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
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
Options to consider before declaring bankruptcy
Businesses struggling with debt may feel like declaring bankruptcy is their only option. Premature bankruptcy is an unfortunately common scenario but there are ways businesses can deal with unmanageable debt before declaring… Read More
Divorce and splitting your SMSF assets
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
Claiming 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
Closely held payees exemption to be extended
Employers with 19 or fewer employees are temporarily exempt from reporting ‘closely held (related) payees’ through Single Touch Payroll enabled software. The exemption deadline has been extended from 1 July 2020 to… Read More
How to improve your SEO ranking
Improving your SEO ranking is an important step to developing your business’ digital presence and increasing web traffic onto your website and social media pages. SEO refers to search engine optimisation and… Read More
Marketing your business on a tight budget
For entrepreneurs endeavouring to grow their business, the prospect of marketing on a small budget may seem overwhelming and impractical. However, there are many cost-effective ways you can market your products and… Read More
Creating a business cash flow forecast
Small business owners are often faced with stressful financial decisions and periods of uncertainty. Having a cash flow forecast can help your business avoid cash shortages by allowing you to track whether… Read More
How to improve your hiring process as a small business
Small businesses coming out of COVID-19 may be looking to expand and grow as quickly as possible to prepare for a changing economy. One of the ways you can effectively grow your… Read More
How to maximise your property depreciation deductions
An effective way to maximise returns as a property investor is to claim depreciations on your investment properties. Depreciation gains can be maximised by using a quantity surveyor to identify your property’s… Read More
SMSF property investment regulations to keep in mind
Property is a common investment option for SMSFs, however, the ATO has a number of regulations SMSF owners need to be wary of. The ATO is particularly concerned with those using SMSF… Read More
Spouse contributions – when are you eligible for a tax offset?
Contributions made on behalf of your spouse to a complying superannuation fund or a retirement savings account (RSA) may be eligible for a tax offset. The 2019/2020 tax rules allow you to… Read More
Building your interpersonal skills at work
Demonstrating strong interpersonal skills in the workplace can boost your performance and improve your experience at work by promoting positive workplace relationships. Interpersonal skills that will help employees thrive amongst each other… Read More
What you need to know about fringe benefits tax
A fringe benefits tax (FBT) is a tax paid on benefits provided to employees (usually non-cash). FBT is calculated based on the gross taxable value of benefits employers provide to their employees.… Read More
Simple tech tips to help you work productively at home
Working from an environment ordinarily designed for ultimate comfort and relaxation can be a difficult task. For those who find steering away from all the distractions at home challenging, here are a… Read More
Reviewing your business’ progress
With the current economic slowdown, now is the perfect time to review your business strategy and conduct a business “health check” to come out the other side improved and ready to go.… Read More
What to look out for when entering a supply contract
When entering a supply contract, it is extremely important to work out all the nuisances before signing to prevent complications down the road and make sure conditions are favourable for you. Here… Read More
Preparing for your next job
Whether you’re out of a job right now or you’re looking for a career change, applying for new jobs can be intimidating and challenging, especially if you haven’t done it in years.… Read More
How to support your employees through COVID-19
Supporting your employees during chaotic times as an empathetic leader will improve your relationships within your business and boost personal confidence. Here are some ways you can support your employees mentally and… Read More
Incorporating eCommerce into your business
eCommerce is becoming an effective alternative to traditional face-to-face business operations and may be the change you need to make for your business’ long term growth. eCommerce refers to the buying and… Read More
Networking from home
Networking events may be cancelled due to social distancing restrictions, but that doesn’t mean you can’t network from home. Here are some remote networking strategies you can use to continue strengthening your… Read More
ABS update: Businesses to expect ongoing COVID-19 negative financial impacts
The ABS has reported that almost three-quarters of Australian businesses are predicted to experience a reduced cash flow over the next two months as a result of COVID-19 and its business impacts.… Read More
Tax implications for workers with COVID-19 mobility restrictions
Employees who are not living or working in their regular location due to COVID-19 mobility restrictions need to be aware of the tax implications that apply to their situation. Individuals who ordinarily… Read More
Tax implications for workers with COVID-19 mobility restriction
Employees who are not living or working in their regular location due to COVID-19 mobility restrictions need to be aware of the tax implications that apply to their situation. Individuals who ordinarily… Read More
Your current employer superannuation obligations
Paying your employees superannuation is an integral part of being an employer. Superannuation provides income for your workers in retirement and it is your legal obligation to make sure you are paying… Read More
The future of digital marketing with AI
As more marketing campaigns and strategies move toward social media and online platforms, there has been an upsurge in demand for marketing data analytics and experts believe that artificial intelligence (AI) technology… Read More
Remote teams versus virtual teams
As the majority of the workforce transitions to working from home and we rely on the digital world to connect with our colleagues – employers and employees alike – we should consider… Read More
One-third of households experienced a financial decline due to COVID-19
The ABS has reported that one-third (31%) of Australians claimed their household finances have worsened during the peak COVID-19 affected period of mid-March to mid-April. 45% of Australian adults have had their… Read More
Increasing workplace flexibility
Businesses now working from home can take the opportunity for employers to learn from the experience and consider new work structures coming out of COVID-19. This could mean increased flexibility for employees… Read More
What happens if your SMSF is non compliant?
