Month: February 2021
Refinance and get up to $4k bonus OR renegotiate with your current lender?
If you are unsatisfied with the home loan rate you are paying or you just want to find a better home loan deal, then now is the time to act. With a competitive home loan market, there are options that might benefit you:
Refinancing
You could shop around different lenders to reduce your repayment amount. This is known as refinancing. One way is to find a lower interest rate – some lenders offer a lower introductory rate. Currently, many lenders are offering a cashback incentive of up to $4,000 for refinancing with them.
Up to $4k Rebate
$2,000 Refinance Cashback for each property you refinance on applications received between 1 April 2020 and 31 March 2021. Properties must be settled by 30 June 2021.
One-off $2,000 Bonus Cashback on initial applications received from Owner Occupiers and Investors between 18 September 2020 and 31 March 2021. Properties must be settled by 30 June 2021.
Check with your independent (from your lender) financial adviser about tax consequences of these cashbacks.
Renegotiating
When you talk to your current lender about changes to your home loan rate, you are renegotiating.
Right now, rates are below 2% making it a great time to have a discussion with your own lender and renegotiate a new lower rate, either variable or fixed, over the next year or so whilst rates remain low and before they swing up again.
To help you decide which method – refinancing or renegotiating – to improve your home loan, consult YML Group for expert financial advice.
How can YML help?
Talk to our YML Finance Team today to see how YML Group can assist you with your home loan. For more for more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.
Australian Director Identification Number (DIN) – Introduction
In the Digital Business Plan announced by the Australian Government in 2020, the Modernising Business Registers (MBR) program will bring together the Australian Business Register (ABR) and 31 registers administered by the Australian Securities and Investments Commission (ASIC). All these registers will unite on a new digital registry system, making it easier to access company and business data. This new system will fall under the maintenance of the Australian Securities and Investments Commission (ASIC).
Companies, businesses, Australian Business Numbers (ABNs) and the new Director Identification Number (DIN), along with all relevant data, will be moved on to the digital registry system. The DIN is a new requirement of company directors and is set to create a more regulated, verifiable and traceable profile of Australian businesses and their directors.
What is a DIN?
A Director Identification Number (DIN) is a unique number assigned by the ASIC to a director for eternity. The DIN will be given to existing directors and incoming directors of a company or a registered entity under the Corporations Act. If you are not sure if your position in a company requires you to register for a DIN, consult a qualified financial adviser. A DIN will stay with you even if you change companies.
What will a DIN mean for a director?
A director’s DIN means their directorship has been verified, their identity has been confirmed and their company relationships are transparent. For these reasons, directors will be able to readily interact with government agencies and other regulators using their DIN.
The DIN system will help businesses operate in a fairer economy wherein directors who operate inappropriately or illegally can be discovered early. Directors who conduct business ethically may feel confident that they can know with whom they are dealing during intercompany business matters.
What are the benefits of a DIN?
One of the aims of the DIN system is to stamp out illegal phoenixing activity – the creation of a second company mimicking the first company but without monetary debts and liabilities being carried over from the first to the second company. How? The DIN system will track – in real time – the history of director/s in any new company registration.
Fairness is another benefit of the DIN system because if any wrongdoing can be readily prevented, then directors and their companies will operate in a much more equitable business environment.
Next Steps
The ASIC requires all directors and would-be directors to register for a DIN within the first 12 months of the new MBR program. After an initial transitional period allowing an extra 28 days to apply for a DIN, a director must apply for a DIN prior to being appointed as a director.
A request for your Tax File Number (TFN) will be made of you and this will assist with the verification of your identity as part of the process of acquiring a DIN.
Should you need assistance with your application for a DIN, YML Group has the expertise to determine your company position status and to assist you with your DIN application.
How can YML help?
Talk to our YML Chartered Accountants Team today to see how YML Group can assist you with your DIN. For more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.
HR in the Australian Hospitality Sector – Specialist Service Available
Human Resources (HR) in the hospitality industry requires specialist knowledge and knowhow to achieve optimum workforce retention, pay and benefit compliance, as well as safety and occupational wellbeing of all employees.
Managing employees and administrating staffing are central roles for a hospitality business to succeed in a world that relies on the reception and satisfaction of guests, clients and tourists. There are administration rules and regulations specific to the hospitality industry to which companies must adhere. An understanding of the Australian HR requirements means your business may need a qualified HR person or service to lend a helping hand.
YML Group’s Business Process Outsourcing (BPO) services can provide your business with experts in HR administration and assistance. Our team has a broad knowledge of Australia’s HR requirements in the hospitality industry. As it is important to follow government standards, our team can bring their experience and proficiencies to your business and improve your business’s compliance in this area and many other disciplines.
Other areas of hospitality HR include hiring new employees, preparing employment contracts, data management of employees’ profiles, management of payroll including making sure workers take the required breaks during their workdays. As staffing is such a big area, there will need to be consideration of staff training practices and mitigation of any HR litigation, both areas demanding HR protocols are closely followed.
Our YML Group BPO team has the capabilities to handle your business’s HR concerns including the day-to-day tasks such as: end-to-end recruitment, sourcing and selection of potential employees, initial staff screening, scheduling of trials, onboarding of new staff, as well as preparation and delivery of employment contracts. We can also assist your Payroll team with staff hiring and dismissal reporting, early morning computation and finalisation of pay.
In addition, our team has the capacity to provide your HR team with general administration tasks such as: data management of employee records, email management and document management.
As your HR department works – within a full scope of responsibilities – to distribute the workload between experienced and inexperienced employees, to manage seasonal employee requirements, to foster a safe-work environment and to balance HR budgets, let YML Group’s BPO services assist your business to maintain its HR administration in good order and in accordance with Australian HR regulations.
How can YML help?
Talk to our YML Business Services Team today to see how YML Group can assist you with your HR administration requirements. For more for more information, view our website and contact us on (02) 8383 4400 or by using our Contact Us page on our website.
