Hybrid Workers and the Workplace

Hybrid Workers and the Workplace

Covid 19 has certainly brought about change around the way the office model looks with many people embracing the Hybrid Worker trend.  Employees are finding the work/life balance control very attractive with the flexibility it offers. We can safely say the flexible work revolution is set.

With our international borders opening and restrictions easing up, many businesses are encouraging their staff back to the office and in response to the changing working environment many organisations will need to re-evaluate priorities to this new hybrid approach.

The balancing act of the needs of the employees and the needs of the organisation, with each presenting their challenges will be tricky.  From home, office or client spaces businesses need to be getting the Hybrid blend right.

At Prime Advisory, we are working to get this blend right and offer some suggestions which might be helpful.  Firstly,

  • Try talking to your staff and your leadership team to get it right. Learn from one another by understanding the challenges
  • Embrace workplace flexibility
  • Communication is key with staff and clients
  • Ensure everyone is visible regardless of their location and a platform for everyone to voice their concerns
  • Have a strong leadership team in place who are understanding and have empathy
  • Strengthen your organisational culture, make your employees feel valued and respected
  • Stay informed and on top of hybrid work digital advancements, with software & hardware
  • Build resilience and plan for uncertainty. This is as simple as keeping a close eye on your cash flow, maintaining close relationships with your clients, and keeping in touch with your client manager at PrimeAdvisory who can assist you with support.
  • Celebrate more, getting everyone involved, recognise great work, it’s been a tough 2 years
  • Focus on employee wellness

 

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The top Christmas tax questions

The top Christmas tax questions

Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Click below to read the most frequently asked Christmas tax questions: The Top Christmas Tax Questions

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How to set up your Director ID

How to set up your Director ID

To all Directors, you may be aware, ASIC has recently announced that all Company Directors will be required to obtain a Director Identification Number as required by the Treasury Laws Amendment Act 2020.

With applications commencing November 2021, we’ve prepared a client guide to help you with FAQs including:

  • What is a director ID? 
  • Who needs a director ID? 
  • Timeframes for registration 
  • How to set up a director ID?  
  • Foreign directors and the director ID system  
  • Directors in name only 

For more, How to set up your Director ID

We are here to help
If you have any questions or would like assistance regarding the Director ID requirements, please be sure to contact your advisor at PrimeAdvisory or call us on 02 9415 1511.

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What happens to your superannuation when you die?

What happens to your superannuation when you die?

Do you ever wonder what happens to your superannuation when you die? In this article, we explore the way the trustees of your superannuation fund payout your superannuation to your eligible beneficiaries based on the fund’s rules, the superannuation law, and your death nomination.

For more – Superannuation and Death

Please contact us if you have any questions regarding superannuation and nominated beneficiaries or any of the issues raised by this article.

Feel free to call us on 02 9415 1511.

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Retirement Income Covenant Exempts SMSFs

Retirement Income Covenant Exempts SMSFs

The Federal government recently released draft legislation on the Retirement Income Covenant, which revealed it will not apply the covenant’s measures to SMSFs. It is intended that the Retirement Income Covenant will give retirees the confidence to spend their superannuation savings while enabling choice and competition in the retirement phase of superannuation.

The draft legislation would require superannuation trustees to develop a retirement income strategy that outlines how their members will be assisted in retirement. A trustee’s strategy should consider how they will assist members in balancing their retirement income, managing risks, and having flexible access to savings. However, the Federal government has made changes to the implementation of the new legislation, excluding SMSFs from its application.

Section 1.3 of the draft legislation now states that the “covenant does not apply to trustees of self-managed superannuation funds.”

To learn more, please see the full update here – Retirement Income Covenant Exempts SMSFs

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