While there are benefits to running an SMSF, they do not come without their compliance responsibilities. This includes lodging your fund’s annual return on time, attending to reporting obligations, and having an… Read More
JobKeeper GST turnover test released
The ATO has published a ruling on the decline in turnover test for businesses applying for the JobKeeper scheme as part of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020.… Read More
Marketing your business during COVID-19
Marketing your products and services during a global crisis may not always seem appropriate. Not only is it harder to create content with COVID-19 restrictions on you and your staff, but it… Read More
Should you defer your mortgage payments during COVID-19?
Australians are being offered mortgage repayment deferrals of a minimum three months period from their banks to offset individual financial strain during COVID-19. The Australian Banking Association has also confirmed that Australians… Read More
Protecting your staff from phishing scams
Businesses with employees working remotely must consider digital security measures to protect their business assets and the safety of their employees. Phishing scams are a particularly prominent security issue, especially for employees… Read More
Managing money on a low income
Increasing living expenses and commitments can make it challenging to manage and save money, especially for low income earners. Here are some tips that may help you reduce financial pressures on a… Read More
What should you do when contracts, sales or purchases are cancelled?
Contracts, sales or purchases are bound to be cancelled with financial uncertainty plaguing the economy as a result of COVID-19. To help you get through this, the ATO recommends making a goods… Read More
Things to know about the First Home Super Saver Scheme
Individuals looking to buy their first home may claim up to $30,000 of their super contributions through the First Home Super Saver (FHSS) Scheme, which aims to reduce pressure on housing affordability.… Read More
What you need to know about lodgement deferral dates
Due to COVID-19 and unforeseen financial circumstances, the ATO has announced a series of lodgement deferral dates available for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns,… Read More
How to be productive when working from home
With so many employees physical distancing and working from home amidst the COVID-19 pandemic, there are bound to be productivity issues within businesses. Productivity issues often arise when employees are unfamiliar with… Read More
Mobile apps and their business benefits
With the COVID-19 pandemic causing many businesses to slow down in workload, perhaps now is the time to recoup and start on the projects that you’ve put on the backburner. If you’re… Read More
Communicating effectively with your remote team
Communication is a huge part of business productivity, however, businesses who have made a recent shift from face-to-face work to working remotely can find it difficult to adapt and maintain effective communication.… Read More
What to consider when dismissing employees due to COVID-19
Despite unprecedented circumstances, employers still need to consider the requirements of dismissal under the Fair Work Act when ending employment to avoid legal action against them. When dismissing or standing down employees… Read More
Assistance available for SMSFs and their members
The Government’s economic response to coronavirus will provide SMSFs and their members with additional support, including reducing minimum drawdown rates and early release of superannuation. The minimum annual payment required for account-based… Read More
Mandatory code of conduct for commercial tenants and landlords
The Government has introduced a mandatory code of conduct to help commercial tenants with rent relief during the COVID-19 pandemic. Under the code of conduct for commercial tenancies: Landlords must not terminate… Read More
FBT exemptions to keep in mind during the COVID-19 pandemic
In emergency situations like the COVID-19 pandemic, there are certain benefits you can provide your employees or their associates which may be exempt from fringe benefits tax (FBT). The fringe benefits tax… Read More
ABS update: hours worked were stable before COVID-19 restrictions
The ABS confirmed that between February and March 2020, the trend monthly hours worked did not change. Early March also showed that the trend unemployment rate remained steady at 5.2%. This data… Read More
Money management for entrepreneurs
Starting up a business is expensive, and with expenses piling up and income being unstable, many entrepreneurs struggle with managing their finances effectively. Here are some tips to consider when it comes… Read More
How to keep in contact with your clients
Amidst the COVID-19 pandemic, it is important for businesses to use the web to communicate effectively with their clients and potential customers in order to retain them during such difficult financial times.… Read More
How to save money during the COVID-19 pandemic
The COVID-19 pandemic is proving to be not only a major health concern for the global population, but also a huge financial concern for businesses and individuals alike. In a time of… Read More
