regularly. Therefore, having risk management practices in place is critical to commercial success while also assisting owners in making better business decisions.
Special Edition 2020/2021
Once again it is that time of year when businesses need to consider if any Fringe Benefits have been provided to employees or their associates. An associate of an employee is their spouse, children, other family members, a related trust or company.
With the COVID-19 pandemic severely effecting the previous 12 months, there have been several changes to FBT laws and guidelines.
STP reporting options for closely held employees
In recent guidance published by the ATO, details of three options for small employers to report payments to closely held payees through Single Touch Payroll (STP) have been revealed.
The exemption for small employers (those with 19 or fewer payees) to report these payments was originally extended for 12 months as a result of the pandemic, with the reporting requirement due to commence from 1 July 2021.
Closely held payees are individuals who are directly related to the entity from which they receive payments. This could be a family member of a family business, a director or shareholder of a company or a beneficiary of a trust.
Summary
The construction industry in Australia faces unique business and operational challenges and can be highly unpredictable. Over time, margins in the sector have tightened, and margin and contract management are more critical than ever.
This is accompanied by the additional challenge in the industry to attract and retain quality employees.
These challenges make monitoring and reviewing your business benchmarks essential for business success.
While we recognise that no two businesses in this sector are the same, below we have summarised the five key benchmarks we believe all construction businesses should be actively tracking and reporting.
