Club USQ Sponsorship
 

Employment Relation Changes - Wages, Awards and Agreements 
 

Club USQ Sponsorship

 Horizon WealthInvest are proud to announce that we will be sponsoring the Club USQ Breakfast Series for 2010.

The Breakfast Series is held 4 times during the year with the first one being 4th March, 2010. We are excited to have already been able to secure 2 great speakers. The first being Todd Russell, Beaconsfield Mine Survivor and the second being Duncan Free, Gold Medallist in the 2008 Beijing Olympics.

Horizon would like to invite our clients to come along and listen to Todd who will share his experiences on his survival with Brant Webb for 14 days whilst they were trapped almost 1km underground in a 2 x 4m pocket of air.

The cost for the breakfast is $40 per person to be held at Encores - seats are limited - please phone Leigh at Horizon WealthInvest on 07 4659 4666 to secure your place.

Employment Relation Changes - Wages, Awards and Agreements

The Queensland Government has referred the state's industrial relations powers for the private sector to the Commonwealth with an effective date of 1 January 2010.

As from this date all employers and employees, with the exception of state and local government, will be covered by the national industrial relation system administered by the Commonwealth Government.

The Commonwealth Government has implemented its award modernisation process including the National Employment Standards (NES). As part of the introduction of the National Employment Standards (NES), employers will be required to give each person employed on or after 1 January 2010 an information statement. For this NES statement, and how these changes will affect you as an employer, you should contact the Fair Work Ombudsman on 13 13 94 or go to www.fairwork.gov.au and download the relevant information.

Where an employer has Workplace Agreements with their employees prior to the introduction of the National Employment Standards and the new award modernisation, you should contact a workplace relation specialist, for clarification of your Workplace Agreements. Horizon Accounting can help you here, by referring you to a workplace relations lawyer.

50% Investment Allowance

Night with Duncan Free - 2008 Olympic Gold Medallist

Non-commercial Losses

Why Should Business Owners Consider Business Insurance?
 

50% Investment Allowance

As the year is drawing to a close, so too is the governments investment allowance which finishes on the 31 December 2009.

In order to take advantage of this opportunity businesses have until the 31 December 2009 to commit to investing in a new asset. In addition to committing to the purchase before 31 December 2009, the asset must be delivered or built before 31 December 2010.

If you are a small business (i.e. your business and any business connected with yours turns over less than $2 million a year) you may be eligible to claim the additional 50% tax deduction. Your business will need to spend a minimum of $1,000 on an eligible asset. 

However, if your business turns over $2 million or more a year, you maybe able to claim a 10% additional tax deduction. Please note you will need to spend a minimum of $10,000 on an eligible asset.

The investment allowance is a tax deduction in addition to any depreciation that the owner can claim. The investment allowance is claimed in the year that the asset is first used or is installed ready for use.

In relation to financing of assets please be careful, as the financing option taken can affect 'the investment commitment time'; therefore please consider entering into any financial contract before the 31 December 2009.

Also, care should be taken as to the type of finance selected as it may impact on your ability to claim the investment allowance. It should be noted that lease finance does not result in a deduction to the lessee. 

Night with Duncan Free - 2008 Olympic Gold Medallist

Horizon Accounting Group and Horizon WealthInvest were fortunate to have Beijing Olympics Gold Medallist Duncan Free, to give an inspirational talk to clients and staff about the lead up to his gold medal win with Drew Ginn in the rowing men's pair at the Beijing Olympics in 2008.

Duncan's story is one of enormous courage and sacrifice with the pair battling injuries (including a slipped disc in Drew's back); replacement rowers hiding in the bushes so as not to upset the mental psyche of the pair; ice baths to cool their core temperature due to the extremely humid and high temperatures in Beijing and so on. Everyone was able to hold the gold medal and have their photo taken with Duncan.

Professional Investment Services organised Duncan's visit and we thank them for the inspiration that Duncan was able to pass on.

Non-commercial Losses

Currently, an individual who is carrying on a business either as a sole trader or a partner in a partnership can only apply losses arising from the business activity against their other income in an income year if the activity satisfies one of four objective tests. (Note special rules apply to taxpayers conducting a primary production or a professional arts business.)

The Bill will amend the non-commercial losses rules to prevent individuals with an adjusted taxable income of $250,000 or more in an income year from offsetting losses from non-commercial activities against their salary, wages or other income. That is, individuals with an adjusted taxable income above the threshold cannot access the tests. However, an individual can apply to the Commissioner to exercise the discretion not to apply the non-commercial losses rules.

The proposed amendments will apply to the 2009/10 and later income years.

Why Should Business Owners Consider Business Insurance?

Every business with two or more owners should consider what might happen to the business if one of the owners dies, becomes totally and permanently disabled, or suffers a terminal or traumatic illness.

A business generally depends on a few people to produce the profits, provide the capital or manage the business. If there is no viable succession plan, there may be significant financial hardship for the surviving business owners, as well as for the surviving family members.

The core business insurance concepts are:

• Buy/sell insurance (asset or equity)
• Debt reduction or guarantor protection insurance (liability), and
• Key person insurance (liability)

Business insurance is an area of insurance which involves undertaking a full and detailed interview to determine your needs, including the:

• Needs of the business
• Amount of insurance necessary to satisfy these needs
• Cost of the insurance
• Prioritisation of the business needs and insurance (having regard to the cost); and
• Underwriting requirements necessary for the amount of insurance proposed.

To arrange a review of your business insurance needs please contact your client manager or Tim Blakeley at Horizon WealthInvest.

Superannuation Guarantee Charge

Superannuation Rates and Thresholds

Rates and Thresholds

GIC and SIC Rates

Assistance for Small Businesses

GIC-free Payment Arrangements

Deferral of Payment Due Dates
 

Superannuation Guarantee Charge

• the level of control between an individual and the other party;
• the mode of remuneration;
• the provision for annual leave; and
• the right to suspend or dismiss an individual by the other party.

Superannuation Rates and Thresholds

• Superannuation guarantee maximumcontribution base:
  $40,170 for each quarterly contribution period. An employer does not need to provide the minimum 9% superannuation guarantee support for an employee’s ordinary time earnings above this limit.

• Superannuation co-contribution income thresholds:
  The lower total income threshold to qualify for the maximum co-contribution is $31,920. The higher income threshold where the co-contribution completely phases out is $61,920.

Rates and Thresholds

• CGT improvement threshold:
   $124,258
• Car depreciation limit and luxury car limit:
  $57,180
• Overtime meal allowance expenses:
  $24.95
• Benchmark interest rate for the deemed dividends provision:
  5.75%

GIC and SIC Rates

Assistance for Small Businesses

GIC-free Payment Arrangements

• A business can renegotiate an existing payment arrangement entered into before 1 June 2009 to take advantage of the GIC-free payment arrangement.

Deferral of Payment Due Dates