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Overview of revised super contribution proposals

Posted on September 29, 2016 by admin

The Government has announced some changes to the superannuation proposals originally announced in the May 2016 Federal Budget. While these are just proposals, and therefore not law, it is likely that they will be introduced into Parliament as a Bill.

The Coalition’s proposal is to reduce the existing annual non-concessional (after-tax) contributions cap from $180,000 per year to $100,000 per year. Australians who are under 65 years of age will continue to be able to use the three-year bring forward rule (bring forward three years’ worth of non-concessional contributions ($300,000) from 1 July 2017.

The new suggestion replaces the original proposal for a $500,000 lifetime cap on non-concessional contributions announced in the May 2016 Federal Budget, which was opposed by parts of the super industry.

In the meantime, Australians can continue to put $540,000 into their super accounts between now and 1 July 2017.

Individuals with a superannuation balance of more than $1.6 million will no longer be eligible to make non-concessional contributions from 1 July 2017. This revised proposal is said to allow more individuals to build a superannuation balance cap to attain a $1.6 million pension balance cap in the retirement phase.

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Tips for incorporating career mentoring into your business

Posted on February 28, 2020 by admin

A career mentorship program involves partnerships between employees to develop professional skills and gain industry knowledge. Due to their requirement for a collaborative effort, career mentoring programs are often seen as powerful development tools for cultivating both leaders and employees within a business.

Whether you are a small business owner or a multinational corporate leader, the implementation of a mentorship program will always be profitable for businesses as not only does it create a harmonious workplace culture, it also helps to attract and retain employees.

As straight-forward as career mentoring sounds, there are a few key tips to keep in mind when building a mentorship program for your business:

Make sure your mentoring program is clearly defined:
To create a successful mentoring program, both mentors and mentees should have a concise understanding of their roles and what they would like to gain from the mentorship. By succinctly outlining the purpose of the mentoring program, mentors and mentees are more likely to keep organised and communicate respectfully with the guarantee of mutual rewards.

There should also be short-term and long-term goals established for all parties involved, including the business. These goals could be the narrowing of particular skill gaps or creating a more open workplace culture. By having these goals set in stone, both mentors and mentees and have a clear direction to work towards.

Personalise the match-making process:
Often times, businesses will match a mentor and mentee together depending on their skill-set and position within the company. While on paper, this may appear to be an efficient process, but the lack of chemistry between a mentor and mentee may prove to be devastating for the workplace environment.

As a result, be sure to involve both mentors and mentees in the match-making process and take into account personality traits. You could do this by asking employees to take a personality test to ensure compatibility in career goals, personal interests and preferred communication methods.

Be involved as a third-party:
Lastly, it is the responsibility of the business to check-in on the progress of mentorship programs in order to understand how mentors and mentees can grow together and what improvements can be made to the program. Remember to always refer back to the long-term goals established and consider the feedback provided by mentors and mentees from the program.

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