The assets held within the company, trust and your superannuation fund do not form part of your estate. If you have made binding death benefit nominations in your superannuation fund or hold reversionary pensions these assets will pass directly to the nominated beneficiary. However, if you have nominated that the superannuation fund pay your benefits to your Legal Personal Representative, then they will form part of your estate.
If you have a life insurance policy (outside your superannuation fund) and you have nominated a beneficiary of the policy, this will pass directly to the nominated beneficiary. Alternatively if you own the policy without a nomination, then it will pass to your estate.
Don’t forget to consider any outstanding liabilities such as loans (bank, trust or company), tax liabilities (current and future) as well as any guarantees you may have provided.
If you need more information about or any help with these matters, give BHR Papalia a call on 9791 5877.
Please note though - not all employers are set up and reporting through STP yet – so you will continue to get a paper payment summary from your employer if they have not yet started STP reporting.
For more information, click here. If you have any questions or concerns, please don’t hesitate to give us a call on (08) 9791 5877.
Find out if your employer is registered and reporting by STP.
Pete’s Chop Shop also caters to dietary needs including coeliac, gluten free, dairy free, paleo and keto. “I find a lot of people are sick of the quality of mince and sausages,” Pete said.
“We’re not just a generic butcher. We take pride in all our products, especially our quality mince and sausages. The beef we’re getting at the moment is raised 4.2km from our back door, and our pork, beef and chicken are all free range, with no hormones. We make our own sausages. We provide game meat too – crocodile, emu meat, kangaroo tail – things you can’t buy elsewhere. We also have the best range of totally natural pet food in the South West. We provide old-fashioned service in a modern age.”
What do BHR Papalia do for you?
Pete said he started doing his tax returns with BHR Papalia at the age of 16.
“After being with them for 30 odd years, I stayed with them once I started a business,” he said.
“They do all of our accounting, and you can always ring up and ask questions.”
Pete said the business had transferred to Xero within the last two years, and he found it great to use. “The support is always there,” he said.
What have been your highlights of the past year?
Pete’s Chop Shop has always done well in the King Sausage South West Division – and last year, they polled second and third in the state.
“It’s great to be rewarded for our sausage making efforts,” Pete said.
Another exciting development in the past 18 months has been rearranging the shop to cater for the rising popularity of smoked and barbecued meat. “We’re sourcing local rubs and sauces for it that are Australian made,” Pete said.
May is looking to be another busy month, with some important dates coming up - including final lodgement for 2018 tax returns. Mark these dates on your calendar, and if we can assist you in any way, please don't hesitate to get in touch!
We will take you through the STP activation process step by step, and also cover:
As a bonus, we will also take you through some key points in 2 Step Authentication, including:
The workshop will run for approximately one and a half hours, and will be held at our office at 23 Spencer Street Bunbury. The cost will be $55 per person, and refreshments will be provided.
We will be running separate sessions for Xero and MYOB. You can find out more or register by following the links below.
REGISTER FOR XERO
REGISTER FOR MYOB
RG Upton & Co is located on Newell St, one street south of the main road through the centre of Harvey – and now the site of a newly redeveloped shopping precinct.
What do BHR Papalia do for you?
“BHR Papalia have been our accountants for 15 years,” Russell said. “We’ve primarily been dealing with Brian Hotker in that time.”
Russell said they originally went to BHR Papalia when their daughter worked for them for a time.
“We’ve always found them to offer us good advice, and they’ve had an affinity with our business all along,” he said.
What have been your highlights of the past year?
Russell and Mimma had the opportunity to travel overseas twice since 2017, and view production processes of some the equipment they specialise in.
“We went on a Stihl study tour 18 months ago to their Germany factory, and then last year to Alaska, which gave us the opportunity for a holiday we don’t normally get,” Russell said.
“The factory tour in Germany in particular really stood out. The attention to detail and the focus on quality was evident all through their factories.”
What really impressed Russell in Germany however was the family values displayed at the factory.
“They care more about their employees than profit,” Russell said. “The one thing that really stood out for us was their employee welfare.”
The redevelopment of the shopping precinct RG Upton & Co are a part of, with its more efficient use of space and positive upgrades, has also been a highlight for Russell and Mimma in the last year.
