Businesses should consider adopting flexible workplace arrangements
Businesses working from home due to social distancing restrictions can take the opportunity to learn from the experience and consider new work structures coming out of COVID-19. This could mean increased flexibility… Read More
Reframe your failures
Starting and running a business is a lot of work. There are a lot of times when you need to try different things, some work and others don’t. When you’re putting so… Read More
Finding help for your finances during the pandemic
You might have written off financial counselling services as something you don’t need and can probably do yourself before. But with the current financial climate, policies continually changing, and employment status constantly… Read More
Why invest into property now rather than later
Although the current situation has largely impacted many industries badly, the property market has remained mostly afloat. Other than Melbourne, the property market in major cities is restabilising quickly. The situation in… Read More
Why you need to focus on transparency
Spreading misinformation and fake news has become all too easy right now because of social media. How easily social media facilitates deception has meant that being transparent is really important. A survey,… Read More
Getting on top of your SMSF during divorce
Running an SMSF under regular circumstances comes with enough compliance obligations as it is. Adding divorce or separation into the equation can raise even more legal and tax issues that need to… Read More
The nitty gritty of dealing with self-education expense deductions
Individuals upskilling and educating themselves during these down times may be eligible to claim a deduction for their self-education expenses. The deductions apply to self-education activities that are directly related to an… Read More
Jobseeker cuts could achieve opposite of what is intended
Australia has been performing fairly well compared to other countries around the globe, but with news of Jobseeker potentially being cut down – from the 25th of September – that could quickly… Read More
The critical steps to a successful partnership
It is a tall order to ask for a business owner to manage everything alone, much less lead their business into success. This is why many successful businesses are born from partnerships.… Read More
Readapting to working from the office
As businesses are looking to bring their employees back into work, it is important to ensure that your workstyle practices allow you to seamlessly integrate into working from the office. Try adopting… Read More
How CGT applies to deceased estates
As the saying goes, there are only two things certain in life: death and taxes. Dealing with a deceased estate means facing both. Beneficiaries or legal representatives of a deceased estate will… Read More
Division 7A and private loans
It is not uncommon for businesses to provide loans to shareholders or associates of a company. However, business owners should know the conditions that their loan must satisfy under Division 7A, to… Read More
Avoiding SMSF disputes
One of the benefits of SMSFs is the amount of control you have from managing it yourself. However, self-management can leave room for disputes among related parties, especially when family members are… Read More
ABS update: annual wage growth in June quarter 2020
The ABS reports that the seasonally adjusted Wage Price Index (WPI) rose 0.2 per cent in the June quarter of 2020, and 1.8 per cent throughout the year. This was recorded to… Read More
Smart ways to plan your retirement funds
One in two Australians retire earlier than planned due to unexpected circumstances like illness. By identifying your projected retirement position and your retirement goals, you can develop strategies that ensure you have… Read More
Cyber security tips for your business
COVID has prompted businesses to go digital, making cyberattacks an easy job for scammers. Small businesses are especially at risk because of the lack of resources to purchase high security tools and… Read More
Dealing with work-related anxiety
Studies have shown that while only 9% of individuals have a diagnosed anxiety disorder, 40% experience ongoing stress or anxiety in their daily lives. For many, work can be the source of… Read More
Tips to retaining your customers
Acquiring new customers can often be simpler than retaining existing customers. However, loyal customers give your business a higher chance of succeeding. Unhappy customers stop doing business with you, negatively affecting your… Read More
Tax implications of exceeding super contributions
A great way to grow your retirement savings is by making regular contributions to your super fund. However, there are limits to extra contributions which when exceeded, may be subject to additional… Read More
FBT exemption for emergency assistance
Businesses that provide benefits to employees during an emergency situation are likely to have assistance costs be exempt from fringe benefits tax (FBT). It is worthwhile to know what kinds of benefits… Read More
What to consider before refinancing your home loan
As interest rates drop to historic lows, a growing number of homeowners today are considering refinancing their home loans. Refinancing is the process of replacing your current loan with a newer one,… Read More
Black hat strategies that can damage your website
Every business owner is looking to get their business noticed on the search engine results page (SERP). There are various SEO tactics that can be used to get a higher ranking for… Read More
Avoiding mortgage default
As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they… Read More
Optimising budget for digital marketing campaigns
Maximising returns on investments is the primary goal for every business owner who invests in a marketing campaign for their brand. Learning how to properly test and troubleshoot your budget according to… Read More
Changes to JobKeeper eligibility
The Government has introduced additional changes to JobKeeper to help more businesses qualify for the relief payments. One of the key changes was moving the relevant date of employment for an eligible… Read More
Evaluating the risks of business
Entrepreneurs are faced with constant challenges and decisions that often involve taking risks. While risk-taking can be a necessary part of running a new business, entrepreneurs need to make informed and thoughtful… Read More
What to consider when consolidating your super
The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more… Read More
Building generational wealth for your family
Building wealth to pass down as inheritance can give your family a strong financial advantage for decades after your death. Inherited wealth can help families make investments in education or property, without… Read More
Efficient website migration
Having a strong digital presence has now become a basic part of running a business. Business owners are investing time and resources into developing and upgrading their websites. An important thing to… Read More
Making safer workspaces
As employees return to office spaces, there is a growing concern as to how employees can protect themselves at work. It is crucial that employers carefully plan their work spaces to minimise… Read More
Creating a business contingency plan
When business is going well, it can be easy to procrastinate planning for the bad times. However, preparing for disaster before it strikes by having a contingency plan can be the key… Read More
What is an SMSF auditor and what do they do?
