Calculating Super Guarantee

Calculating Super Guarantee: The new rules

From 1 July 2020, new rules will come into effect to ensure that an employee's salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.

julyUnder current rules, some employers are paying SG on the salary less any salary sacrificed contributions of the employee. Currently, employers must contribute 9.5% of an employee's Ordinary Time Earnings (OTE) and they choose whether or not to include the salary sacrificed amounts in OTE.

Under the new rules, the SG contribution is 9.5% of the employee's 'ordinary time earnings (OTE) base'. The OTE base will be an employee's OTE and any amounts sacrificed into superannuation that would have been OTE, but for the salary sacrifice arrangement. Read more…

Estate Planning Will challenges on the rise

Will challenges on the rise

Wealth and longevity are posing new challenges to estate planning

Will

Key estate planning issues at a glance

  • Economic factors and a rise in longevity are driving an increase in the number of challenges to wills.
  • There have been amendments expanding the scope for who qualifies as an eligible claimant in virtually every jurisdiction in Australia.
  • Parents dying aged 90+ leave behind children likely to be in varying circumstances that can influence their decision to contest a will.

Some families have been embroiled in disputes over deceased estates, with increasing acrimony and legal action from families disputing wills. The property boom of recent years means that a modest family home in a capital city may be so valuable it is worth fighting for a slice of the sales proceeds.

Read more…

Easy one-minute Business Risk Survey

Can you afford not to take our Business Risk Survey?

Our Business Risk Survey is an easy online self-assessment tool.

business risk scorecardThis is an initiative by Collins Hume to support our business clients to understand and improve their business, and it starts with our quick survey.

We know from experience that this survey will help business owners to identify concerns with their business.

Our survey only takes a minute, and you get the result straight away on your screen. There is no downside.

By investing one minute of your time, we also find that we also gain a much deeper understanding of your business and the issues that are bothering you. 

Our Business Risk Survey is an easy online self-assessment tool:  Read more…

How to offset your driving carbon emissions

How planting trees triple offsets driving carbon emissions

During National Recycling Week, Business Manager and Giving Coordinator David Keith talked about triple offsetting driving carbon emissions by planting trees.

tree plantingTriple Offset means you pay for you and two other people's carbon emissions, so you're not driving neutral, you're driving positive; climate positive. You're essentially saving the world more while driving about.

A friend of Collins Hume, Tim Wade, has in fact done all the hard work for us and calculated what it takes to triple offset our driving carbon emissions.

B1G1 Lifetime Partner, Tim, is a motivational speaker based in Singapore who presents at global conferences, conventions and corporate events about leading change and motivating positive results. He is also as committed as Collins Hume to helping achieve the United Nations Sustainable Development Goals.

Read more…

Amend your discretionary trust deed before 31 Dec 2019


Amend your discretionary trust deed before 31 December 2019

Avoid NSW foreign duty and land tax surcharge

trustDiscretionary trusts that own 'residential land' in New South Wales or hold an ownership interest in a company or unit trust that owns residential land in New South Wales must amend their trust deeds to exclude foreign persons as beneficiaries before midnight on 31 December 2019, otherwise foreign land tax and duty surcharges may apply.

The New South Wales Parliament has proposed changes that (if enacted) will deem discretionary trusts to be 'foreign persons', unless the trust deed is amended before midnight on 31 December 2019 to:  Read more…

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