Eligible for the JobKeeper scheme? Here’s what to do now
Businesses wishing to use the JobKeeper payment scheme may find themselves running into many logistical uncertainties, as claiming the JobKeeper payment scheme can be a complicated and risky process. Here are the… Read More
Applying for your superannuation guarantee amnesty
If you are an employer looking to correct past unpaid superannuation guarantee (SG) amounts, you now have a six-month window until 7 September 2020 to apply for SG amnesty. Up until early… Read More
ATO’s additional tax support for businesses
While the Australian Government has provided businesses with many relief measures during the COVID-19 pandemic, such as the JobKeeper subsidy payment scheme, major changes to instant asset write-off and also rental relief… Read More
ABS update: business cash flow and turnover impacted by COVID-19
The ABS conducted a survey on the ‘Business Impacts of COVID-19′ which showed that 66% or Australian businesses had experienced a reduction in their turnover or cash flow as a result of… Read More
Coronavirus crisis: what to do if you’ve lost your job
Not only has COVID-19 raised major health concerns in the community, it has also resulted in many negative economic impacts with self-isolation and social distancing regulations causing many to lose their jobs.… Read More
Incorporating online services into your business
COVID-19 is putting pressure on businesses in almost every avenue. The core issue that businesses are facing is not being able to provide face-to-face services to their customers under physical contact restrictions.… Read More
Ways to retain your employees
Retaining your employees is often a harder task than you think, especially during fluctuating economic conditions and with a growingly skilled and talented workforce. Here are some tips you can implement into… Read More
What the NSW $1.6 billion coronavirus stimulus package will mean for you
As a result of the coronavirus outbreak in NSW and a decline in economic activity throughout the state, on 17 March 2020, the NSW government announced its own $2.3 billion coronavirus stimulus… Read More
Managing longevity risk and your superannuation
Longevity risk is a common and important factor to consider when planning for your retirement funds. Longevity risk refers to the risk of outliving your savings and arises as people enter retirement,… Read More
ATO introduces new working from home deduction scheme
COVID-19 is forcing many businesses to work from home, meaning that you now have to pay for expenses such as heating and lighting that were previously covered by employers. The ATO has… Read More
Setting up your myGovID
If you haven’t set up your myGovID yet, you need to do it before you can lodge your next business activity statement (BAS). AUSkey, including Manage ABN Connections, will be replaced by… Read More
Expert advice on early superannuation access as a result of COVID-19
Under the coronavirus stimulus package released and revised by the Australian Federal Government on 22 March 2020, individuals in financial trouble due to the negative economic impacts of COVID-19 will be able… Read More
New JobKeeper payments for employers
The Federal Government introduced a third COVID-19 support package of $130 billion on 30 March 2020. The package includes additional support for businesses, including a new JobKeeper payment to help businesses retain… Read More
BAS lodging and government funding eligibility
As part of the second $66 billion support package in response to COVID-19 and its negative effects on the Australian economy, the Federal Government has expanded tax-free cash payments to small and… Read More
Working-from-home web tools you should utilise
Traditionally, it has always been much easier to manage employees and ensure collaborative productivity through onsite and in-office procedures. However, with the COVID-19 outbreak forcing many businesses to continue their operations online… Read More
COVID-19 and falling Australian house prices
With Australia’s softening economy, the negative employment impacts of COVID-19 and social distancing restrictions on real estate operations, Australia’s property market is predicted to take a huge hit in the upcoming months.… Read More
Preparing for a business plan
Having no plan can leave entrepreneurs feeling overwhelmed all the time. With endless important decisions that need to be made, a lack of a clear strategic plan for the coming year can… Read More
Deferring and refunding GST on imported goods
Importing goods and services with extra-added GST costs but not sure how you can apply for refunds or deference? The ATO has outlined a series of steps for all Australian businesses to… Read More
COVID-19 crisis: reviewing your super
While the coronavirus has been causing Australia’s economy to take a recessive turn due to reduced cash flow, there is still no reason to panic about your superannuation investments just yet. However,… Read More
Dealing with customer breaches of contract
When two parties enter into a contract, they must follow the agreed terms and conditions outlined. If one party does not fulfil the obligations they agreed to, then a breach of contract… Read More