Self-managed super fund (SMSF) trustees are required to appoint an ATO-approved SMSF auditor no later than 45 days before lodging their SMSF annual return. An SMSF auditor is a professional who assesses… Read More
CGT rollover when transferring assets in a divorce
Transferring the ownership of assets from one party to another may attract CGT. However, in the event that a change in ownership occurs due to the breakdown of a relationship, you may… Read More
What to consider when developing a sales strategy plan
A successful sales strategy plan will provide your business with clear priorities, goals, and outcomes that can help you increase sales. Outline your mission and goalsWhat’s your business’ mission statement? What are… Read More
Survival strategies for small businesses
Business owners may find that innovation has been dull because of the social and economic impacts of the current situation. If your business is going through a damp sales period, it can… Read More
ABS Update: Businesses struggle to fill job vacancies
The ABS has released information reporting the nature of impacts due to COVID-19 for businesses within Australia. One of the key insights into workforce difficulties that businesses are currently facing is filling… Read More
How to make your website accessible
The key goal for all business websites is to attract as many visitors as possible. However, not many business owners remember to cater their website to those with special needs and disabilities.… Read More
Buying property through your SMSF
Using SMSFs to buy property has become increasingly popular among Australians in recent years, particularly since it became possible for SMSFs to borrow money to fund a direct property purchase. Residential property… Read More
What is a TPAR and do you need to lodge one?
The Taxable Payments Annual Report (TPAR) is an industry-specific report through which businesses inform the ATO of the total payments made to contractors for services in that financial year. This information is… Read More
Applying for small business income tax concessions
Businesses looking to save on tax for the financial year may consider applying for income tax concessions. Businesses classified as a small business entity are eligible for income tax concessions. Since 1… Read More
How to select a default fund for your business
Business owners might be required to select a default fund for employees when they do not want to nominate their own superannuation funds. Funds should meet specific requirements that are stated as… Read More
Growing your business with referrals
‘Word-of-mouth’ referrals may seem like an outdated concept in today’s digital age of online reviews, but a few credible and positive opinions can still go a long way when it comes to… Read More
How to avoid hiring the wrong person
There is a growing demand for new employees as businesses open their doors again. However, a bad hire can damage the reputation of your business, impact the work environment and may force… Read More
Improving your marketing strategy with a chatbot
Interactive and artificial intelligence technologies such as chatbots are becoming increasingly popular alternatives to human labour in modern business-running techniques. Incorporating a chatbot into your website may be beneficial to your existing… Read More
Are you prepared for illness?
Individuals with chronic diseases or who are at higher risk of illness may have already considered planning for illness. However, in light of the COVID-19 pandemic, preparing for illness can be useful… Read More
ABS Update: CPI fell 1.9 per cent in the June 2020 quarter
In the latest release from the Australian Bureau of Statistics (ABS), the Consumer Price Index (CPI) fell 1.9 per cent in the June 2020 quarter, the largest quarterly fall in the history… Read More
JobKeeper to be extended
The Australian Government has announced that JobKeeper payments will be extended for a further six months after the initial 28 September 2020 deadline. However, the extended JobKeeper program will have substantial payment… Read More
How to use free samples to grow your business
Making a good first impression is key to establishing yourself in an industry and securing the interest of your potential clients and investors. The easiest way to get your foot in the… Read More
What to consider when protecting your finances after separation
Dealing with the mental stress and emotional lows at the end of a relationship is never easy, let alone taking on complicated and tedious administrative tasks such as managing your finances. However,… Read More
How well are you using your email list?
Every business owner’s dream is a marketing strategy that is highly efficient while still being cost-effective. Email marketing is one such strategy that has seen a huge return on investment for businesses.… Read More
Getting your money back from late-paying customers
Businesses can be heavily impacted by customers who cannot, or simply will not pay when payment is due. A single unpaid invoice can cause issues, and the longer this debt is left… Read More
How to avoid SMSF disputes
Self-managed super funds (SMSF) can be vulnerable to disputes, especially when family members are involved. SMSF disputes may be caused by a number of reasons such as relationship breakdowns, (common in funds… Read More
What types of income do you need to include in your business’ tax return?
