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From 1 November 2018, the new Long Service Leave Act 2018 (Vic) will come into force and the changes are seen to be beneficial to parents and carers who change their work hours when looking after children or loved ones. Essentially the major changes in this legislation allow employees to access their Long Service Leave entitlement sooner, in smaller blocks of leave, and have unpaid parental leave of up to a year counting as continuous service when calculating and employees…

Buying a business requires careful consideration of various choices. This checklist highlights common areas that must be considered when buying a business. A business can be purchased by purchasing either the business’s assets or the shares in the company or interests in the trust. It is important to conduct a thorough due diligence review before making a decision to buy. The review should find out as much information about the business as possible, which you can then discuss with your…

‘TBAR’ stands for transfer balance account report and is a document notifying the ATO when a Fund member has triggered a transfer balance account event in relation to their transfer balance cap. The transfer balance cap applies from the 1st July 2017 and limits the total amount of superannuation that is transferred into retirement phase i.e. pension mode. You can continue to make multiple transfers into the retirement phase as long you remain below the cap which is currently set…