What is an annuity?
An annuity provides guaranteed income for a number of years, or for the rest of your life. It is also known as a lifetime or fixed-term pension. You can buy an annuity… Read More
Claiming your tax deductions
There are different types of deductions that individuals can claim to reduce their taxable income. Work-related expenses In order to claim work-related tax deductions, the expenses must have to meet three criteria.… Read More
How innovation can help business
Innovation doesn’t have to be a revolutionary and world-changing breakthrough. It can also be small changes you make to continually improve your business. Innovation can help in multiple aspects of business. Improve… Read More
Developing an investing plan
Investing can seem intimidating but creating a plan will help you find the investments that are right for you and your financial situation. Review your finances Work out what you owe (debts)… Read More
E-invoicing under the Digital Business Plan
As part of the Digital Business Plan, the government has stated that electronic invoicing (e-invoicing) will be mandated by July 2022. Businesses will no longer need to generate paper-based or PDF invoices… Read More
Customer retention strategies
Retaining customers is just as important as acquiring new ones, if not more important. This is because unless customers had a negative experience with your company, they will use your services or… Read More
Breach of employment contracts
Employment contracts contain terms and conditions which both the employee and employer agree upon. Ideally, this contract should be written rather than confirmed verbally to avoid miscommunications or misunderstandings. Contracts may also… Read More
Super scams: What to look out for
The market for super funds is extremely competitive. Scammers take advantage of this by promising unrealistic benefits to acquire personal or account details. They are able to use this information to steal… Read More
How are investments taxed?
Investment income needs to be included when conducting tax returns. This includes any income acquired through interest, dividends, rent, managed funds distributions, and capital gains. The income yielded from investments is taxed… Read More
PAYG instalments for business and investment income
Pay as you go (PAYG) instalments are payments you can make throughout the year to avoid accumulating a large tax bill to pay at the end of the year. Making these payments… Read More
How to get the most out of your bank account
Banking is often more complicated than you expect it to be with different types of accounts, fees and fine print to take into consideration. You are able to get more out of… Read More
Business principles entrepreneurs should adopt post-covid
It is important to adopt new business practices post-covid to keep up with the changes that have occurred. Socially distanced customer service: Businesses should aim to provide easy-to-access customer service. This includes… Read More
CommSec report: Tasmanian economy outperforms the rest of the country
The CommSec reports demonstrated that while the rest of the country is still struggling to get back to normal, the Tasmanian economy has shown consistent improvement, being the top-ranking economy for the… Read More
Running a successful email marketing campaign
Email campaigns are important because research shows a large percentage of both adults and teenagers regularly use email. Running a successful email campaign can significantly contribute to customer interactions and generate sales… Read More
Maximise holiday sales during the pandemic
This holiday season is not going to be like any other. Preparing for how your business will tackle the change ahead of time will help maximise sales. Maintain a human and compassionate… Read More
First home super saver scheme
The first home super saver (FHSS) allows individuals to save up for their first home in their super fund. The money saved in the super fund is taxed concessionally and therefore, individuals… Read More
What you can do to stay updated in your field
Keeping yourself updated with current knowledge about your field can help set you apart from others. It shows current and potential employees that you are committed to your career and continuously looking… Read More
Technology mistakes to avoid
Technology has enabled the optimisation of business processes in many ways. However, some businesses are failing to properly utilise technology. This prevents them from yielding the benefits that it can provide but… Read More
Tax relief for individuals
The Federal Budget for 2020 announced personal and business tax relief through various tax cuts. The legislation was approved by parliament meaning that individuals and businesses will be paying less tax, and… Read More
Consolidating your super
Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one account. Why you should consolidate your… Read More
Small businesses and mental health
Owning and running a small business often means that you are responsible for most or all of the tasks that need to be completed. Often, owners will find their time being entirely… Read More
Building a strong team
Individuals often need to come together to form a team in order to successfully accomplish tasks in the workplace. Employers should aim to build team cohesion so that team members are co-operating… Read More
Unemployment increasing once again
During the month of September, unemployment rates increased up to 6.9%, which means that the other 29,500 people have lost their jobs. This figure was made up of 20,100 full-time jobs and… Read More
Basics of fringe benefits tax
What are fringe benefits? Employees may opt to make an agreement with their employers that provides them with fringe benefit ‘payments’ in a form other than salary or wages. There are various… Read More
Choosing a super fund
Choosing a super fund requires taking multiple things into consideration. Such as its performance, the fees you will be required to pay, details of the insurance, and different investment options that are… Read More
Best practices in business management
Engage employees in the company vision It is important to share the business vision with employees so that they feel more motivated and enthusiastic. This will not only develop an interest in… Read More
Protecting your business from cybercrime
Having a digital presence nowadays is crucial to getting the most out of marketing your business. However, being online puts you at risk of being a target for cybercrime, which means that… Read More
What property investors need to look out for
All investments have an aspect of risk and property investment is no different. How comfortable you are with the risk is generally an indication of your financial situation, age and expertise. There… Read More
Bringing millennials to your business
Millennial job seekers are often far from the irresponsible job-hoppers many make them out to be. And while they may come from a generation that is unfamiliar to many entrepreneurs and other… Read More
Speeding up invoice payments
Taking care of invoice and billing payments can often be an onerous task for many small businesses. However, very few things are more important in the business industry than getting paid on… Read More
Making employees feel valued
Statistics have shown that employees who feel valued are more motivated to perform their best. But how can a business make employees feel valued so that they can encourage this behaviour? Recognition… Read More
What is Organisational Culture?