Due to changing economic circumstances, businesses may be receiving income from sources they have never received from, and may be unaware of their tax implications. In the event that they are listed… Read More
Common tax mistakes that businesses make
Meeting tax obligations as a business owner can be stressful and potentially expensive if done wrong. Certain mistakes warrant severe action, so you can expect the ATO to take a closer look… Read More
What circumstances permit early access to your super?
Early access to your superannuation is permitted under a few limited circumstances outlined by the ATO. In the case that you are experiencing financial struggle and would like to withdraw from your… Read More
What is the criteria for a complying loan agreement?
Private companies may be incentivised to make loans to a shareholder or their associate during the income year in an effort to save on income tax. In order to remedy any inequities… Read More
The Government introduces JobTrainer and wage subsidies
The Government has introduced a $2 billion JobTrainer scheme, which aims to help businesses train or re-skill workers in Australian industries of high demand. What is JobTrainer? The new scheme will create… Read More
How to build a successful virtual team
As the pandemic pushes businesses to run their usual operations online, it can be hard to make sure that your virtual teams are working efficiently and productively. Here are some tips to… Read More
How well are you using your data?
Data analytics is a powerful tool that makes headlines almost every day. Its benefits cannot be overstated as it continues to transform businesses and the way we view information. Most businesses already… Read More
Have you considered the First Home Loan Deposit Scheme?
First home buyers could save as much as $10,000 under the new First Home Loan Deposit Scheme (FHLDS) introduced by the Government in January this year. Saving a deposit to purchase your… Read More
ABS update: Australia records a trade surplus in May 2020
Australia has recorded a trade surplus of $8,025 million in May 2020, $195 million up from April 2020’s surplus in balance of trade and goods. In seasonally adjusted terms, goods and services… Read More
Are you charging enough for your product?
The bill you charge for your services can often make or break client relationships. Pricing is one of the most influential factors that encourage customers to buy your product. This calls for… Read More
The benefits of cloud computing
Due to COVID-19, organisations are coming to the realisation that web technology is essential to today’s business-running. Out of the more common types of web technologies, cloud computing has emerged as the… Read More
How can you fund your business?
Turning an idea into a business requires money, and securing this stable funding is not easy. Businesses have a variety of innovative funding options today, but before you pick one, you may… Read More
Changes to business practices and TPAR
COVID-19 has forced businesses to adapt their practices to cater for social distancing measures and sanitary precautions. As a result, many businesses have taken on contractors to assist with these changes. Businesses… Read More
Tax-deductible super contributions
Individuals may be able to claim tax deductions for personal superannuation contributions they make. Personal super contributions are made after-tax, not to be confused with the pre-tax contributions made by employers. This… Read More
Amending fringe benefits tax return and updated exemptions
The Government has updated fringe benefits tax (FBT) exemptions to include travel in ride-sourcing vehicles under the existing taxi travel exemption. In the case that your business has been providing employees with… Read More
Are you eligible for the small business income tax offset?
The small business income tax offset can be used to reduce the tax you pay by up to $1,000 a year. Also known as the unincorporated small business tax discount, the offset… Read More
Debt financing vs equity financing
Gathering funding is a challenge that almost all business owners face at some point. Financing can come in two forms – debt financing and equity financing. Debt financing is money that you… Read More
The benefits of hiring older workers
Increasing life expectancy and late retirements mean that businesses need to be ready to welcome more mature-aged workers into their organisation. Workers aged 50 and over are often overlooked by hiring managers,… Read More
What are the benefits of programmatic advertising?
Programmatic advertising is the automation of the buying and selling of online advertising while cutting out third-party publishers. While a costly investment, programmatic advertising is a rising competitor to traditional channels of… Read More
Diversifying your investment portfolio
As a result of recent increased volatility within the stock market, investors are looking to diversify their portfolios, minimise risk and maximise opportunity. For those investors looking for something new, here are… Read More
Tax on super death benefits for dependants vs non-dependants
A super death benefit is the super paid after a person’s death, usually to a nominated beneficiary. These benefits are subject to different tax treatments, depending on whether the beneficiaries are dependant… Read More
ABS update: largest fall in job vacancies on record
Job vacancies in Australia fell by 43 per cent over the May 2020 quarter, seasonally adjusted. This marked the largest quarterly decrease in job vacancies on record, based on surveys over the… Read More
What is petroleum resource rent tax?
