Monthly Archives: April 2014

Getting the right advice on employer obligations

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So often we are asked questions around compliance for employers and employees in the Building & Construction Industry which goes well beyond the scope of accounting and taxation advice.

Whilst we are not employment experts and explicitly advise that this constitutes general advice we have put together a short summary of some of the key matters to be aware of if this impacts you or your business.

For employees (and subcontractors who would be seen as deemed employees – refer to the ATO Employee/Contractor Tool, if you are uncertain about the correct classification) the employer is required to pay superannuation at the current rate of 9.25% on Ordinary Times Earnings. Additionally, the employer should deduct PAYG Withholding from the pay at the rate provided by the ATO Tax Tables and declare the payments as Rateable Remuneration when reporting to WorkCover providers. Generally, this will be the case regardless of whether the worker is permanent or casual or paid an hourly rate as opposed to a fixed annual salary. Of course if you are uncertain about a specific case you should contact your Workcover agent for specific advice.

In relation to Coinvest and Incolink:

– Generally the employer is required to make long service leave contributions to Coinvest for all employees and deemed employees (except apprentices) at the rate of 2.7% of the ordinary wage of the employee. This is paid every 3 months based on the Workers’ Days & Hours Form. You can read more info on this here.

– Generally Incolink contributions are required to be paid by the employer if work is based on either of the following fund types. If none of these categories are applicable then there is no requirement to register & thus contribute to Incolink for the employees and deemed employees. If it is applicable then the appropriate forms will be required for registration which can be found here:

o Fund 1 – for companies working in the commercial building and construction industry in Victoria or companies who have an EBA with the CFMEU and CEPU.

o Fund 2 – for companies working in the Metal, Labour Hire and Engineering trades or companies in Victoria who have an EBA with the AMWU and AWU would be registered under Fund 2.

We remind you that this is general advice only and is provided for general awareness. If you would like specific information in relation to employer obligations, including Fair Work requirements and the like, we can put you in contact with a specialist company who are already working with a number of our clients.

As an employer it’s critical that you have the correct information and advisors, so if you would like to find out more about specialist advice please contact lynda@mcmahonosborne.com.au at our office.

 

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Superannuation Contributions post June 2014

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The Cooper Committee report into superannuation has resulted in a number of changes being implemented. Included in these were several proposals for improving the processing transactions such as contributions and rollovers. These have been grouped under the name SuperStream.

As a part of these changes, employers with 20 or more employees will be required to use the new Superannuation Data and Payment Standard from July 2014. This will require contributions to be made electronically. Employers with less than 20 employers will have to commence electronic payment of contributions from the following July. To be able to meet the new requirements employers have the option of using either payroll software or a service provider.

Whilst there still some time before the rules change for payment of superannuation contributions, we would suggest employers should not delay determining which option they will use.

An SMSF that receives only personal contributions or contributions from a related party is exempt from this change. However, the growing number of employees who have commenced their own SMSF will find they need to be able to accept employer contributions electronically and be able to have them allocated to a specific member.

Members of such funds can expect their employers to want full details of the fund’s bank account and an email address to which they can send contributions details.

If this change will impact your business or SMSF and you would like support in meeting the requirements coming out of these changes, please email lynda@mcmahonosborne.com.au to arrange for a personalised service proposal to ensure you are ready for 1 July, 2014.

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How your Sales & Marketing Departments can prove to be a winning combination

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The length of the B2B sales cycle process has changed with prospective customers engaging later after compiling their own research.
With a movement towards online buying, marketers now play an even bigger role in capturing a prospects’ attention to generate more sales-ready leads. That means adapting a new approach to how leads are generated, retained and measured and what steps are taken to move prospects along the sales funnel.
The latest approach from many businesses is for marketing departments to align themselves with the sales department to develop a more strategic based plan to help deliver sales-ready leads.

Keep your audience interested
Today’s marketers have to provide interesting and relatable content to attract prospects and keep them engaged. While content such as case studies and blogs on company’s websites play a critical part in this, developing a “micro-content” strategy is also important.
“Micro content” refers to short content, like headlines, which need to be clear and immediately inviting to the reader.  One example of micro content could be to use the subheadings in your Blog Post as tweets with a call to action and link to learn more.

The content you create is essential for getting found by your ideal clients so they can get to know you and how you can serve them.
With a strategic approach, micro content can help drive inbound marketing leads into your sales funnel, until potential customers are sales ready.

Test & Measure
This is extremely important as it gives you an insight into your buyer’s behaviour.  By testing and measuring your marketing strategies you can determine which elements of your strategy are most effective, and which elements should either be improved upon or let go.
The reality is that before a marketing strategy becomes successful, they have often been painstakingly refined and relaunched.

Working Together
In the best-performing companies, sales and marketing teams are closely aligned and meet on a regular basis to discuss market conditions, buying trends and test and measure results. It is important that these teams worked together to increase the efficiency and effectiveness of the lead management process instead of wasting time, money and resources working independently to achieve the same goals.
To be successful both sales and marketing need to recognize their specific accountabilities and understand how they are related.

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