Understanding what organisational structure is can help with making decisions about your business in all areas. Organisational culture is multifaceted, it consists of the shared values, beliefs and norms in the workplace,… Read More
What to look out for in an employment contract
Reading any contract before you sign it is essential, but there are some things you should keep a special eye out for when signing an employment contract. Award Coverage You should always… Read More
Insuring your super
Most super funds offer insurance as part of their super plan. It is important to be aware of what types of insurance you are covered by through your super fund to help… Read More
JobMaker Hiring Credit
Job losses have been extensive during the COVID-19 pandemic and the JobMaker Hiring Credit will give businesses incentives to take on additional employees aged between 16 and 35 years old. Eligible employers… Read More
What is assistive technology?
Assistive technology is any piece of equipment, software, or device, that helps improve the functional capabilities of people with disabilities. These technologies are not necessarily high-end or expensive to implement but can… Read More
How to stop procrastinating on your phone
Smartphones have made procrastination too easy! Luckily, you can make some small changes which might help you reduce it! Prune your notifications Notifications are designed to grab your attention. Cutting down the… Read More
Insolvency reforms to support small business
The government recognises that despite support to get through the COVID-19 outbreak, not all businesses are going to remain viable. Many small businesses will have significantly increased levels of debt in order… Read More
Upskilling Australia
The Budget highlights the government’s commitment to getting people back in jobs and upskilling Australians. The JobTrainer Fund which falls under the JobMaker Plan will support up to 340,700 free or low-fee… Read More
Lower taxes for businesses and individuals
The Budget seeks to promote tax reform and simplification in an effort to support business investment and help reduce the personal income tax burden. Business Businesses are encouraged to invest with the… Read More
Long term tax-effective Investments
Determining where to invest requires multiple factors to be taken into consideration. One such factor may be tax efficiency. The tax charged on income from a tax-effective investment is less than the… Read More
Salary Sacrificing for your Super
One of the most effective ways to add to your super balance is through salary sacrifice. Salary sacrifice involves the employee agreeing to exchange a portion of their salary (before tax) for… Read More
Tips to upscale your business
Set realistic and actionable goals Businesses should set realistic and actionable small goals which they can work towards, rather broad goals which provide no direction. Setting broad and unrealistic goals is demotivating… Read More
Building a social media strategy
The right social media strategy can boost customer interaction and improve customer relationships. A social media strategy will help plan out the type of content that needs to be made, when it… Read More
Government introduces Digital Business plan
COVID-19 has meant that more and more businesses are prioritising their online presence and the government wants to support this change. The government is set to allocate $800 million which will be… Read More
Importance of taking a mental health break
People won’t hesitate to take a break when their physical health is bad but are reluctant to treat their mental health with the same importance. Your mental health plays a huge role… Read More
Which bad money habits could be getting in your way
How you spend your money determines how well you can save you money. Spending more than you have or buying unnecessarily can severely impact how efficiently you can save. Sometimes you aren’t… Read More
Income Tax cuts in Federal Budget Benefiting high-income earners
In its efforts to boost the economy, the Federal Government is considering bringing the planned income tax cuts forward. The intention behind these cuts is to boost the economy by boosting consumption.… Read More
Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation
An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker’s super. A total of 588 million dollars will be distributed to almost… Read More
What business structure suits your business?
An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time… Read More
Dealing with interview jitters
An interview can be intimidating even if you are the perfect person for the job. Improving your performance during an interview can be a matter of learning to alleviate your anxiety. Preparing… Read More
Using technology to optimise customer service
Utilising technology to optimise customer interaction is essential in order to keep up with the competitive market. In order to maintain long-term relationships with customers, their expectations of fast, convenient and personalised… Read More
Why is diversifying your investment portfolio important?
Diversification of your portfolio means that your investments are spread out into different categories. This can mean you are investing in different industries, but also at different levels of risk. Diversification means… Read More
State of the economy after cuts to JobSeeker and JobKeeper
The end of September will see a reduction in both JobSeeker and JobKeeper payments. This will mean that, for the first time since March, businesses will be not be able to rely… Read More
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