“It has been a long time in development, however we look forward to the positive impact it may generate in the town centre," Russell said.
Legal responsibility and work-related stress
All business owners have an obligation under work health and safety legislation to take reasonable steps to minimise work-related stress experienced by staff. Common causes of work-related stress include:
Important steps to take
Before we explore what Employee Assistance Programs are about, I feel it’s essential to mention these simple low-cost steps that you can take now, starting with assessing the workplace you provide to your staff.
Ask yourself and your staff a few questions to get a better idea of how people are going, rank the issues uncovered by importance to improving mental health and well-being, and develop an action plan. Use these examples to help you along the way:
How do your staff greet each other when they arrive each day?
It might be a good idea to introduce a policy where it is compulsory for every employee to greet each other when arriving to work, and similar when leaving.
Are they respectful and happy to help each other out?
Lead by example and promote a workplace culture where people are comfortable asking for help.
Have regular one-to-one meetings
Find out what your employees value about their work, what do they find challenging and what ideas do they have for improvements. Every business is different, so the frequency and duration can vary, but it’s important to keep this up on a regular basis.
Ensure each staff member has a position description
This should accurately reflect their roles and responsibilities, and be updated as needed.
Offer flexible working arrangements
If possible, be flexible with start and finishing times, and consider offering working from home arrangements. This will help create a better work-life balance for your employees.
Encourage staff to take regular breaks
Lead by example by taking a proper lunch break away from your desk or work.
Spend time together as a team for non-work reasons
This could be in the form of a morning tea or a BBQ out of work hours. Many businesses have a social club where every staff member contributes a small amount from each pay towards taking part in events such as happy hours, group lunches or sporting events.
Celebrate milestones and successes
Display a list of employees’ birthdays and work anniversaries where everyone can access them, and start a tradition in the form of a morning tea. Acknowledge employees’ achievements, big or small.
Thank staff regularly for their contributions
They will be more motivated if they feel that the work they do is valued.
Support staff with mental health issues:
Mental health workplace resources organisation Heads Up has put together a handy guide of ‘Ten things you can do to make your workplace mentally healthy – tips for small businesses’. Besides offering simple steps to follow, it also provides links to great resources.
You can download this guide from the button below or go to the website.
We will now look at a specific type of support program that you can set up in addition to the action plan above, as sometimes there are issues that employees don’t feel comfortable discussing at work or with anyone else. These issues, if not dealt with, can have a significant impact on staff work performance.
Employee Assistance Programs
Employee Assistance Programs (EAP) are a way for businesses to support their employees by promoting personal well-being and quality of relationships in the workplace. It does this by offering access to counselling sessions for employees and their immediate family. These sessions are fully confidential.
EAPs are designed to assist personnel to better deal with personal, family and work-related concerns which may impact on their work life and job performance. Given productivity and profitability is known to be impacted by employee well-being, and mental health issues cost Australian businesses more than $10 billion per annum, an EAP could provide your business with a way to look after your most valuable asset – your employees - while improving your bottom line.
Research has found that the use of EAP corporate counselling services can have a positive impact on five key areas:
The good news is that EAPs are fully tax deductible through WH&S and HR initiatives, so reach out to EAP providers in your area and stay tuned to our newsletter for a future article expanding on this topic.
Why establish a Testamentary Trust (provide for it in your will)?
A testamentary trust allows the executor to invest the estate assets for the benefit of beneficiaries (especially children under the age of 18 years).
It gives control to the executor over the assets and allows the executor to control the future use or disposition of the estate assets.
It can protect assets due to possible family breakdown, possible insolvency of a beneficiary or potential creditor claims of a beneficiary.
It allows flexibility in allocation of income to beneficiaries to minimise tax.
The will maker should nominate a trustee of the trust. The trustee manages the investment of the assets in the trust. Specific conditions for the trust can be made in the will such as the length of time the trust will exist (ie until child’s 18th birthday), nomination of specific assets or amounts to be transferred to the trust, etc.
It is important that you obtain the correct advice to ensure the testamentary trusts are specifically tailored, considering your estate assets and your intended beneficiaries. Please contact your accountant to discuss your estate planning issues.