Companies that are interested in a petroleum project may have lodgement, reporting and payment obligations under the petroleum resource rent tax (PRRT). According to the ATO, a petroleum project exists if a… Read More
Starting a business during an economic downturn
With unemployment rates rising around the world, many individuals are creating their own opportunities by starting their own businesses. For individuals who are confident in their business idea and are ready to… Read More
How to make your marketing emails stand out
Email marketing is becoming an increasingly popular way for businesses to reach their customers. However, this means it’s likely that customers are also getting marketing emails from a range of other companies… Read More
Applying for the First Home Buyer Assistance scheme
Individuals looking to purchase their first home may be entitled to an exemption from paying transfer duty, or a concessional rate of transfer duty under the First Home Buyer Assistance scheme (FHBAS).… Read More
What are the different types of cashless payment methods?
In an effort to minimise physical contact during the global pandemic, most businesses are making the switch to cashless payments. While contactless credit cards and mobile wallet applications remain the most common… Read More
COVID-19 factors to remember when filing your tax return
The end of the financial year has rolled around again, but this time, COVID-19 may affect the way you fill out your tax return. The ATO has released a range of methods… Read More
Do you need to lodge a transfer balance account report?
Self-managed super funds (SMSF) may be required to lodge a transfer balance account (TBA) report by 28 July 2020 in the case of a TBA event. A TBA report will need to… Read More
How to keep employees safe as they return to the workplace
Enforcing health precautions is an essential step to creating a safe workplace and giving your employees peace of mind, especially during the current pandemic. Businesses looking to invite their employees back into… Read More
Keeping your business software up to date
Outdated software can put your business at risk of hackers, viruses and malware. Keeping your software up to date can not only protect your devices from these threats, but also ensure that… Read More
Separation and property settlement
Separating from your partner is a painful process, and the legal and financial paperwork that comes with separation may be the last thing you want to deal with. However, it is important… Read More
How to recruit the right employee for your business
As unemployment rates rise and more individuals compete for the same job, businesses with open positions may find themselves flooded with job applications and potential candidates. With so many individuals applying for… Read More
What to consider before opening another business location
Expanding your business to open in multiple locations can offer more opportunities and profitability. However, managing one location can be challenging enough, so it is crucial to examine and prepare for the… Read More
Modified provisions for virtual business meetings you need to be aware of
Businesses moving towards online operations (temporarily or permanently) need to be aware of the Government’s modified provisions concerning virtual meetings and the electronic signing of company documents. These modified provisions in the… Read More
Carrying on a business in an SMSF
Self-managed super funds can carry on a business providing the business is allowed under the trust deed and operated for the sole purpose of providing retirement benefits for fund members. Carrying on… Read More
Cars and taxes for 2020-21 financial year
New car threshold amounts will be implemented from 1 July 2020. Understanding the new thresholds and how they may affect your small business operations and vehicle usage will be important in preparing… Read More
ABS Update: 0.3% fall in GDP in the March quarter
The Australian Gross Domestic Product (GDP) fell 0.3% in seasonally adjusted, chain volume terms in the March quarter 2020. In addition, growth has slowed to 1.4% through the year, according to figures… Read More
Developing a robust supply chain
Having a resilient supply chain is fundamental to a successful business, especially in the context of our current economic crisis. Start-ups developing their supply chains should be mindful of future crises and… Read More
Tips to building an engaging website
A simple yet often overlooked method of improving your business is to build an engaging website. Many business websites act as a product information dump rather than an avenue to attract clients… Read More
How to prevent bad debts from your clients
Running a business is challenging enough, and having to deal with bad debts can add an unneeded layer of stress for you and your team. The easiest way to handle bad debts… Read More
Why businesses should consider flexible workplace arrangements
Businesses working from home due to social distancing restrictions can take the opportunity to learn from the experience and consider new work structures coming out of COVID-19. This could mean increased flexibility… Read More
Transferring a business property into your SMSF
Employers with a self-managed super fund (SMSF) looking to protect their business assets can consider transferring their business real property into their SMSF. Transferring business property into your SMSF is useful to… Read More
Tax implications for landlords through COVID-19
Property investors may have a number of tenants that have temporarily paused their rent payments or are not paying the full amount of rent owed due to being impacted by COVID-19. Regardless… Read More
How to interact with people at networking events
Approaching strangers at networking events can seem intimidating, but shying away from interaction means you could be missing out on some great business opportunities. Here are some ways you can comfortably approach… Read More
ABS update: employment falls by 594,300
The ABS has reported that seasonally adjusted employment has fallen by 594,300 between March and April. The unemployment rate increased by one percent from 5.2 percent to 6.2 percent, with an additional… Read More
Implementing a recession investment strategy
As the world braces for an economic recession, now is the time to transition into an investment strategy which is accommodating to current economic conditions. Implementing a recession investment strategy will not… Read More
What to think about when creating a digital marketing strategy
It’s becoming clear that posting on social media can be a beneficial aspect of business marketing, however, it’s important to go further than just posting on Instagram every now and then. One… Read More
